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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 23, 2015 - 2:35 pm

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE))
Gapping down Monday and immediately trending back up duplicated Monday”s gap down that had immediately trended back up, albeit on a smaller scale that didn”t gap down as deeply nor recover as substantially. No new signal was generated by the pattern.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night”s 1190.60 low fulfilled the 1191.50 target”s test, and recovered to open Monday probing back above 1200.00. A required third lower close remains outstanding, and an intraday test of 1191.50 remains desirable. So, the decline probably hasn”t yet ended, and could meanwhile visit the 1185.00 lower-end of its target area. Closing back above 1222.50 would suggest otherwise.

Silver Mar Contract (SI, ETF: (SLV))
Fresh lows overnight were recovered in time for Monday”s open to gap up. The balance of the session ranged narrowly in positive territory. The “ineffectual optimism” probably didn”t end the decline.

30-year Treasury Mar Contract (US, ETF: (TLT))
Firming at Sunday night”s open waited until regular trading hours before firming back to the 145-10 upper-end of the recent trading range. There is still no buy signal or sell signal, but Monday”s behavior is more consistent with bottoming.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
Gapping down under uptrending support Monday tested the trendline”s 49.00 key low. It held, but closing back above the trendline — then intersecting at 50.50 — would have signaled the break was false. A bounce did touch 50.50. Closing higher Tuesday would still be credible for returning to prior high, but the pattern meanwhile is vulnerable to extending down to new lows.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping open to fresh highs Sunday night at 3.04 still gapped up, but was reversed into negative territory under 2.94 through Monday”s open. The balance of the session trended down deeper into negative territory under 2.90.  Closing Tuesday under Monday”s low would reverse the trend down.

Posted in Daily Spot