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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 24, 2015 - 2:32 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))
Gappingup above Monday”s 1.0965 highs tested 1.1040 before reversing back down into into Tuesday”s range to 1.0900. Closing above 1.0925 would be likely to retest Tuesday”s highs up to 1.1075. Under 1.0900 would suggest the upside momentum had lapsed, and under 1.0855 would reverse momentum down.

Gold Apr Contract (GC, ETF: (GLD))
Higher highs Tuesday morningup to 1194.50 continued to confirm the 1197.00 target remains in-play. And extending higher without any meaningful retracement also suggests the target”s test launch at least a corrective dip.

Silver May Contract (SI, ETF: (SLV))
Tuesday”s high held a touch of Monday”s 17.00 high, which did not include any trending effort, suggesting a greater vulnerability to some sort of corrective dip of some sort.

30-year Treasury Jun Contract (US, ETF: (TLT))
This leg”s minimum objective beginning at 164-26 was met Tuesday morning. Back under 164-00 would target 163-16 and probably also 162-00. Meanwhile, there is room above for noise up to 165-08. Closing above 165-14 would trigger a new upleg.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs overnight up to 48.55 further suggested Monday”s bullish setup targeting 49.55 is valid. Its reaction down Tuesday held “lower prior highs” down to the 47.20 area. Further upside probably won”t tolerate dipping any deeper first.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Firming overnight to test 2.77 resistance before Tuesday”s open was extended several pennies higher. The ongoing range can”t tolerate a fresh low at this point, which would be likelier to become a new downleg. And not yet extending Tuesday”s bounce Wednesday to close back above 2.84 would greet Thursday”s EIA report from a position of weakness — or, at least, not from a position of strength.

Posted in Daily Spot