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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | June 14, 2013 - 4:25 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 The faster Natty Gas can neutralize its attractions below at new lows, the greater its potential for ending the week sharply higher.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Friday’s opening strength was reversed to probe another fresh low, which is much more credible than Thursday’s low. Currencies tend to duplicate Friday’s bias on Monday mornings. The restrained selling pressure into the weekend suggests that resuming it coming out of the weekend would be aggressive.

Eurodollar Jun Contract (EC, ETF: (FXE))
Still ranging around 1.3333 resistance for so long again suggests at least an obligatory probe of fresh highs, perhaps only that.

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s drop back down to 1377.00 was retraced to test 1385.00-1390.00 resistance. The drop must resume immediately for the pattern to remain bearish. A bullish resolution here would likely gap up above 1393.50 and extend higher.

Silver Jul Contract (SI, ETF: (SLV))
Having neutralized the attraction below 21.60 Thursday, Friday’s close above 21.80 is trying to seal a bottom. The open actually gapped to 21.80, creating a gap below at Thursday’s close, which does undermine the recovery attempt. It must extend higher immediately if valid.

30-year Treasury Sep Contract (US, ETF: (TLT))
The detour targeting 140-24 had developed already overnight, but extending higher intraday to 140-28 was still retraced down to 140-10, and lower. Back under 139-22 would start to signal a retest of the lows underway.

Crude Oil Jul Contract (CL, ETF: (USO))
The rally extended to finally fulfill its long outstanding 98.10 objective. Momentum remains intact to extend higher so long as any pullback Monday morning is short and shallow.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s neutralized attractions above rejected price back down sharply Friday by gapping through 3.77, attacking recent lows down to 3.72, presumably on the way to 3.55-3.60.

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Posted in Daily Spot