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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | May 30, 2013 - 2:18 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 Was Thursday’s Gold surge to fresh highs the trending predicted by recent patterns? Probably not. Either its trending will extend further into the weekend, or else a steep reversal down will make Thursday’s rally seem like a rounding error.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
The pullback extended Thursday from recent test of the 84.45 buy signal. Unless 83.40 were recovered into the weekend, the next lower support under 83.15 is 82.60, where another rally effort would become likely.

Eurodollar Jun Contract (EC, ETF: (FXE))
1.2955 resistance was broken Thursday to put into play 1.3110, unless 1.2955 were broken as support without delay into the weekend.

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s break above 1398.50 trended sharply to probe above 1414.30 by $4.40 to 1417.70. Closing back under 1409.30 would signal buyers gained no traction for the effort, and that momentum was reversing down. There is otherwise potential for extending to 1430.00.

Silver Jul Contract (SI, ETF: (SLV))
Thursday morning’s rally attacked 23.25 resistance before reversing back down to 22.65. Any lower would target unfinished business below at 21.80, confirmed under 22.35.

30-year Treasury Jun Contract (US, ETF: (TLT))
A relatively narrow sideways range Thursday held tests of  142-00 resistance, still having room for extending up to 142-24 before considering anything more than a corrective bounce underway.

Crude Oil Jul Contract (CL, ETF: (USO))
Gapping down to probe fresh low down to 91.65 Thursday very quickly reacted back up sharply to 94.00, into positive territory. Back above 94.70 would still be likely to test 96.00 and probe higher to 98.10.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
The drop extended Thursday to test 4.05, instead of recovering above 4.22 to resume the rally. Immediately recovering 4.11 into the weekend would at least suggest the drop’s momentum had ended, but not necessarily signal a new upleg underway.

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Posted in Daily Spot