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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 19, 2013 - 2:52 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 peak Tuesday touched what should be the peak of its corrective bounce. Except for possibly being probed slightly higher, extending any higher Wednesday would start to suggest a $50-60 rally lies ahead.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
The decline did not resume Tuesday, but recent highs were only attacked up to 83.35 and not yet probed.

Eurodollar Jun Contract (EC, ETF: (FXE))
Monday’s failure to recover its intraday probe of fresh lows — if not simply for probing fresh lows — resolved down Tuesday, putting into play 1.2740-1.2765 so long as 1.2955 isn’t recovered.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s break back above 1609.00 extended higher to touch its 1615.00 target. Back under 1608.50 would signal the rally had ended. Otherwise, above 1618.00 would signal the bear market had ended.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s opening probe into negative territory held its 28.65 support and reacted up sharply to a fresh high that held its 29.10 resistance. The session closed negative, as the week-long choppy range continues as expected.

30-year Treasury Jun Contract (US, ETF: (TLT))
Holding the 142-24 pullback limit Monday kept alive the potential to 144-00,which was tested to within 1 tick at Tuesday’s high. Potential to 145-18 now depends upon holding 143-12 as support. Under 142-28 would signal momentum reversing down, probably to resume the decline targeting 140-08..

Crude Oil Apr Contract (CL, ETF: (USO))
The rally needed to extend higher without delay to prove that Monday’s recovery had gained traction. But 94.00 was barely attacked before reversing back down to attack the 91.90 pullback limit. Any lower would target 90.75, whose break would trigger a new downleg.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Monday’s “ineffectual optimism” didn’t prevent a break higher Tuesday that nearly fulfilled the rally’s 4.00 target.

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Posted in Daily Spot