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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | April 23, 2013 - 3:21 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 Crude Oil’s two consecutive deep intraday/overnight drops probably have earned at least an obligatory fresh high, presumably by a minimum $2 margin, if not much more.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Despite having retraced Monday’s fresh highs back to the 82.80 bounce limit, Tuesday’s open gapped up and ranged sideways around Monday’s 83.05 high. Delaying the decline’s resumption any longer would all but require extending the rally to fresh highs.

Eurodollar Jun Contract (EC, ETF: (FXE))
Tuesday’s gap down recovered only enough for the balance of the session to range around the 1.3020 prior low. Its immediate recovery is not only likely, but also required in order to resume the rally before testing 1.2955 and probably breaking lower.

Gold Jun Contract (GC, ETF: (GLD))
Monday’s dip to 1418.00-1420.00 was probed overnight instead of recovering the 1432.50 buy signal. The deeper dip to 1408.00 and 1404.00 still closed back above the 1409.00 prior highs. Recovering 1421.00 would now trigger another rally leg targeting 1441.00 and 1456.00.

Silver May Contract (SI, ETF: (SLV))
Recovering Monday back above 23.25 had failed to close above the 23.55 buy signal, so Tuesday’s open wasn’t inhibited from gapping down under 22.90 and probing new intraday lows at 22.55. That’s still above last week’s 22.43 overnight low, and now back above 23.25 would signal momentum reversing up.

30-year Treasury Jun Contract (US, ETF: (TLT))
The 149-14 target attracted price higher overnight to 149-06, but Tuesday once again was more about testing and holding the 148-00 pullback limit.

Crude Oil Jun Contract (CL, ETF: (USO))
Despite having recovered back above the morning’s highs, Monday’s volatile dip into negative territory was retraced overnight. And despite retracing the dip to produce a gap down Tuesday, the balance of the session recovered back to Monday’s highs. A fresh high targeting at least 91.05 remains likely.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
The retracement of Thursday’s surge extended lower Monday night to test 4.21. Any lower would require a new accumulation pattern to form before triggering a buy signal.

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Posted in Daily Spot