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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 18, 2015 - 3:00 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))
Tuesday”s low had filled the gap down to Monday”s close, neutralizing its attraction. But the upside never triggered momentum extending higher above 1.0650. The reaction to Wednesday”s FOMC took care of that, surging to attack the 1.0855 target.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday”s close was above 1148.00, but still short of the 1154.00 buy signal. That didn”t prevent the FOMC reaction from surging sharply to 1172.50. Its reaction down tested 1161.00, which must hold to maintain the reversal.

Silver May Contract (SI, ETF: (SLV))
Early weakness Wednesday still avoided probing under last week”s low, holding above Thursday”s gap that had been filled already. The FOMC reaction surged above the past week”s highs up to 16.00 and put into play a test of 16.30 so long as 15.65 now holds as support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Room for a pullback down to 161-00 was tested to within a quarter-point prior to Wednesday afternoon”s FOMC news. The reaction surged to fresh highs at 163-01, now needing to hols 162-14 as support to maintain the rally”s momentum targeting 164-25.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight extended into Wednesday”s session down to within a nickel of 42.00.. Narrow ranging reacted up sharply to within a nickel of 45.00 in reaction to the FOMC news. That tested the 44.30 buy signal, which would be confirmed by a second consecutive higher close Thursday, and meanwhile suspicious.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Tuesday”s first close above the 2.84 confirmation could have tested 2.77 support, but instead extended higher already to fresh relative highs at 2.94. Impatient optimism behind the improvement does keep the door open to a negative knee-jerk reaction down. But consecutive higher closes above resistance suggests that Thursday”s EIA report is being greeted from a position of strength, which would be likely to recover and resume the rally.

Posted in Daily Spot