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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | November 23, 2011 - 4:19 pm

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.

Dollar Basket Dec (DXZ) Tuesday’s relatively narrow ranging and almost inside day resolved up sharply overnight, gapping up Wednesday above 78.50-78.70 prior highs to 79.00 and extending higher to 79.40. This leg should visit 79.70, but a second consecutive higher close would target 80.90.

Gold Dec (GCZ) Wednesday’s pullback room down to 1686.30 was probed down to 1677.00 before recovering to retest 1700.00 resistance. Closing above 1708.00 and 1715.00 would signal and confirm a bigger rally leg underway targeting 1745.00. There is otherwise no active pattern, and pullbacks still have room down to 1686.30.

Silver Dec (SIZ) Wednesday’s pullback room down to 31.40 was probed down to 31.22 before recovering back above 32.00 Closing above 32.30 would signal a bigger bounce underway initially targeting 33.95. Otherwise, 31.40 must still hold pullbacks to avoid a larger downleg.

30-year Treasury Dec (USZ) Tuesday’s close above 143’04 extended sharply higher Wednesday to 145’14 in a flight-to-quality fueled by a falling Euro. There is no higher calculable resistance in the context of a bounce. Closing above 145’14 would target fresh highs up to 148’00. But there is plenty of room for a pullback without sellers yet gaining traction.

Crude Oil Dec (CLZ) Wednesday’s gap down under Tuesday’s low jeopardized its breakout. It certainly wasn’t confirmed by a second consecutive higher close. But a gap was left outstanding back to Tuesday’s 98.12 close to help attract price higher. There is otherwise no active signal.

Natural Gas Dec (NGZ) Gapping down only slightly Wednesday did not extend lower on the EIA report. Or after. The noon hour did spike up to fresh highs at 3.48 to almost confirm Monday’s mid-day spike up. An higher would target 3.60, so long as pullbacks meanwhile were to hold 3.41 as support.

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Posted in Daily Spot