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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | November 14, 2014 - 2:10 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))
Gapping back up above 1.2460 was rejected by Friday”s gap back down under it. Or, was it? Follow-through only touched the 1.2400 sell signal before reacting up sharply through 1.2495 to a fresh relative high. Now at least 1.2560-1.2585 is targeted, and potentially 1.2750.

Gold Dec Contract (GC, ETF: (GLD))
The Swiss Gold referendum too the spotlight Friday, but not until after the open had gapped down sharply. Never mind that, its reaction up surged to fresh highs. A second consecutive higher close Monday is needed to confirm, which last Friday”s surge did not. Pullbacks should meanwhile hold 1187.40 1178.40 to maintain the recovery”s momentum.

Silver Dec Contract (SI, ETF: (SLV))
Rallied sharply Friday in sympathy with Gold. A second consecutive higher close Monday is needed to confirm momentum has reversed up.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming into the open to once again test the 141-14 buy signal was probed intraday, but only to retest Wednesday”s peak. Closing higher Monday would confirm momentum had reversed up.

Crude Oil Dec Contract (CL, ETF: (USO))
One day after extending through its longstanding 75.40 target, a bounce tests 75.40 as resistance. So long as it holds, the decline still targets 72.00-72.75. Price action can be skittish in Crude Oil ahead of the weekend due to its unique exposure to geopolitical threats.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeting Friday”s (delayed) EIA report from the rally”s 3.92-3.96 maximum pullback limit reacted up to test 4.06. Closing higher Monday would signal momentum is reversing up. Otherwise, more bottoming is likely.

Posted in Daily Spot