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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 12, 2015 - 2:40 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))
Despite initially probing fresh lows overnight testing 1.0495 and not fulfilling potential to 1.0430, Thursday”s open had recovered to gap up above 1.0590. Holding it as support intraday would allow closing above 1.0550 to signal momentum reversing up, even if only for a temporary correction up to 1.0780.

Gold Apr Contract (GC, ETF: (GLD))
Thursday”s firm open still needed to retest 1148.00 intraday, which was accomplished, but the close was only attacking 1154.00 instead of recovering it. That potential buy setup didn”t complete, but extending higher through Friday morning to recover 1161.00 would compensate for Thursday”s delay. There is no unfinished business below, but not exploiting that by noon Friday would be likely instead to extend the decline.

Silver May Contract (SI, ETF: (SLV))
Gapping up Thursday without having both probed and rejected fresh lows overnight didn”t extend, and only ranged around its opening print. A fresh low can”t be discounted, or at least filling the gap back to Wednesday”s close, before being allowed to rally near-term.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday”s close above the bounce limit firmed overnight, and Thursday”s reaction to econ reports spiked up to 160-26. The reaction down to 159-00 needed to recover the 159-12/159-24 pullback limit (which was being tested into the afternoon) to confirm a bigger rally leg is underway.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday”s fresh low at 47.40 had reacted up to 48.60. But despite firming further overnight, Thursday”s flat open resumed Wednesday morning”s drop. Regardless of whether Thursday”s fresh lows probing under 47.00 have fulfilled the required third lower close, the pattern”s likely objective is to probe fresh lows under 44.00 or lower.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report wasn”t being greeted from a position of strength, having closed above the 2.77 buy signal only Wednesday, and holding a test of the 2.84 confirmation. The reaction down tested 2.77 as support. Now, recovering 2.84 would be needed to signal a rally leg underway.

Posted in Daily Spot