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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | April 10, 2012 - 3:33 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 The stock market’s plunge revealed an interesting divergence in the Euro, and wildness in Gold.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN)) While Tuesday’s bounce suggests that the pullback has ended, not decisively recovering back above Monday’s 80.25 high does require a second consecutive higher close to confirm.

Eurodollar Jun Contract (EC, ETF: (FXE)) Tuesday’s drop bottomed upon filling the gap back to Monday’s opening print. Closing under 1.3050 Wednesday would confirm the downleg had resumed.

Gold Jun Contract (GC, ETF: (GLD)) Intraday weakness nearly filled the gap back down to Thursday’s 1631.50 close before reversing back up through 1640.50 to fulfill the next higher bounce target at 1657.00-1661.00. It was still being tested into the close. Closing back under 1657.00 Wednesday would prevent extending to 1678.50 and 1687.50.

Silver May Contract (SI, ETF: (SLV)) Tuesday’s reaction down from 31.75 to 13.11 was recovered entirely, but no higher than 31.75, still having potential to 32.30 before signaling any bigger rally may be underway.

30-year Treasury Jun Contract (US, ETF: (TLT)) Plunging stocks encouraged a flight-to-safety that added a point. Closing above 141-20 Wednesday would put into play 143-00. Otherwise, a pullback has room down to 140-12 before signaling a bigger drop targeting 138-00.

Crude Oil May Contract (CL, ETF: (USO)) Monday’s recovery back above 102.25 barely extended any higher Tuesday before falling to fresh lows. Last Wednesday’s 100.08 low was still being tested at the close, not clearly recovered, so the corrective bounce targeting 104.70 may be delayed until first touching 98.85.

Natural Gas May Contract (NG, ETF: (UNG)) Sunday night’s new low had yet to be tested intraday. It was probed by new lows into Tuesday’s close, further avoiding any recovery pattern.

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Posted in Daily Spot