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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 16, 2014 - 2:42 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))
Still only teasing at the 1.2750 pullback limit Thursday morning made a bounce back into the 1.2835-1.2880 range likely. And a bounce did pierce its lower-end briefly Thursday. Back under 1.2750 would signal momentum reversing down to retest lows.

Gold Dec Contract (GC, ETF: (GLD))
Choppy ranging Wednesday night and Thursday morning down to 1235.00 did recover to fill the gap back to Wednesday”s 1243.00 close. Extending to 1259.00 can”t be ruled out, not until reversing back under 1231.00.

Silver Dec Contract (SI, ETF: (SLV))
Another dip back into the 17.25-17.40 range held as support, but did not launch a rally, still undermining any longer-term bullish case for precious metals from this stage.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday afternoon”s 146-04 high had reacted down sharply to 143-06. It was recovered overnight, but the optimistic interim consolidation had all but doomed the high”s retest to failure. That much of the pattern was reviewed during Thursday morning”s Market Tour, and the 143-04 interim low was retested in the afternoon. Momentum”s reversal remains intact unless the interim consolidation”s 144-14 high is recovered.

Crude Oil Nov Contract (CL, ETF: (USO))
The Double Bottom reversal pattern described during Thursday morning”s Market Tour was very productive very quickly. Retesting the prior low at 80.00 down to 79.80 was reversed back up to the 82.44 interim high, the pattern”s minimum objective. The deeply oversold pattern surged even higher to 84.83. A pullbacks held the upper-end of its 82.00-82.75 limit. This being the reversal of the week”s earlier Symmetrical Triangle break, the next higher objective is 88.45 and 91.45 so long as 82.00 now holds as support.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
A knee-jerk reaction to Thursday”s EIA report reversed down to a fresh low at 3.72 from firming to 3.83 resistance. That was retraced back into positive territory. Closing Friday above 3.87 would signal the decline”s momentum had lapsed.

Posted in Daily Spot