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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 17, 2014 - 2:51 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))
After fulfilling the 1.2518 minimum bounce objective Tuesday, its reaction down had room down to 1.2400 without actually reversing momentum down. Wednesday”s dip back under 1.2495 extended down to 1.2400 before the FOMC news triggered a bounce that was resolved back under 1.2400 to trigger a new downleg underway.

Gold Feb Contract (GC, ETF: (GLD))
Narrow ranging Wednesday absorbed the prior two sessions” shock-to-the system from their big intraday drops. Having confirmed the first day”s break with a second consecutive lower close, an eventual third lower close is required. The post-close spike down to 1185.50 in reaction to the FOMC news did not fulfill that outstanding lower objective.

Silver Mar Contract (SI, ETF: (SLV))
Initially dipping at Wednesday”s open was reversed slightly positive, forming essentially only an inside day that has yet to fulfill at least one more lower close as is now required.

30-year Treasury Mar Contract (US, ETF: (TLT))
Flat-to-lower ranging ahead of Wednesday afternoon”s FOMC policy statement suddenly spiked down to 144-20, testing the pattern”s 145-00 pullback limit, which prevents triggering a sell signal if held as support.

Crude Oil Feb Contract (CL, ETF: (USO))
[Rolling coverage forward to Feb, which is at a 30-cent premium to Jan] Wednesday”s open retested Tuesday”s gap down bar down to neutralize its attraction below, and then began firming. A late-morning surge tested the pattern”s 58.95 bounce limit, which eventually retraced down under Tuesday”s high to attack what is now a 56.05-56.30 pullback limit. A fresh low isn”t required before launching an upleg, which would be triggered by a second consecutive higher close Thursday.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Having filled the outstanding gap below on Tuesday, the bottoming pattern reared its head again by gapping up Wednesday. That leaves outstanding the new gap below to Tuesday”s 3.62 close. But extending above 3.75 would break free from its attraction below and launch a new upleg.

Posted in Daily Spot