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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | September 26, 2012 - 3:29 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 Precious Metals probed fresh lows as they further delayed retesting Friday’s fresh highs. Wednesday’s action actually suggests a deeper dip for more days.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Tuesday’s shallow bounce nonetheless extended sharply at Wednesday’s open, probing fresh recent highs. Back under 79.78 would trigger a bigger drop underway 79.00 and then lower.

Eurodollar Dec Contract (EC, ETF: (FXE)) Limiting Tuesday’s dip to only a 61.8% retracement back to Monday’s low didn’t prevent gapping down to fresh lows Wednesday. But the moves are still related, and back above 1.2920 would target 1.3110 and then 1.3200.

Gold Dec Contract (GC, ETF: (GLD)) The third rejection of probing above 1760.00-1770.00 couldn’t afford to delay recovering back to Friday’s highs, or else a correction would be underway. Wednesday’s drop to 1738.50 was deep enough to fulfill the correction, but it would be premature, so there is potential for extending down to 1727.00 and 1717.00.

Silver Dec Contract (SI, ETF: (SLV)) Tuesday’s close was essentially flat with Monday’s break to avoid confirming that momentum had reversed down. That didn’t prevent probing fresh lows intraday down to 33.96, but it did help recover back into positive territory testing 33.96. That’s not a buy signal, but it does reflect that sellers may be weak-handed, so only temporary.

30-year Treasury Dec Contract (US, ETF: (TLT)) The two-week rally from 144-17 extended sharply higher Wednesday. There is no active sell signal.

Crude Oil Nov Contract (CL, ETF: (USO)) The 89.75 target was met Wednesday, and held as support after being probed intraday by $1. The 87.00 target remains intact so long as bounces no hold 91.20 as resistance.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL)) Tuesday’s close at the 2.90 buy signal extended sharply higher Wednesday to 3.05. The 3.25 target remains intact so long as pullbacks now hold 3.00 as support.

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Posted in Daily Spot