Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | May 29, 2012 - 3:47 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 Dollar Index peaked Tuesday at a significant target, while Gold and Silver fell to or toward their own relevant support. If these markets do not reverse their recent direction Wednesday, then their paces should accelerate sharply.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN)) Sunday night’s dip to 81.90 recovered to close above the 82.25 pullback limit, allowing Tuesday’s surge to 82.71 to fulfill the 82.70 target. Fresh highs could still test 83.45 so long as 82.25 still holds as support.

Eurodollar Jun Contract (EC, ETF: (FXE)) The 1.2555 bounce limit was probed Sunday night, but held through Tuesday’s open to launch a probe of fresh lows down to 1.2462. Potential for extending down to 1.2255 depends upon not recovering 1.2555.

Gold Jun Contract (GC, ETF: (GLD)) Monday night’s rally to 1583.50 was reversed sharply down to 1545.70. Now closing back above 1560.00 would help to launch another rally leg targeting 1611.00. Otherwise, closing under 1547.00 would signal the ranging had ended, likely to begin trending down.

Silver Jul Contract (SI, ETF: (SLV)) Having been robbed last week of near-term predictability, the pattern tested fresh highs at 28.75 Sunday night, and dove to 27.71 Tuesday morning. There is no active buy signal, and probably wouldn’t be calculable without first retesting and holding 27.50 support.

30-year Treasury Jun Contract (US, ETF: (TLT)) Relative calm Sunday night, Monday night and Tuesday didn’t attract bond sellers. Perhaps it was due to the gap back to last Wednesday’s 148-08 close that needed filling first. Its reaction back to 147-24 support isn’t relevant, except that it was tested instead of the rally extending. A close under 147-14 is still needed to reverse momentum down.

Crude Oil Jul Contract (CL, ETF: (USO)) Despite bouncing Tuesday to 92.21, a reversal back down to 90.25 closed again back under 91.10-91.50 to maintain the likelihood for resuming the decline, next targeting 86.00.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL)) Tuesday’s selling go carried away, testing 2.47 instead of bouncing off of 2.52 to end the correction. There is no active parameter.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

Posted in Daily Spot