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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 3, 2014 - 2:24 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.

Eurodollar Dec Contract (EC, ETF: (FXE))
Gapping down Wednesday probed under the month-old low whose outstanding retest had been one of the main impediments to recovery attempts. Being a second consecutive lower close following Tuesday”s break under uptrending support, at least a third eventual lower close should develop as well, targeting either 1.2250 or 1.2157.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday”s gap up back above 1200.00 helped to confirm that Tuesday”s drop was “ineffectual pessimism.” Extending higher intraday to test 1215.00 helped to confirm, too. Stopping pessimistically short of filling the gap back to Monday”s close keeps alive the potential for extending to the 1226.00-1229.00 target.

Silver Mar Contract (SI, ETF: (SLV))
Morning strength Wednesday was largely retraced as unchanged levels proved difficult to leave behind. But Tuesday”s drop didn”t extend down any lower, leaving the gap back to Monday”s close outstanding and an attraction.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday”s narrow ranging around 141-04 didn”t reverse up by noon to try rejecting Tuesday”s 61.8% retracement of the 140-00 buy signal. The delay is not optimal, so extending the retracement Thursday would start to suggest a much bigger drop underway.

Crude Oil Jan Contract (CL, ETF: (USO))
Tuesday”s dip to the 66.55 pullback limit didn”t extend down deeper Wednesday, but the pullback wasn”t recovered either. The 70.85-70.90 bounce target remains in-play.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
The trend extended Wednesday beyond its requirements that were satisfied already Tuesday. Gapping down Wednesday doesn”t allow a reversal up Thursday to become a recovery without at least another day spent bottoming, so the decline is not likely done. Having said that, gapping up Thursday (with EIA reporting) could form an Island that bounces for 1-3 sessions before ultimately failing.

Posted in Daily Spot