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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 24, 2012 - 3:17 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 If FOMC triggered any reaction on Wednesday, at all, it was on bonds. they had bounced optimistically Tuesday. All of that bounce was returned Wednesday. Returning all of the recent rally may not be far behind.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Ranging narrowly sideways Wednesday essentially fulfilled expectations that a trending attempt would have failed. It also makes trending more difficult in the near-term.

Eurodollar Dec Contract (EC, ETF: (FXE)) Wednesday’s sideways ranging held 1.2955 support without closing under it to trigger a new downleg.

Gold Dec Contract (GC, ETF: (GLD)) Tuesday’ narrow ranging below prior lows was not rejected immediately Wednesday, which would have formed an Island. Wednesday only extended under Tuesday’s 1705.00 lows, down to 1699.00. The drop could target 1673.00 if 1727.00 were not recovered without further delay.

Silver Dec Contract (SI, ETF: (SLV)) Instead of recovering 32.00 Wednesday to trigger a rally back to 33.00, the open’s blip-up to 32.00 reaced down to fresh lows under 31.55. That all but requires extending the drop to 30.75 so long as 32.00is not recovered first.

30-year Treasury Dec Contract (US, ETF: (TLT)) Testing and holding the 148-00 corrective bounce target Tuesday allowed another reaction down Wednesday. But unlike Monday’s premature dip, now sellers can gain traction by closing under 147-08, initially targeting  retest of 146-06 and 145-00.

Crude Oil Dec Contract (CL, ETF: (USO)) Tuesday’s test of the 87.00 target was not rejected Wednesday, as lower lows were probed intraday down to 84.94, barely recovering back up to Tuesday’s 85.69 low.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) The 3.55 buy signal that was not triggered Tuesday pushed price back down Wednesday, testing critical 3.45 support ahead of Thursday’s EIA report.

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Posted in Daily Spot