Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 16, 2014 - 2:18 pm

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Dec Contract (EC, ETF: (FXE))
Failing to reject Friday”s range by probing into it intraday Monday. That all but required extending higher to at least 1.2518 or higher regardless of the resolution. Tuesday”s open gapped up to test 1.2518 up to 1.2579, but soon reacted down to Friday”s 1.2485 high as support.

Gold Feb Contract (GC, ETF: (GLD))
Extending down after Monday”s close further probed under the 1212.70 sell signal that was probed already Sunday night. Bouncing into Monday”s open up to 1220.00 on falling stocks was nevertheless rejected by another downleg to fresh lows at 1187.80. The second consecutive lower close under prior lows now requires at least a third, not necessarily consecutive.

Silver Mar Contract (SI, ETF: (SLV))
Monday”s post-close slide extended down sharply overnight to test 16.07 before reacting up into Tuesday”s open to 16.66. That didn”t prevent gapping down under 16.40 and extending to fresh lows at 15.54. Dropping so much so quickly doesn”t change that this is a second consecutive lower close that now requires an eventual third lower close before a rally can be credible — despite the drop”s origin not having been optimal.

30-year Treasury Mar Contract (US, ETF: (TLT))
Plunging stocks before Tuesday”s open triggered a flight-to-safety that spiked up to 146-19. It was retraced down to 146-00 by the open, and retraced to fill ALMOST fill the gap back down to Monday”s 145-04 close. That optimism, and still overlapping Friday”s high two days later, does suggest risk down to 144-00 on Wednesday before or after the FOMC event.

Crude Oil Jan Contract (CL, ETF: (USO))
The next lower attraction at 54.75 was probed overnight by $1+ before Tuesday”s gap down reversed up sharply $2 into positive territory. The gap down requires a retest so long as 58.65 isn”t recovered, so the balance of the session ranged narrowly unchanged.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping down Tuesday immediately filled the gap back to Thursday”s 3.64 close, which remained likely since 3.69 was still being tested Monday instead of confirming Friday”s breakout above it. There”s potential to probe a fresh low down to 3.56, but all within the context of forming a bottom.

Posted in Daily Spot