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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | April 24, 2013 - 3:13 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 buyers were rewarded Wednesday for having absorbed two consecutive sessions of intraday dips. The reward was delivered so quickly that the pattern has greater potential for extending even higher.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
The rally through Tuesday needed to begin reversing down immediately if it were going to avoid extending much higher. Wednesday’s narrow ranging didn’t probe any higher, so the delay can be excused if a drop is evident early Thursday.

Eurodollar Jun Contract (EC, ETF: (FXE))
A rejection of Tuesday’s test of recent lows was needed without delay to maintain potential for resuming and extending the rally. Wednesday’s narrow sideways ranging allows delaying the resolution into Thursday’s open.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday night’s recovery back above 1418.50-1420.00 resistance extended back up to 1433.50. There continues to be no reason for much further delay in extending the rally through 1441.00 resistance to fulfill its 1556.00 1456.00 objective.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s gap down didn’t seem to have gained traction. An overnight rally held tests of the 23.25 buy signal, but still gapped up Wednesday. Extending above 23.55 would confirm a new rally leg underway initially targeting 24.15.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s reaction down from attacking the 149-14 objective repeated recent prior behavior of consolidating narrowly at 148-00 pullback limit. Despite the potential unfinished business above, the uptrend continues to appear tenuous.

Crude Oil Jun Contract (CL, ETF: (USO))
This week’s volatile dips that nevertheless recovered back up to 89.20 had earned a probe of fresh highs to at least 91.05. That was probed by Wednesday’s $2.30 rally testing 91.50. Holding above 90.55 would allow extending higher to test 93.55-93.75.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
The retracement of last Thursday’s surge was retraced entirely back to its 4.17 origin at Wednesday’s low. However, the breakout needed to hold 4.21 to be assured of resuming the rally. Now, 4.35 must be recovered to signal the rally has resumed.

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Posted in Daily Spot