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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | April 18, 2013 - 3:27 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 Thursday’s Natty Gas surge fulfilled the 2-day Pivot Reversal setup. Thanks to the tremendous intraday move, its target is only slightly higher. But also thanks to the tremendous intraday move, the pattern has potential to become a much more substantial rally.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
The 82.80 bounce limit held as resistance Thursday to maintain potential for resuming the drop targeting 81.40.

Eurodollar Jun Contract (EC, ETF: (FXE))
Thursday’s flat-to-higher range only attacked 1.3105 instead of recovering it to fill the gap to 1.3200, or to resume the rally next targeting 1.3325.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday night’s break under the range’s 1364.50-1372.00 lower-end extended $30 as was expected, plunging to test 1335.50. Also as was expected the reaction recovered entirely, testing the range’s 1395.00-1400.00 upper-end. Regular Trading Hours consolidated around the upper-end, and any initial strength Friday would be credible for extending sharply higher into and out of the weekend, initially targeting 1428.00.

Silver May Contract (SI, ETF: (SLV))
Wednesday night’s drop was recovered enough to hold tests of 22.45 intraday Thursday, keeping alive the attraction to 24.15 by the next rally attempt.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s consolidation was exclusively above the 148-00 pullback limit, maintaining the 149-16 target.

Crude Oil May Contract (CL, ETF: (USO))
Despite having bounced overnight up to 88.15 from Wednesday’s 86.75 close, Thursday’s open gapped up only modestly. The balance of the session recovered to probe the overnight high. The bounce must hold 89.00 as resistance to maintain its potential for extending down to 85.00.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
The two-day Pivot Reversal setup that completed on Wednesday required  very sharp follow-through Thursday to prove a breakout was underway. The 4.18 pullback limit held a touch before reacting to EIA by surging to 4.33. The break extended higher to 4.41, targeting 4.50 so long as 4.33 now holds as support. Extended targets are 4.75-4.87 and higher.

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Posted in Daily Spot