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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 14, 2013 - 3:27 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 Mondays can be interesting for often reflecting the prior week’s residual influences. Almost as often, that only stretches the rubber band far enough to snap back. The long bond’s fresh high Monday, Gold’s bounce, Natty Gas fresh highs — each has started the week with buying pressure that could be crushed by the slightest hesitation.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Monday’s narrow range does not change there being room for a bounce up to 79.85 before suggesting momentum has reversed up.

Eurodollar Mar Contract (EC, ETF: (FXE)) The rally firmed a little further Monday, not enough to recalculate the room available down to 1.3260 before signaling a new downleg underway.

Gold Feb Contract (GC, ETF: (GLD)) Friday’s retracement of Thursday’s surge all but confirmed that the recent low must be retested. Monday’s reaction up held 1675.00 resistance to prevent buyers from regaining traction.

Silver Mar Contract (SI, ETF: (SLV)) Holding 30.25 as support Friday had prevented a new downleg from forming. It also kept open the door for Monday’s gap up to 31.00, where the balance of the session ranged. closing back under 30.50 would signal another recovery attempt had failed.

30-year Treasury Mar Contract (US, ETF: (TLT)) Gapping up above the 145-16 resistance did not extend higher intraday. But neither was it rejected, leaving potential for extending higher up to 147-00 if 145-16 support isn’t broken immediately.

Crude Oil Feb Contract (CL, ETF: (USO)) Early testing of 94.25 resistance Monday was retraced back under prior highs. The close surged back to 94.25, which still isn’t a breakout, but any immediate strength Tuesday morning would be credible for extending higher.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL)) The bounce extended to test 3.37-3.44 before refueling buyers back down to 3.20, making that dip likelier next, even if only to 3.25.

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Posted in Daily Spot