Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 4, 2014 - 2:07 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))
Spiking up Thursday in reaction to Draghi”s press conference comments held a 61.8% retracement of the two prior sessions” breakout and confirmation. Its resistance at 1.2420-1.2455 reacted, now likely to extend down and produce at least a third lower close before a recovery effort would be credible.

Gold Feb Contract (GC, ETF: (GLD))
Surging around Thursday”s ECB events never actually improved on Wednesday”s recovery above the 1200.00 pullback limit. Hesitating to retest Monday”s high is considered pessimism, which is potentially bullish from a contrarian perspective, keeping alive the 1226.00-1229.00 target.

Silver Mar Contract (SI, ETF: (SLV))
Firming a little more than Gold Thursday morning still hasn”t resumed the rally effort. But a higher open on Friday would be credible for extending to fresh highs..

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday”s late firming accelerated into Thursday”s open to test 141-13/14-19 and to be positioned firmer ahead of Friday”s Employment Situation report.

Crude Oil Jan Contract (CL, ETF: (USO))
Slightly lower lows Thursday fluctuated around the 66.45 pullback limit, whose test must hold as support to maintain the near-term bounce targeting 70.85-70.90. Otherwise, Sunday night”s lows will be retested first, which are still expected to hold regardless of when that occurs.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Not indicating a gap up before Thursday”s open, the EIA report was greeted by an intact prevailing downtrend. Probing more fresh lows after gapping down again now disqualifies Friday from launching a durable recovery. Any immediate rally effort would be doomed to failure.

Posted in Daily Spot