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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 7, 2013 - 3:09 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 Was Gold’s temporary plunge Thursday morning a “warning shot across the bow” at bulls? Its recovery back to prior highs expended a lot of energy without gaining any traction for the effort (i.e. closing well under that resistance).

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Wednesday’s retest of the bounce’s 79.85 target gave way sharply Thursday instead of first retesting the decline’s target. So long as 80.05 now holds as support, the rally is next targeting 81.05.

Eurodollar Mar Contract (EC, ETF: (FXE)) The retest of the rally’s 1.3640 target never happened before its reaction down extended much further Thursday to 1.3375. The expectation to resolve down regardless now seems underway so long as bounces hold the rally’s 1.3465-1.3475 prior target.

Gold Apr Contract (GC, ETF: (GLD)) Thursday morning’s plunge to 1663.40 was recovered back to prior highs in positive territory at 1683.90, only to react back down to attack 1669.00-1670.00. Extending lower Friday morning should attack or probe 1660.00 before any further consolidation that might delay retesting 1637.40.

Silver Mar Contract (SI, ETF: (SLV)) The break under uptrending support Thursday down to 31.30 was recovered to test the trendline’s 31.77 break before reversing back down to almost touch the morning’s low.

30-year Treasury Mar Contract (US, ETF: (TLT)) Wednesday’s bounce had held 143-18 resistance to avoid signaling that momentum was reversing up. Fresh highs to 144-06 Thursday during the stock market decline were relatively subdued. Back under 143-18 would resume the decline targeting 141-26.

Crude Oil Mar Contract (CL, ETF: (USO)) Thursday’s open needed to extend higher immediately above 97.00 for Wednesday’s recovery from 95.00 to be bullish. But the opening test of 97.00 reacted down sharply to 95.55. Almost any further delay in rallying through 97.00 would all but require testing 94.20 next.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL)) Wednesday’s recovery to the upper-end of the 3.37-3.43 resistance was reversed Thursday morning in reaction to the EIA report. Its drop to 3.28 .must be recovered to close back above 3.36 Friday to prevent a new downleg.

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Posted in Daily Spot