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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 18, 2014 - 3:59 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))
Gapping down to fresh lows Thursday neither extended down further intraday nor bounced. Extending the decline Friday should begin by gapping down again. No immediate recovery from this stage would be credible for extending higher.

Gold Feb Contract (GC, ETF: (GLD))
Initially rallying well into positive territory before Thursday”s open hadn”t invalidated the eventual third lower close that earlier sellers had earned. Reversing back to unchanged further suggested that a fresh low is coming.

Silver Mar Contract (SI, ETF: (SLV))
Thursday”s gap up was retraced entirely and quickly to unchanged, where a lot of energy was expended to avoid reversing into negative territory, despite there being a lower low required.

30-year Treasury Mar Contract (US, ETF: (TLT))
Closing under 145-00 Wednesday robbed the rally of its traction, but held above 144-19 to avoid reversing the trend down. Probing lower Thursday held 143-16 support, but didn”t close above 144-19 to resume the rally.

Crude Oil Feb Contract (CL, ETF: (USO))
A pullback retested the 56.05-56.35 support range.Thursday but ultimately probed under it back to Wednesday”s 54.30 low. Monday night”s low under 54.00 doesn”t require a retest, but the proximity makes its retest likely.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
After gapping up to test 3.75 resistance, the EIA report triggered a reaction back down to within 2 cents of filling the gap back to Tuesday”s 3.62 close. Holding its test would still be in-line with a bottom forming.

Posted in Daily Spot