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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 8, 2014 - 2:28 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))
Monday mornings tend to duplicate Friday”s trending. Sunday night apparently trended down so much already that Monday morning could only bounce. Monday afternoon, too. The conirmedbreakout”s thirdlower close was already fulfilled, so almost any early strength Tuesday would be credible for extending sharply higher intraday..

Gold Feb Contract (GC, ETF: (GLD))
Monday”s inside day stayed away from 1187.20 to avoid ending the recovery”s potential. But it also stayed away from 1200.00 to avoid resuming the recovery. Recovering still gets a benefit of the doubt.

Silver Mar Contract (SI, ETF: (SLV))
Hovering Monday at recent lows supported by 16.20 isn”t accumulative, and has formed a Descending Triangle. There is one opportunity for a recovery attempt to gain traction, or else a steep decline could begin instead.

30-year Treasury Mar Contract (US, ETF: (TLT))
Despite Sunday night”s pullback, falling stocks intraday helped the recovery extend through 142-08 by at least a quarter-point, targeting a complete retest of the bounce”s original 143-00 target.

Crude Oil Jan Contract (CL, ETF: (USO))
Friday”s new intraday lows were alreaedy challenging the pullback limit, but not yet the prior Sunday”s lows. Monday morning did that, coming within $1 of the 62.05 target. Already retesting prior lows and then already attacking the retest”s target does continue to suggest the retest will hold.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Friday”s temporary bounce was as temporary as possible, gapping back down Friday to then probe fresh lows intraday. Positive territory was being challenged into the close, and any early follow-through Tuesday would be credible for extending higher and possibly forming a bottom..

Posted in Daily Spot