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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 19, 2012 - 3:04 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’s premature bounce from attacking its first target made its lower target likely to be met. Friday’s plunge got there, and bounced sharply from $1 below it. That should satisfy a correction. If it’s a correction.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Thursday’s recovery to 79.40 extended higher Friday to retest the prior Friday’s close. Back under 79.40 would target a retest of 79.00. Closing above 79.90 would trigger a bigger rally underway.

Eurodollar Dec Contract (EC, ETF: (FXE)) The reaction down from Wednesday’s high extended a little lower Friday, which now requires Monday to recover 1.3100 before reinstating momentum for the 1.3200 and 1.3245 targets above.

Gold Dec Contract (GC, ETF: (GLD)) Thursday’s close under Wednesday’s 1744.00 low signaled the 1727.00 target’s test was back in-play. The delay was compensated by also testing the 1717.00 target Friday. Recovering1727.00 would have signaled a corrective leg had ended. Closing back above 1736.50 is needed now to trigger a bigger rally.

Silver Dec Contract (SI, ETF: (SLV)) Friday’s open gapped down under prior lows to test 32.00. No recovery is signaled, but there is potential for 32.00‘s test to hold as support and form a bottom.

30-year Treasury Dec Contract (US, ETF: (TLT)) The corrective bounce triggered above 147-04 Friday to put into play a test of 148-00.

Crude Oil Dec Contract (CL, ETF: (USO)) An early test of the 93.45 bounce limit Friday (basis Dec, 93.00 basis Nov) was rejected by yet a deeper intraday low down to 90.00. It reacted up like prior dips in this range, but then differed by retracing the reaction. The 90.00 close triggers the 91.65-91.95 break that puts into play 87.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) Thursday’s surge through 3.50 extended higher without delay Friday for a second consecutive higher close that confirms a new rally leg is underway, targeting 3.75.

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Posted in Daily Spot