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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 10, 2014 - 2:54 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))
Wednesday”s price action developed exclusively within Tuesday”s range. The inside day is likely to break sharply Thursday in one direction or the other. The low still requires testing, making the break likelier to be down. Only a little likelier.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday”s surge to 1239.00 wasn”t extended overnight or Wednesday, but neither was it rejected. Still having no second consecutive higher confirming close in the entire rally from last month”s lows, probing fresh highs Thursday would be unlikely to extend higher, if not also likely to reverse down.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Wednesday didn”t extend much higher before reversing back into the range. Momentum didn”t reverse down, which leaves the door open to attempting fresh highs again Thursday. There is no requirement to extend higher, but that”s the likelihood so long as 16.95 holds as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still overlapping the 143-00 pullback limit near Tuesday”s close created potential for a corrective dip before extending the rally. Holding above 143-00 Wednesday and probing above Tuesday”s highs suggests the pullback limit did hold, and that the 144-14 target area remain in-play.

Crude Oil Jan Contract (CL, ETF: (USO))
Finally testing the 62.00 target Wednesday didn”t stop the decline, and barely slowed it as 60.33 was attacked to within a dime — that”s the room for noise under 62.00, and it should be tested. Regardless, a recovery attempt should be obvious almost immediately if the retest of prior overnight lows is only temporary. And the recovery attempt”s character should be aggressive if valid.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Having filled the gap overnight back down to Monday”s close, recovering above 3.69 Wednesday was credible for sealing a bottom. Extending higher Thursday would be inhibited by the weekly EIA report.

Posted in Daily Spot