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 | April 9, 2013 - 2:18 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 and Silver were likely to resume trending Tuesday. And their resumed trending was also likely not to extend Wednesday. Tuesday’s strong rallies left a little on the table, but retracing any initial gains Wednesday could trigger a more substantial drop intraday.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Monday’s shallow bounce was rejected by Tuesday’s gap down that extended back under 82.50, keeping alive potential down to 81.40.

Eurodollar Jun Contract (EC, ETF: (FXE))
Gapping up Tuesday and extending higher confirms the rally remains intact, next targeting 1.3140 with potential to 1.3325.

Gold Jun Contract (GC, ETF: (GLD))
Having consolidated Friday’s surge Monday, Tuesday resumed the rally as was expected. The $17 rally tested 1590.00 could extend Wednesday up to 1597.00 so long as 1579.00 holds as support. Back under 1574.50 would signal a new downleg underway.

Silver May Contract (SI, ETF: (SLV))
While almost any immediate trending at Tuesday’s open was likely to be false, Tuesday’s open gapped up above prior highs at 27.30 and extended sharply higher to 28.00. Unless 28.15 is recovered through Wednesday’s close, back under 27.65 would target a retest of lower prior highs down to 27.15.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s test of the 147-14 pullback limit extended down initially at Tuesday’s open before recovering back up to 147-14. Its recovery Wednesday would target a retest of 148-00. Closing under 146-28 would trigger a deeper dip targeting 145-14/145-22.

Crude Oil May Contract (CL, ETF: (USO))
Tuesday’s post-open dip to 92.86 seems to have sufficed for attracting more recovery sponsorship, at least for a late-morning surge to test 94.50. That fills a gap back to last Wednesday, so now pullbacks must hold 93.35-93.65 to avoid another downleg.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s narrow ranging around Monday’s lows keeps open the door for any early strength Wednesday to retest Monday’s 4.18 high.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

Posted in Daily Spot