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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 14, 2014 - 2:56 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))
Monday”s bounce did not extend higher to touch 1.2700 which would have put into play a bigger corrective bounce. Not that Tuesday”s gap down extended, or seemed any more interested in resolving the outstanding retest of recent lows so a better bottom could form.

Gold Dec Contract (GC, ETF: (GLD))
Fresh highs overnight didn”t extend Tuesday, and held 1231.00 support intraday. That”s the make-or-break setup which either launches an obvious upleg or else retraces the upleg preceding it — in either case, without much further delay.

Silver Dec Contract (SI, ETF: (SLV))
Overnight strength was relatively muted, but Tuesday”s intraday weakness did react up from dips into 17.25-17.40 support.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday”s dip held 141-26 to make the day”s 142-28 high likely to be retested, with room for noise above it to 143-05. Both were tested Tuesday morning up to 143-06 before reversing back down under Monday”s high, hesitating optimistically short of filling the gap back down to Monday”s close — the first suggestion of unsustainable enthusiasm.

Crude Oil Nov Contract (CL, ETF: (USO))
Fresh lows Tuesday retested overnight lows that had not yet printed intraday, triggering a Symmetrical Triangle. Probing under 82.75 put into play 80.45-80.60.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Despite Monday”s bounce to 3.91 resistance initially extending higher Tuesday, filling the week-old gap back to 3.95 reacted down sharply to fresh lows at 3.80. The next plausible buy signal would be to close above 3.87.

Posted in Daily Spot