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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | November 5, 2014 - 3:18 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))
Wednesday”s gap down consolidated at or under 1.2505, which was just a little too deep to assure it was only a temporary reaction down. So long as Thursday doesn”t produce a second consecutive lower close, the pattern could still bottom here.

Gold Dec Contract (GC, ETF: (GLD))
Trending down sharply overnight gapped open testing the next lower objective at 1139.50. Bounces have room up to 1154.00 while maintaining the decline”s momentum, but a close above 1160.00 would be the minimum to suggest a bottom is forming.

Silver Dec Contract (SI, ETF: (SLV))
The outstanding retest of the 15.65 low was probed down to 15.12 overnight and intraday Wednesday. Closing back above 15.71 would signal momentum reversing up.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday”s narrow sideways ranging undermines the Tuesday”s bullish gap up. But Tuesday”s bullish gap up wasn”t rejected. The buy signal is till 141-18, but almost any early strength Thursday would be credible for extending through it.

Crude Oil Dec Contract (CL, ETF: (USO))
Rallying Wednesday on alleged terrorism attacks held the 78.70 bounce limit that keeps the 75.40 target in-play.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Testing the rally”s 4.25 target overnight finally gave the rally pause Wednesday. A reaction down on Thursday”s EIA report could offer another buy signal.

Posted in Daily Spot