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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 2, 2015 - 4:04 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))
Monday”s gap up got no further than did Friday”s gap up, before reversing to spend the session ranging around unchanged, as did Friday”s gap up.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night”s 1223.00 high probed Thu-Fri highs to threaten a breakout from an ascending triangle pattern, but the session resolved down back to Thu-Fri 1206.00 lows. Post-close action probed lower to test 1204.50, likely on the way to 1195.00 or lower.

Silver May Contract (SI, ETF: (SLV))
Monday”s narrow range started breaking lower post-close, but not with sufficient force to be assured another downleg has begun.

30-year Treasury Jun Contract (US, ETF: (TLT))
The ~161-00 pullback limit finally broke lower, extending down to test the low”s 159-24 pullback limit. It was probed a little more deeply after the close. Closing above 160-24 would help to avoid extending back down to retest prior lows.

Crude Oil Apr Contract (CL, ETF: (USO, USL) 3x UWTI-long, DWTI-short))
Thursday”s breakout under 49.00 wasn”t confirmed Friday, and now Monday has extended the reaction up to test 51.00. But unless that were continued into a surge above 51.25, another break under 49.00 remains likely to launch a more obvious downleg targeting new lows (albeit temporary new lows).

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Rather than attack the 2.77 buy signal, Monday dipped back down to last week”s lows. It didn”t close lower, so the buy signal remains credible if triggered.

Posted in Daily Spot