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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 1, 2014 - 2:42 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.

PROGRAMMING NOTE: This afternoon”s Market Wrap will begin at 3:40 ET and end at the cash session close. Thank you!

Eurodollar Dec Contract (EC, ETF: (FXE))
Initially dipping overnight to 1.2420, the Euro reversed course in time to open regular trading hours back at Friday”s high testing 1.2495 resistance. Resistance held and a fresh low under 1.2365 remains outstanding.

Gold Feb Contract (GC, ETF: (GLD))
Selling off into the weekend was extended down sharply Sunday night in reaction to the Swiss referendum. That was retraced entirely before Monday”s open, and the recovery”s momentum extended through the 1181.50 bounce limit to test 1217.00 intraday. The original bounce potential to 1226.00-1229.00 is probably back in-play, already tested post-close up to 1221.00.

Silver Mar Contract (SI, ETF: (SLV))
Reversing up sharply from Sunday night”s plunge had already expended a lot of buying pressure just to open in positive territory. But rallying 2.55 intraday didn”t gain any traction for the effort. Prior highs held their test through the close, and gapping down overnight under all prior lows will need to be retested. But an intraday probe of fresh highs potentially to 17.11 is likely so long as pullbacks hold 16.30 as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fulfilling the 143-00 target up to 143-09 into Monday”s open immediately began reacting down until filling the “gap” back to Wednesday”s 142-00 close. New highs cannot contain a sell signal, so reversing down so quickly to neutralize the attraction below makes a retest of 143-00 all the likelier.

Crude Oil Jan Contract (CL, ETF: (USO))
Friday”s drop to 65.80-66.55 support was probed Sunday night down to 63.72, but that extra probe was recovered entirely before Monday”s open. Isolating the extra selling helped to identify it as excessive pessimism. In fact, the reversal extended up to 68.91. The low didn”t form an accumulative pattern, but the bounce could extend to 70.85-70.90 before retesting the low.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping down Sunday night was unable to recover intraday. The second consecutive lower close under uptrending support now requires at least an eventual third lower close before a recovery is credible. Having formed across Friday-Monday, gapping up to form an Island would be credible for launching a sizable bounce.

Posted in Daily Spot