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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 11, 2013 - 2:34 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 started out the week with a deep plunge, but it was really only a continuation of the pattern described Friday. The long-awaited retest of the lows is back on.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Monday’s fresh high attacking 80.50 was retraced into negative territory. The 81.05 bounce target remains in-play, but now pullbacks must hold 80.20.

Eurodollar Mar Contract (EC, ETF: (FXE)) Monday’s bounce to 1.3430 peaked under the 1.3465-1.3475 bounce limit to maintain the 1.3275 objective below.

Gold Apr Contract (GC, ETF: (GLD)) Monday’s sharp decline instantly compensated for the delay from Friday’s undue optimism that pointlessly avoided probing under 1666.00 intraday. The 1637.40 objective is in-play so long as bounces now hold 1653.00-1654.00 resistance.

Silver Mar Contract (SI, ETF: (SLV)) Monday fulfilled the aggressive slide targeting 30.90, likely to extend down to fulfill the 30.25 objective.

30-year Treasury Mar Contract (US, ETF: (TLT)) Monday did not immediately resume dropping under 143-04. But only firming slightly and remaining under prior highs intraday does need a little more obvious strength to confirm whether the bounce is first likely to test 145-03.

Crude Oil Mar Contract (CL, ETF: (USO)) Monday’s sharp rally only returned back to the range’s 97.00 upper-end. Still this is another opportunity — if not the final opportunity — for a breakout quickly targeting 99.00.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL)) Not yet reacting up sharply Friday from 3.25 support made the recent weakness much likelier to extend down to new lows. In fact, Monday’s open gapped down to the 3.21 prior low. It was recovered entirely, allowing one more temporary opportunity Tuesday to launch an upleg above 3.33, and to avoid becoming a much deeper downleg.

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Posted in Daily Spot