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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 11, 2012 - 2:21 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 Since currencies ultimately held their retracement limits after Tuesday’s opening gaps, Gold’s dip to its own pullback limit has the opportunity to launch one more upleg Wednesday.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Tuesday’s open attacked the 80.10 pullback limit, which was tested throughout the day. The rally’s resumption depends not only on holding 80.10 as support, but also avoiding a second consecutive lower close Wednesday.

Eurodollar Dec Contract (EC, ETF: (FXE)) Tuesday’s open attacked the 1.3000 bounce limit, which was tested throughout the day. The decline’s resumption depends not only on holding 1.3000 as resistance, but also avoiding a second consecutive higher close Wednesday.

Gold Feb Contract (GC, ETF: (GLD)) Monday’s rally to within $1 of the 1720.00 target reacted down Tuesday to test 1710.00 support, whose break would signal a retest of last week’s lows underway. The 1706.00 intraday low struggled to test 1710.00 as resistance, let alone to recover it.

Silver Mar Contract (SI, ETF: (SLV)) Tuesday’s gap down to and through 33.25 took the 34.00 target off the table, unless Wednesday were to recover 33.25.

30-year Treasury Mar Contract (US, ETF: (TLT)) Tuesday’s gap down extended Monday’s failed gap up above 150-00 that had returned to the 149-18 sell signal. Its 148-27 low was supported by “lower prior highs” whose test now all but ensures probing under 148-18..

Crude Oil Jan Contract (CL, ETF: (USO)) Monday’s late dip under the 85.85 sell signal did not immediately extend down Tuesday. But more late weakness did probe fresh lows under 85.25.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL)) Tuesday’s narrow sideways ranging ultimately did not extend Monday’s gap down, and was still testing its lows. Only gapping up above the 3.60 prior high could trigger a buy signal without further consolidation.

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Posted in Daily Spot