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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | April 30, 2013 - 3:23 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’s narrow ranging and the long bond’s narrow ranging have created an eery sense of something volatile about to happen. The recent run-up in Crude Oil may be only coincidental. In any case, a knee-jerk reaction to news would get a benefit of the doubt, instead of just doubt.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Tuesday’s drop to new lows at 81.65 must now hold under 81.95 to maintain the drop’s momentum.

Eurodollar Jun Contract (EC, ETF: (FXE))
The two-week old gap up to 1.3188 was filled Tuesday, and held. So did a test of 1.3155 support. Back under 1.3120-1.3130 would now signal momentum reversing down.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday’s pre-open surge back toward Friday’s 1483.00 high was not duplicated intraday. Early strength Wednesday would be credible for extending up to 1532.50 before launching a new downleg to new lows under 1390.00. Otherwise, a near-term dip could launch another rally leg from testing 1429.50.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s ranging around 24.20 for a second consecutive session makes any new strength capable of extending higher into the weekend.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s retest of the 149-05 high reaction down to test the 148-16 pullback limit. The quick dip still seems a little premature to reverse down already, but early weakness would still get a benefit of the doubt for extending intraday.

Crude Oil Jun Contract (CL, ETF: (USO))
Tuesday’s test of the 93.25 pullback limit allows renewed strength targeting 95.30 and potentially 96.00.  Back under 92.85 would instead target 91.00.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s recovery attempt didn’t extend any higher Tuesday. Neither was it rejected, so early strength Wednesday would be credible for extending to new highs into and out of Thursday’s EIA report.

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Posted in Daily Spot