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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 17, 2012 - 9:42 am

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 Apr Contract (DX, ETF: (UUP, UDN)) Thursday’s inside day was biased upward, leaving outstanding a gap back to Wednesday’s close. The setup is likely to resolve down, but Friday’s session still extended higher. Closing back above 80.30-80.40 would signal the rally had resumed, targeting 80.85.

Eurodollar Apr Contract (EC, ETF: (FXE)) Thursday’s inside day has yet to resolve down, and Friday extended higher. Closing under 1.3130 would signal momentum reversing down, confirmed under 1.3090, targeting the gap back down to 1.3020.

Gold Apr Contract (GC, ETF: (GLD)) Thursday’s bounce held 1661.00 resistance to prevent a rally from gaining traction. Friday’s opening gap back down to Thursday’s 1640.00 low produced another bounce up to 1665.00, that held 1661.00 again through the close.

Silver Apr Contract (SI, ETF: (SLV)) Friday’s gap down recovered quickly to fill the gap back to Thursday’s 32.71 close. Closing under 32.30 would signal the decline had resumed.

30-year Treasury Jun Contract (US, ETF: (TLT)) Like Thursday’s gap down, Friday’s open also gapped down to 135-30. It also recovered quickly to fill its gap back to the prior session’s close around 136-18. And it also left outstanding a gap back to the prior close. But unless Monday’s open immediately resumes the decline, a bigger correction targeting 138-22 should be underway.

Crude Oil Apr Contract (CL, ETF: (USO)) SPR news had triggered a $2 plunge Thursday to fulfill the drop’s minimum objective of probing fresh lows. Its 104.85-105.15 bounce limit was still being tested at the close. Middle East saber-rattling Friday extended the recovery to 107.20. Unless sellers retake control Monday, then new highs should be in play at 111.00-111.75.

Natural Gas Apr Contract (NG, ETF: (UNG)) Friday’s range was the week’s narrowest as 2.32 resistance again served as resistance. The extended narrowing range is starting to risk a false breakout that reverses back into and through the range.

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Posted in Daily Spot