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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | July 12, 2012 - 3:01 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 and the Euro each met big targets at their lows Thursday. If their recent downtrends aren’t soon reversing up, then they’re probably extending down sharply.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Wednesday’s high had fulfilled the rally’s 87.35 minimum objective. Thursday’s open gapped up but never extended higher intraday. Meanwhile, the entire session ranged above prior highs. Closing under 83.60 would signal momentum reversing down.

Eurodollar Sep Contract (EC, ETF: (FXE)) The next lower objective under 1.2180 was met at Thursday’s low. The open had gapped down, and the targets reaction up did not recover positive territory. Closing back above 1.2245 would signal momentum reversing up.

Gold Aug Contract (GC, ETF: (GLD)) Thursday’s open gapped down $15 to quickly test the drop’s 1555.00 target by 50 cents. A recovery held 1570.00 resistance. Closing back under 1561.00 would resume the decline, next targeting 1542.00. There is otherwise room for a corrective bounce back up to 1574.00.

Silver Sep Contract (SI, ETF: (SLV)) Thursday’s gap down to 26.45 was retraced entirely into positive at 27.33. The gap back to Thursday’s open remains outstanding and likely to be filled so long as 27.33 were to hold as resistance.

30-year Treasury Sep Contract (US, ETF: (TLT)) Wednesday’s recovery of its knee-jerk reaction to FOMC Minutes back under 151-00 extended higher to test 151-20 Thursday. Its momentum remains intact so long as pullbacks now hold 151-00 as support.

Crude Oil Aug Contract (CL, ETF: (USO)) Despite gapping down Thursday from Wednesday’s closing test of 85.50, a bounce off of 84.21 recovered to probe back above 86.00. A new rally still needs a close above 86.50.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL)) Further weakness down to 2.72 around Thursday’s EIA report was absorbed, allowing a bigger bounce back above 2.83. Even the 2.89 buy signal was probed. But it was not recovered through the close, so it did not trigger.

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Posted in Daily Spot