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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 11, 2015 - 2:36 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, UUP))
The next lower target at 1.0590 was fulfilled overnight, and then exceeded intraday Wednesday to test 1.0515. The next lower potential support is 1.0430.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday night”s selling extended Wednesday to fresh lows that tested the 1148.00 target down to 1146.50. The target held as support through the close, which was also testing 1154.00. Back above 1161.00 would be the first suggestion that momentum is reversing up.

Silver May Contract (SI, ETF: (SLV))
The longstanding attraction to probe under December”s 16.50 lows was fulfilled finally on Wednesday morning”s drop to test4 16.25. The decline”s momentum remains intact unless 16.75 were recovered through the close.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing higher to 159-10 Tuesday night could be dismissed as noise before backing-and-filling or reversing down. In fact, Wednesday”s open did gap down to test 158-00. But another flight-to-quality triggered a retest of the overnight highs up to 159-24. Closing above 160-00 would signal the trend had reversed up, and back under 158-00 would target a retest of the lows.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday”s close back under 50.00 was confirmed by Wednesday”s second consecutive lower close, which had recovered back above 48.00 after probing it considerably intraday.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
A momentary fresh low overnight was retraced back to unchanged before Wednesday”s open. Then the morning surged sharply, through the 2.77 signal to test the 2.84 confirmation, both of which were tested last week.

Posted in Daily Spot