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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 15, 2014 - 3:37 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))
Just touching 1.2700 Wednesday made a test of 1.2835-1.2880 only a formality. Just that quickly, it was fulfilled. The reaction down held 1.2750, whose break would suggest the corrective bounce had ended.

Gold Dec Contract (GC, ETF: (GLD))
An overnight slide down to 1222.00 was recovered amid crashing stocks to test fresh highs at 1250.30, targeting 1259.00 if not rejected immediately Thursday back under 1240.00 and 1231.00.

Silver Dec Contract (SI, ETF: (SLV))
Fresh lows recovered back up to the 17.60 recent highs, but no higher. This underperformance compared to Gold probing fresh highs suggests that Silver must still test new lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Despite there being no unfinished business above, the collapsing stock market created a flight-to-safety and the long bond exceeded 143-06 on the way to 148-00. Its reaction down to 144-16 was retraced up to 145-00 before reversing to fresh relative lows testing 144-12.

Crude Oil Nov Contract (CL, ETF: (USO))
Fresh lows overnight tested the lower-end of the 80.45-80.60 target and bounced a little. A drop to 80.00 was recovered up to 82.45 before returning back down to the upper-end of the 80.45-80.60 target. No new lower targets were created.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
The drop extended Wednesday to a fresh low at 3.76. Being a new low, no trend reversal signal could be triggered on the following day. But closing above 3.83 Thursday would be a good start to bottoming.

Posted in Daily Spot