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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | August 16, 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 Gold extended higher Thursday from Wednesday’s bottoming pattern. And this leg was accompanied by Silver breaking above its own relevant resistance.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Initial strength Thursday should have been credible for extending higher. The open’s jump held 82.80 resistance before reversing back down toward the week’s lows at 82.35.

Eurodollar Sep Contract (EC, ETF: (FXE)) A second consecutive close Thursday under 1.2300 would have confirmed a test of prior lows in-play. Thursday’s gap up prevented that. The week’s 1.2378 high was tested.

Gold Dec Contract (GC, ETF: (GLD)) Wednesday’s reversal pattern extended higher Thursday to consolidate under 1620.00. A momentary probe above it was never retested, nor did it trigger a reversal down, instead forming a Flag continuation pattern that is likely to resolve up so long as 1613.00 were to hold as support.

Silver Sep Contract (SI, ETF: (SLV)) Thursday’s surge from 27.75 attacked last week’s highs up to 28.25. There is no bearish reason to have revisited the prior highs, so 30.00-30.35 should now be in-play.

30-year Treasury Sep Contract (US, ETF: (TLT)) The week’s drop extended down further Thursday to 145-04, next targeting 144-10 so long as 146-00 holds as resistance. Any bigger bounce should be only a temporary correction.

Crude Oil Sep Contract (CL, ETF: (USO)) More fresh highs were probed Thursday up to 95.75, targeting 98.95 so long as 94.70-95.20 now holds as support.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL)) A fresh low had printed Thursday when a bullish EIA report triggered a spike up back into positive territory. That did not prevent a new low close, fulfilling the minimum requirement of Monday and Tuesday’s pattern. Closing back above 2.80 would signal the downleg had ended.

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Posted in Daily Spot