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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 26, 2015 - 4:32 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))
Thursday”s opening plunge plunged further into mid-morning. A second consecutive lower close would confirm a new downleg underway. Probing lower intraday and closing positive would enable a bottom to begin forming. But a premature recovery attempt that doesn”t first probe negative territory would not be bullish.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday night”s rally up to 1220.00 wasn”t any likelier than Tuesday”s gap up to extend higher, still being premature for a bottom. The balance of the session did trend back down to 1206.00, where any lower would have put into play 1185.00. Actually testing 1185.00 can”t be discounted, but a test of the 1200.00 area would be credible.

Silver May Contract (SI, ETF: (SLV))
Thursday”s gap up to 16.80 wasn”t any likelier to extend, and in fact only dipped back under Tuesday”s 16.66 prior high, which was also the prior week”s prior highs.

30-year Treasury Mar Contract (US, ETF: (TLT))
The 147-00 bounce target”s upper-end was probed Thursday. Closing higher would have suggested the temporary bounce either will be much greater, or that isn”t temporary, at all. Closing essentially flat requires holding 146-14 as support to maintain the bounce potential.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
Wednesday”s surge to attack the 51.25 buy signal needed to extend higher without delay to be credible, preferably gapping up above 52.65. Thursday”s open gapped down. An intraday recovery attempt resolved down to fresh lows at 47.70. A late bounce was resisted by what has been 49.00 support. New lows are in-play unless at least 51.25 were recovered aggressively.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Already testing the 2.80 pullback limit ahead of Thursday”s EIA report didn”t prevent extending don to 2.69. The report wasn”t being greeted from a position of strength, but at least a lot of selling pressure had been expended already. So, any indication that the reaction is being rejcted — e,g, immediately recovering 2.77 Friday morning — would have potential for extending sharply higher intraday.

Posted in Daily Spot