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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 22, 2014 - 2:18 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 Mar Contract (EC, ETF: (FXE))
Friday”s downtrend wasn”t duplicated Monday. But neither did the gap up extend higher as Thursday”s “lower prior highs” held as resistance. The decline”s momentum remains intact so long as 1.2310 isn”t recovered.

Gold Feb Contract (GC, ETF: (GLD))
Narrow ranging from last week”s last several sessions had persisted Sunday night, but Monday morning slid back to and through last week”s lows to test 1174.50 and almost $2 lower post-close. The requirement for at least one more lower close is now fulfilled, but the trend remains down with potential to 1167.50 and 1156.00 so long as 1185.50 isn”t recovered.

Silver Mar Contract (SI, ETF: (SLV))
After trading out the week narrowly, and still ranging narrowly Sunday night, Monday”s break lower returned to recent lows. But only back to the lows, stopping optimistically short of actually forming a bottom. But the eventual third lower close that was put into play last week has been fulfilled.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh recovery highs Sunday night were retraced before Monday”s open. Holding above 144-04 kept alive the recovery”s potential for retesting last week”s highs.

Crude Oil Feb Contract (CL, ETF: (USO))
Fresh highs overnight were unable to avoid retesting the 56.05-56.30 pullback limit that was recovered Friday. The inside day was biased downward, so immediate strength Tuesday — especially back above 56.30 — would be likely to extend to fresh highs.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Friday”s drop was no false break, as Monday”s open gapped down even more substantially. The prior week”s consolidation still suggests that it will be retested and recovered, but the confirmed breakout now requires there to be at least a third lower close before a recovery back above 3.20 can be credible for extending higher — presumably by then at a very steep slope.

Posted in Daily Spot