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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | May 1, 2013 - 2:54 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 slid sharply Wednesday morning, which recent distributive patterns had warned. Much more interesting is that the early slide was accompanied by a sharply lower Dollar Index that was fulfilling lower targets. Gold may be lagging behind the Dollar, so its strength Thursday could help Gold end its pullback soon.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Wednesday’s gap down immediately fulfilled the long-standing 81.40 target. It held as support through the close. A second consecutive lower close is needed to form a lower target.

Eurodollar Jun Contract (EC, ETF: (FXE))
Wednesday’s gap up probed fresh highs attacking 1.3250. A second consecutive higher close Thursday would confirm whether potential remains intact up to 1.3325, if not also 1.3425.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s slide from 1472.00 to 1440.00 helped to confirm the recent distributive pattern whose pullback target is 1429.50, so long as 1463.50 isn’t recovered.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s gap down extended to 23.25 support, presumably on the way to 22.95 so long as 23.55 is not recovered.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh highs above 149-05 were probed Wednesday morning, and then the long-standing 149-14 target was tested up to 149-21 Wednesday afternoon. The close dipped back down to 149-05. Back under 148-28 would signal momentum reversing down.

Crude Oil Jun Contract (CL, ETF: (USO))
The 91.00 target was fulfilled early Wednesday. Its reaction up failed on EIA data, extending down to 90.11, but ending the day back at 91.00. There is no active signal.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Wednesday’s early surge compensated for its delay from Monday and extended sharply higher intraday to fresh relative highs at 4.44. The balance of the session slid back toward Monday’s lows at 4.31. Thursday’s EIA report is not at all assured of resuming or extending the rally.

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Posted in Daily Spot