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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 20, 2013 - 2:43 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 Awaiting Wednesday’s FOMC policy statement inhibited any intraday trending. There was none its wake, either. Apparently, the market has been day-dreaming about something else. Not sure what that is, but the Cyprus travel brochures lying on its desk might have something to do with it.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Wednesday’s gap down only ranged around Tuesday’s 82.85 low, even through the FOMC news, offering no new guidance.

Eurodollar Jun Contract (EC, ETF: (FXE))
Gapping up Wednesday did not change the impact of Tuesday’s new low close, and only left outstanding the gap below that will try to attract price back down to it. Meanwhile, the session only ranged around the 1.2955 bounce limit and buyers did not gain traction.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s touch of the 1615.00 target reacted down a little into the close, and a little more into Wednesday, testing 1605.00. A blip-down in reaction to the FOMC news barely pierced 1600.00 before reacting back up to attack 1609.00, whose recovery was needed on a closing basis or immediately at the following open to maintain the rally’s momentum.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s drift lower held above 28.65 to avoid signaling a new downleg underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Wednesday helps to confirm that the 144-00 target has held as resistance. The gap back to Tuesday’s 143-20 close doesn’t have to be filled if Thursday’s open were to gap under 142-24.

Crude Oil Apr Contract (CL, ETF: (USO))
Tuesday’s reaction down from Monday’s attack on 94.00 was retraced somewhat Wednesday, and at least not extended, maintaining potential for resuming the rally.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The attack on 4.00 slowed Wednesday ahead of Thursday’s EIA report.

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Posted in Daily Spot