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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 28, 2014 - 2:32 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))
Recovering 1.2700 at Monday”s open was extended to immediately recover 1.2750 at Tuesday”s open. Neither gained traction intraday, so back under 1.2700 would reinstate the 1.2560-1.2585 pullback target.

Gold Dec Contract (GC, ETF: (GLD))
.The open”s blip-up to 1235.50 was too shallow to test either 1241.60 or 1259.00 resistance. So, already returning to 1228.00 seems premature to resuming Thursday”s break.

Silver Dec Contract (SI, ETF: (SLV))
Bouncing back into 17.25-17.40 resistance held intraday Tuesday. But it could be probed back up to 17.55 while Gold bounces more strongly, if Gold is going to bounce more strongly at all before resuming the decline.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Tuesday did not extend down. Bouncing to 141-31 filled the gap back to Monday”s close, and the open”s low was retested. But sellers gained no traction on the day.

Crude Oil Dec Contract (CL, ETF: (USO))
Having originated only from testing 79.75 support, firming into Tuesday”s open attacked 81.80 resistance. In the absence of a sudden surge through it and 83.00 by new sponsorship, fresh lows are likely before the pattern can bottom.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Perhaps the lack of momentum described Monday will have a durable effect. Tuesday avoided a fresh low, and bounced back up to through Friday and Monday”s highs to 3.66. A second consecutive higher close Wednesday would signal momentum is reversing up.

Posted in Daily Spot