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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | April 4, 2012 - 4:23 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 Gold continued to tumble Wednesday, extending its reaction to Tuesday’s FOMC Minutes.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN)) Wednesday’s gap up held 80.10, whose test two weeks ago detoured to new lows. There is no bearish reason to revisit it. Its break is expected so long as pullbacks hold 79.70 as support.

Eurodollar Jun Contract (EC, ETF: (FXE)) Tuesday’s slide to new relative lows extended down overnight for Monday to gap open at 1.3150 support. Not following-through lower intraday does allow potential for a corrective bounce to 1.3185–1.3250 before resuming the drop targeting 1.3020.

Gold Jun Contract (GC, ETF: (GLD)) Wednesday’s test of 1612.00-1622.00 expended a lot of energy without refueling sellers, since the overnight drop never bounced to 1657.00-1661.00. Now a corrective bounce would target 1640.50 before resuming the decline next targeting 1592.50 and potentially 1576.50.

Silver May Contract (SI, ETF: (SLV)) The recent 31.09 low was retested Wednesday. The session’s gap down under 31.75 requires the drop to extend lower without delay toward its 28.70 target, or else bounce back up to 32.28.

30-year Treasury Jun Contract (US, ETF: (TLT)) The 137-10 bounce limit was tested as stocks fell, all the way up to 137-21. But 137-10 was still being tested as support ahead of the close, and not clearly rejected. Not resuming the downleg immediately Thursday could extend the corrective bounce up to 138-10.

Crude Oil May Contract (CL, ETF: (USO)) Tuesday’s pullback to 103.70 support gapped open Wednesday under 102.85 support and extended to fresh lows testing 101.10. Back above 102.25 would trigger a corrective bounce targeting 104.70. Otherwise, the next lower objective in-play is 98.85.

Natural Gas May Contract (NG, ETF: (UNG)) Wednesday’s eventual dip to 2.13 followed a couple of intraday attacks on 2.20 that further chipped away at its resistance. A positive reaction to Thursday’s EIA report could trigger a surge through 2.20 targeting 2.31.

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Posted in Daily Spot