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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 14, 2012 - 3:39 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.

Today’s Highlight Currencies corrected Friday’s break on Monday, and the breaks resumed on Tuesday. Interestingly, the Euro was less impacted than the Dollar Index, so the reversals are not yet assured.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Having retraced Friday’s gap up Monday, without triggering a new sell signal, the bounce was free to resume Tuesday. And it did. The open’s gap up back to Friday’s 79.25 close extended back through the 79.55 prior highs to a fresh high testing 79.75. A second consecutive higher close Wednesday would confirm a new rally is underway.

Eurodollar Mar Contract (EC, ETF: (FXE)) Having retraced Friday’s gap down Monday, without triggering a new buy signal, the drop was free to resume Tuesday. And it did, the open’s gap back to Friday’s 1.3170 close extended down to test 1.3080, still well above the 1.3020 prior lows. Closing any lower Wednesday should signal a new downleg underway.

Gold Apr Contract (GC, ETF: (GLD)) Tuesday’s gap down to 1715.00 recovered briefly into positive territory up to 1730.00, but the morning’s low was probed down to 1713.80. More important is that the close was under 1720.00-1722.00, suggesting the decline has resumed.

Silver Mar Contract (SI, ETF: (SLV)) Tuesday’s gap down to 33.40 was reversed up to probe positive territory at 33.85. But an afternoon dive probed fresh lows down to 33.25. The 33.40 confirmation to last week’s 33.60 sell signal was still being tested at the close.

30-year Treasury Mar Contract (US, ETF: (TLT)) Monday’s sellers gained no traction for their effort, having ended the day consolidating back in the 142-05/142-12 support. Tuesday’s open gapped up and extended higher to test prior highs at 143-16. There is no active signal.

Crude Oil Mar Contract (CL, ETF: (USO)) Tuesday’s open gapped up and extended higher to test 101.85. Despite retracing the open entirely, the session still ended the day with a test of fresh highs at 101.00. The 103.00 and 111.00 targets remain in play so long as 100.00 holds as support.

Natural Gas Mar Contract (NG, ETF: (UNG)) Signs of life Tuesday, as the open gapped up and extended higher into the 2.50-2.55 area. Closing above 2.61 Wednesday would confirm the consolidation had ended, triggering its accumulation targeting 3.03.

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Posted in Daily Spot