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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 20, 2013 - 3:14 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’s tumble to sharply lower lows Wednesday came right on cue after Tuesday’s signal that the decline was ready to resume. It is quickly approaching the next objective, and has room to bounce in the interim.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Tuesday night’s weakness stopped just short of its 80.15-80.25 support before rallying sharply to fresh highs testing 81.25. Back under 81.05 would signal momentum reversing down.

Eurodollar Mar Contract (EC, ETF: (FXE)) Tuesday night’s bounce right into the middle of 1.3425-1.3450 resistance held, and launched a drop back through prior lows to 1.3275, just under the reaction’s 1.3330 target. The drop’s momentum remains intact so long as bounces hold 1.3350.

Gold Apr Contract (GC, ETF: (GLD)) Refueling enough through Tuesday’s close to suggest the decline was ready to resume proved to be an understatement. The close under 1610.00 had already extended to its 1589.00-1592.00 target pre-open. It continued dropping intraday and later, testing 1565.00. If 1563.00 is touched, then a close above 1571.00 would end this leg’s momentum.

Silver Mar Contract (SI, ETF: (SLV)) Fresh lows testing 28.30 have created room for bouncing up to 29.00 before actually signaling that momentum was reversing up.

30-year Treasury Mar Contract (US, ETF: (TLT)) Wednesday’s gap down under 143-04 was recovered momentarily into positive territory, but the recovery ultimately failed. The move to 141-26 is underway, but still needs a second consecutive lower fresh low close Thursday to confirm.

Crude Oil Apr Contract (CL, ETF: (USO)) Tuesday’s bounce to 97.15-97.30 resistance reacted down sharply Wednesday to fresh lows testing 94.20. Closing back above 95.70 would signal a rally underway to 101.15. Meanwhile, this drop can extend to 93.40.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL)) Wednesday’s early attack on 3.33 wasn’t rejected, but it didn’t extend either, so no rally is signaled.

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Posted in Daily Spot