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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 9, 2014 - 2:31 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 Dec Contract (EC, ETF: (FXE))
Fresh highs overnight probed the 1.2750 resistance but Thursday”s intraday action fell back to 1.2700 support. A bottom still has not formed.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday”s post-close surge to 1219.00 extended sharply higher overnight to test 1234.00. Thursday”s session was spent consolidating at 1224.00 support. Breaking under it would target 1210.00, and its break would resume the decline.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday”s underperforming post-close strength tried to compensate for its delay Thursday by gapping up above last week”s 17.40-17.55 highs, but still only ranged there intraday. A second consecutive higher close Friday would confirm momentum reversing up, but the bounce is otherwise still only temporary.

30-year Treasury Dec Contract (US, ETF: (TLT))
Room for noise probing above the 140-16 prior high to 141-00 was probed overnight up to 141-14. Thursday”s session essentially ranged around 141-00, but never revisited the overnight highs. Despite being above Wednesday”s range, the intraday action still suggests the rally”s sponsorship is waning.

Crude Oil Nov Contract (CL, ETF: (USO))
The decline”s next lower target at 85.95 was fulfilled Thursday morning down to 85.60. Back above 86.25 would signal the drop”s momentum was lapsing.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday morning”s surge tested 3.93 resistance, but reacted down on the EIA report to 3.83 support. None of which yet forms a pattern, but almost any initial strength above 3.87-3.91 Friday would be credible for extending higher inttraday.

Posted in Daily Spot