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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 5, 2015 - 2:52 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))
Wednesday”s close under the descending triangle”s 1.1125 target to also test its next lower support at 1.1075 was then retraced back up to attack 1.1125 at Thursday”s open. Then came Draghi, whose comments sparked a momentary pierce of 1.1000. Being a second consecutive lower close from a multi-session trading range, at least a third eventual lower close is now required.

Gold Apr Contract (GC, ETF: (GLD))
An early test of 1206.00 resistance was reversed down sharply Thursday morning to probe back under 1197.50, still targeting 1194.00 if not also 1188.00, so long as 1201.50 and 1204.00 aren”t recovered.

Silver May Contract (SI, ETF: (SLV))
Thursday morning”s rally was retraced entirely, but only probed slightly negative territory. The vulnerability remains lower.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday”s opening dip to fresh lows reacted up quickly back into Wednesday”s range, but only to attack the 159-12 bounce limit before ranging narrowly around unchanged through the afternoon…. There is no unfinished business below outstanding ahead of Friday”s pre-open Employment Situation report, but that”s not a position of strength that would have been indicated above 159-24 and 160-00.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming overnight had extended Wednesday”s close above 51.25 to within a quarter of the 52.65 confirmation. The gap was quickly retraced but the balance of the session only fluctuated narrowly around unchanged. Back under 50.00 would start to signal  a new downleg underway.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Wednesday”s test of the 2.77 buy signal wasn”t decisive, requiring Thursday to confirm by closing above 2.84. A positive reaction to the EIA report tested it, similar to the prior day”s 2.77 test, neither rejecting it nor recovering it decisively.

Posted in Daily Spot