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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | November 21, 2012 - 2:58 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 Pre-holiday trading depressed interest in all but the Energy sector. While Crude Oil was influenced by Middle East news, Natural Gas extended its well-timed rally to fresh highs.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) The 81.00-81.05 resistance that was tested throughout Tuesday was also tested throughout Wednesday, and held.

Eurodollar Dec Contract (EC, ETF: (FXE)) Failing to confirm Monday’s surge on Tuesday did not require a reaction down on Wednesday, which only ranged narrowly around their 1.2825 highs.

Gold Dec Contract (GC, ETF: (GLD)) Wednesday’s bounce was no more impressive than was Tuesday’s dip. Neither signaled nor confirmed any other parameter. Still ranging between 1727.00-1714.50 prevents signaling any trending underway.

Silver Dec Contract (SI, ETF: (SLV)) Not probing and rejecting a fresh high Tuesday, while also holding “lower prior highs” as support, did prevent selling pressure from gaining traction. And that allowed a probe of fresh highs up to 33.40, the highest levels in almost two months. Extending above 33.55 would suggest the rally is extending. Otherwise, a pullback has room down to 32.45 before signaling that momentum is reversing down.

30-year Treasury Dec Contract (US, ETF: (TLT)) Tuesday’s extension of Monday’s drop extended down further Wednesday, putting into play 149-26 so long as 150-14 holds as resistance.

Crude Oil Dec Contract (CL, ETF: (USO)) Wednesday’s gap up to 87.70 was retraced entirely by the actual announcement of a cease fire. A bounce back toward the open only added a higher sell signal at 86.70, which would be confirmed under 85.75.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL)) Tuesday’s resumption of the rally was confirmed by extending higher Wednesday to test 3.90. Targets include 4.05 and then 4.25.

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Posted in Daily Spot