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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 25, 2015 - 2:31 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))
Firming into Wednesday”s open didn”t extend higher intraday, but it did avoid resuming the decline for a second consecutive session. Early strength Thursday would be credible for extending higher intraday.

Gold Apr Contract (GC, ETF: (GLD))
Recovering repeatedly back above 1197.50 from tests of the decline”s 1191.50 target has been signaling the decline has ended. Trying to reverse up prematurely back above 1212.00 would only make a fresh low at 1185.00 likely. Tuesday night”s bounce did attack 1212.00 but dipped back down to within $1 of Tuesday”s close 1199.50 to temper the enthusiasm.

Silver Mar Contract (SI, ETF: (SLV))
Already gapping up Wednesday was premature for reversing even near-term momentum back up, and it left a gap outstanding back to Tuesday”s close that should be filled.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh highs Tuesday night attacked the corrective bounce target”s 147-00 upper-end to within a quarter-point. It was eventually retested Wednesday afternoon, absorbing a couple of intraday dips to suggest the bounce isn”t just a temporary correction.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
Wednesday”s EIA report triggered a blip-down under the 49.00-50.50 rock and hard place that quickly reacted back up into the narrow range. Its upper-end was probed. Surging back above 51.25-52.65 would be credible for resuming the rally, but that”s probably the only way to avoid a new downleg to new lows first.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Until closing above Tuesday afternoon”s high, pullbacks have room down to the 2.80 area before suggesting that a bigger rally leg might not be developing.

Posted in Daily Spot