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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 27, 2015 - 2:58 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))
.Friday morning”s low immediately fulfilled its minimum potential by piercing the 1.0805-1.0815 target area. Reacting up to 1.0960 is really just ranging around 1.0855, leaving the pattern with no momentum either way.

Gold Apr Contract (GC, ETF: (GLD))
An early dive Friday to 1191.00 didn”t utilize all of its room down to 1190.00, but could still complete a corrective dip. Its reaction up stopped just as short of recovering 1201.50, which would have confirmed.

Silver May Contract (SI, ETF: (SLV))
Early strength Friday was reversed back down into the recent narrow range, presumably on its way through it for a pullback targeting 16.45-16.60.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up Friday to test the 163-08 bounce limit extended higher quickly to test 164-00 resistance. It was tested throughout the afternoon, and closing back under 163-14 would signal the bounce had resolved down to probe fresh lows.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday”s opening slide stopped optimistically short of testing Wednesday”s high, but later dipped back into its range to test the 48.75 pullback limit. It”s not assured of holding, since Thursday”s close held its test of 51.45. The usual weekend geopolitical risk premium was undermined by downplaying the Yemen situation, so holding 48.75 might be considered bullish.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The past month”s ranging proved it was not accumulative. Thursday”s reaction down to EIA produced a new low close, which Friday”s lower close confirmed. At least a third eventual lower close is required, so any immediate bounce to 2.64-2.69. is likely to fail.

Posted in Daily Spot