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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | April 4, 2013 - 3:37 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 new lows haven’t stopped, they’ve just stopped extending down intraday. That doesn’t prevent there being another fresh low, and it’s not yet a buy signal, but it’s close.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Thursday’s surge to fresh highs at 83.66 was reversed back into negative territory at 82.75. Bounces should hold 83.10-83.20 if the reversal intends to extend into a downleg targeting 81.40 and lower.

Eurodollar Jun Contract (EC, ETF: (FXE))
Thursday’s plunge from 1.2855 back to the 1.2750 prior lows was recovered entirely, and then some by another surge to 1.2955. So long as pullbacks hold 1.2895, a fresh high above 1.3010 could trigger a rally targeting 1.3325.

Gold Jun Contract (GC, ETF: (GLD))
The drop extended down overnight to 1539.50, but intraday lows held tests of 1547.50. Closing above 1557.50 would signal momentum reversing up, but a retest of 1539.50 can’t yet be discounted.

Silver May Contract (SI, ETF: (SLV))
Fresh lows recovered to close positive Thursday, suggesting that a bottom is forming. Back above 26.95 would confirm.

30-year Treasury Jun Contract (US, ETF: (TLT))
The rally extended through 145-22 to its next higher objective at 146-12. Back under 145-14 would signal momentum reversing down.

Crude Oil May Contract (CL, ETF: (USO))
Extending down sharply Wednesday night had removed almost any chance of Thursday recovering 96.00. The dip to 92.23 stopped short of recovering back above 93.75-94.15 to signal that sellers had lost momentum.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s fresh low at 3.86 was recovered into positive territory. More important is that its open gapped up, and the close almost recovered above the open’s high, which would have formed a Pivot Reversal. Almost any higher high Fridaya bove 3.98 could extend sharply into and out of the weekend.

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Posted in Daily Spot