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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 22, 2014 - 2:41 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))
Tuesday”s probing under 1.2750 support extended down Wednesday to test 1.2650, targeting 1.2565-1.2580 so long as 1.2700 isn”t recovered.

Gold Dec Contract (GC, ETF: (GLD))
Reacting down Wednesday held 1241.50 as support to maintain the upward momentum still targeting 1259.00.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday”s probe above 17.25-17.40 couldn”t last long, and was actually punished Wednesday by gapping down under the range. There”s still no signal, and no increased likelihood of trending down than up.

30-year Treasury Dec Contract (US, ETF: (TLT))
Last week”s shock to the system should now be fully absorbed, allowing trending to begin. None is yet signaled, but closing back above 142-28 would suggest a bounce underway with potential to 144-16.

Crude Oil Dec Contract (CL, ETF: (USO))
Ongoing testing of the 81.80 pullback limit already had worn out its welcome Monday. It finally suffered a consequence of not bouncing from support by instead dipping to fresh lows testing 80.45. Closing back above 81.80 without delay Thursday would help to reverse momentum up, but there is otherwise no requirement to print fresh lows or to avoid them.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Wednesday”s bounce from new lows didn”t recover a prior high, so Thursday”s EIA report won”t be greeted from a position of strength.

Posted in Daily Spot