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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | November 25, 2014 - 1:45 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))
Monday”s gap up above 1.2400 had extended but didn”t gain traction. Tuesday”s opening dip touched 1.2400 and then surged through 1.2460 to attack 1.2495. The bounce should start being retraced Wednesday morning to maintain the likelihood for probing the lows.

Gold Dec Contract (GC, ETF: (GLD))
Overnight weakness bled into Tuesday”s open which tested Friday”s low. The test was recovered back into positive territory, albeit not as aggressively as would be optimal for the rally pattern at this stage. Just closing above 1200.00 isn”t bullish without extending higher aggressively without delay.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Tuesday dipped back into the range, but continues to reflect upward momentum remaining intact.

30-year Treasury Dec Contract (US, ETF: (TLT))
Probing above Monday”s highs tested the ultimate buy signal at 142-12. Its recovery should no longer be restrained if the rally is underway targeting 144-14.

Crude Oil Jan Contract (CL, ETF: (USO))
The pullback from Friday”s 77.75 sell signal extended back down to 74.25 Tuesday. A knee-jerk reaction to new blipped-up to attack the 75.40 bounce limit, but resolved back down, still targeting 73.25-74.00.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
A second consecutive higher close Tuesday confirmed Monday”s recovery back above 4.01-4.02. But that included a test of 4.25 resistance. Greeting Wednesday”s rescheduled EIA report from closing above 4.25 would be likelier to react bullishly.

Posted in Daily Spot