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 5, 2012 - 2:08 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 Natural Gas had been probing lower and lower lows without there first having been a distributive pattern. Proof that buyers remain strong came from Wednesday’s gap up that extended sharply higher intraday. Closing higher Thursday could complete a base capable of launching a strong rally.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Tuesday’s probe under the decline’s 79.75 target did not extend lower Wednesday. The gap up did not extend higher, either, as the session ranged around 79.75. Not resuming the decline immediately would be bullish.

Eurodollar Dec Contract (EC, ETF: (FXE)) Tuesday’s probe above the rally’s 1.3050 target did not extended higher Wednesday. The gap down did not extend lower. But it probably will, unless the rally were to resume without delay Thursday.

Gold Feb Contract (GC, ETF: (GLD)) Tuesday’s sharply decline extended lower Wednesday to 1686.00, but Tuesday’s 1692.50 prior low was recovered. Recovering 1698.00 would start to signal the drop had ended, targeting at least a corrective bounce up to 1710.00.

Silver Mar Contract (SI, ETF: (SLV)) Tuesday’s test of the 32.90 prior lows extended down Wednesday to test 32.60, but 32.90 was recovered into the close. Back above 33.20 would signal the corrective dip had ended, reversing momentum up.

30-year Treasury Mar Contract (US, ETF: (TLT)) The bounce off of Monday’s test of the 149-04 target extended higher Wednesday to fresh highs at 150-21. The 150-14 prior highs held as resistance, and now back under 150-02 would signal momentum reversing down to at least test the 149-18 sell signal.

Crude Oil Jan Contract (CL, ETF: (USO)) With the next trending attempt likely to extend, Wednesday’s opening dip held Tuesday’s low to avoid attempting to trend. At least an obligatory dip to 86.50 is growing likelier.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL)) Tuesday’s gap down that only ranged around Friday’s prior low had required no follow-through so long as a recovery were underway immediately Wednesday. The gap up to Tuesday’s 3.59 high extended sharply higher to probe 3.70. A second consecutive higher close would confirm the reversal, next targeting 3.90.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

Posted in Daily Spot