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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 25, 2012 - 3:05 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 Crude Oil’s third consecutive session of ranging sideways must produce an immediate reversal, or else extend the trending.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Ranging narrowly sideways for the third consecutive session makes a breakout less likely to gain traction on its first attempt.

Eurodollar Dec Contract (EC, ETF: (FXE)) Thursday’s price action never strayed from the prior two sessions’ ranges, further confirming this area’s attraction. A probe under 1.2955 would be less vulnerable to sliding intraday.

Gold Dec Contract (GC, ETF: (GLD)) Thursday’s open gapped up to test the decline’s 1717.00 target as resistance where the balance of the session ranged narrowly. Friday could repeat the pattern, gapping up to the decline’s 1727.00 target. But it would not be accumulation, and a retest of 1700.00 is likely.

Silver Dec Contract (SI, ETF: (SLV)) Thursday’s gap up through 32.00 didn’t extend higher, and the balance of the session ranged narrowly. Almost any fresh high Friday would be credible for extending up to 33.00. But a retest of 31.70 first is likelier.

30-year Treasury Dec Contract (US, ETF: (TLT)) The reaction down from the 148-00 corrective bounce target extended down further Thursday to touch 146-02. An intraday reaction up to 147-08 fell back to 146-22 Any lower close would put into play 145-04.

Crude Oil Dec Contract (CL, ETF: (USO)) Two days of consolidating under the 87.00 target were followed Thursday by a third. If not rallying almost immediately Friday, then the downleg should be extending to its 82.40 target.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL)) Wednesday’s test of critical 3.80 support (basis Dec, 3.45 basis Nov) was probed intraday Thursday down to 3.36, but recovered back up 3.80 resistance. The detour allows 3.85 to serve again as a buy signal.

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Posted in Daily Spot