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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 25, 2013 - 2:59 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 Gold extended lower without first correcting Thursday’s break. That’s a lot of  selling pressure to expend in so short a time. It does suggest this drop is only a temporary correction, but it makes the low’s retest more difficult.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Friday’s gap down to 79.85 support held, preventing a lower target from being put into play.

Eurodollar Mar Contract (EC, ETF: (FXE)) Thursday’s breakout extended to its 1.3465-1.3475 objective Friday. The pattern is now vulnerable to reversing down. Not reversing down Monday morning under 1.3380 would put into play the next higher objective at 1.3560-1.3580.

Gold Feb Contract (GC, ETF: (GLD)) The decline did not correct before extending down Friday. And the decline extended down by gapping again. This leaves sellers unrefueled as they test 1656.00 support, now vulnerable to testing 1675.00 resistance before resuming the decline to 1637.40.

Silver Mar Contract (SI, ETF: (SLV)) Thursday’s reaction down from attacking 32.50 extended Friday to 31.20, suggesting a deeper correction underway to at least 30.50.

30-year Treasury Mar Contract (US, ETF: (TLT)) Friday rewarded buyers that had absorbed the mid-week testing of 146-00/146-04 resistance. The overnight drop through 145-16 extended to and through its 144-16 objective to 144-02. The 142-26/143-04 objective is in-play so long as 144-16 isn’t recovered.

Crude Oil Mar Contract (CL, ETF: (USO)) After Thursday’s open rejected Wednesday’s late decline, a shallower dip Friday morning was recovered intraday. But only to unchanged, all but requiring Monday to extend the rally targeting 99.00 to avoid another downdraft.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL)) Thursday’s reaction down to 3.44 wasn’t recovered into the weekend, further suggesting that at least 3.37 would be tested, if not also 3.25.

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Posted in Daily Spot