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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | June 22, 2012 - 3:25 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 Silver’s fresh low into the weekend could extend down sharply into next week, with almost an exception — almost any bounce Monday could trigger a steep short-squeeze.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Thursday’s close above 81.70 was not confirmed by a second consecutive higher close Friday, though not for lack of trying. Just for lack of trying too hard. Extending higher Monday could still gain traction to extend the rally.

Eurodollar Sep Contract (EC, ETF: (FXE)) Friday’s open tried to extend Thursday’s close under 1.2640. But Thursday’s 1.2560 close was still being tested throughout the afternoon. This is not optimal confirmation to momentum extending down, but neither it is a buy signal..

Gold Aug Contract (GC, ETF: (GLD)) Keeping bounces shallow enabled the two-day plunge to extend to fresh lows Friday under 1559.00. But the session really only ranged narrowly around 1566.00, so extending the decline still depends upon bounces being shallow.

Silver Jul Contract (SI, ETF: (SLV)) Thursday’s break to new lows extended down Friday. New lows at 26.50 were not recovered into positive territory. So long as 27.30-27.50 were to contain bounces, new lows under 26.10 area in-play. Recovering 27.30-27.50 could return quickly up to 30.00-30.35.

30-year Treasury Sep Contract (US, ETF: (TLT)) Holding 148-18 resistance during Thursday’s stock market plunge was unlikely to produce a rally while stocks firmed Friday. Intraday weakness was contained by 148-02, with only the 148-18 buy signal intact.

Crude Oil AUG Contract (CL, ETF: (USO)) 61.8% of Thursday’s drop was retraced Friday at 80.15. Closing under 79.35 would resume the decline.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL)) Fresh highs probed fresh highs up to 2.66. But the 2.62 prior high was still being tested into the close, and not clearly triggered to put into play 2.83.

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Posted in Daily Spot