Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 3, 2015 - 3:25 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))
The 2-1/2 day descending triangle pattern produced a gap down Tuesday. Its reaction back up into positive territory at 1.2175 was rejected back to the open”s lows. So long as Tuesday”s intraday high isn”t recovered, the break is targeting 1.1125.

Gold Apr Contract (GC, ETF: (GLD))
A sudden plunge Monday night momentarily pierced the 1195.00 objective before reversing back up as sharply to open Tuesday in positive territory above 1204.00. Testing the 1212.00 buy signal so quickly wasn”t likely to extend higher, and didn”t, instead reversing back down into negative territory attacking 1201.00..Lower lows should touch at least 1198.50, if not also pierce 1194.00.

Silver May Contract (SI, ETF: (SLV))
Monday”s night”s fresh low at 16.07 was recovered to probe positive territory Tuesday up to 16.58, but that was rejected by a return to fresh intraday lows attacking 16.15. Bounces should hold 16.40-16.45 if new lows remain in-play.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday”s gap down tested the 159-12 sell signal, bounced back to 159-24, and resolved down to a fresh low testing 158-27. That”s piercing under the lower-end of the two-week old low basis Jun, while also testing the upper-end of the same time frame”s consolidation basis Mar. Either is a candidate for forming a bottom, but must recover at least 160-00 to even begin signaling that momentum is reversing up. That level might be lowered after Wednesday.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday”s bounce remained firm Tuesday, but didn”t extend higher to make a recovery any likelier.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Fresh lows Monday night weren”t retested by Tuesday”s slightly lower lows. Regardless, the nearest buy signal at 2.77 would still be credible if triggered.

Posted in Daily Spot