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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | August 22, 2012 - 3:06 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 Wednesday’s FOMC Minutes didn’t change much. Trending underway extended, such as Gold and the Euro, while other markets held steady.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Probing under Tuesday’s lows Wednesday makes any rally attempt suspicious before now probing under 81.40. Wednesday’s low attacked 81.60.

Eurodollar Sep Contract (EC, ETF: (FXE)) Wednesday afternoon’s break higher to 1.2543 confirmed that 1.2570 is in-play, so long as 1.2455 now holds as support.

Gold Dec Contract (GC, ETF: (GLD)) Tuesday’s warning of near-term resistance at 1643.60 didn’t prevent probing 1650.00 Wednesday. It was retraced entirely, back into negative territory, before FOMC Minutes triggered a surge to fresh highs at 1654.80. The rally next targeting 1672.00 remains intact so long as 1644.50-1646.00 were to hold as support.

Silver Sep Contract (SI, ETF: (SLV)) The rally extended Wednesday to 29.79, nearing its 30.00-30.35 target, which now remains in-play so long as 29.25 holds pullbacks.

30-year Treasury Sep Contract (US, ETF: (TLT)) Tuesday’s recovery from breaking lower extended higher Wednesday by gapping gap up to test 147-00 and eventually touch 147-25 resistance. Any higher could no longer qualify as only a corrective bounce. Back under 146-24 would reverse momentum down.

Crude Oil Oct Contract (CL, ETF: (USO)) Following Tuesday’s gap up, Wednesday’s open still had enough room to gap down to 96.40 without even touching “lower prior highs,” let alone probing any relevant support. An afternoon retest reacted up toward 97.54 session highs to maintain the rally’s momentum.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL)) Wednesday’s session probed back into the 2.80-2.85 resistance area, but no higher, which would have been likely to extend sharply higher intraday.

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Posted in Daily Spot