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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | June 21, 2013 - 2:45 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  So much for Crude Oil leading a commodity recovery? Not necessarily. While Thursday’s drop did extend Friday, at least sellers were dispatched. Meanwhile, other markets only firmed, expending buying pressure without gaining traction for the effort.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
The rally’s 82.75 target was attacked up to 82.70 Friday. The second consecutive lower close under prior lows confirms momentum reversed down. Pullbacks should now hold 82.10 to maintain the rally.

Eurodollar Sep Contract (EC, ETF: (FXE))
Friday’s dip to 1.3105 now requires bounces to hold any test of 1.3220 to maintain this downleg’s momentum.

Gold Aug Contract (GC, ETF: (GLD))
Thursday night’s test of 1269.00 was recovered to attack 1302.00. Narrow intraday ranging around 1290.00 suggests that a recovery is not forming. A fresh low at 1262.00 can’t be discounted. But back above 1308.00 would target 1321.50.

Silver Jul Contract (SI, ETF: (SLV))
The 19.37 target was tested Thursday night, producing a bounce testing 20.05. And it could extend to 20.20 before suggesting a bottom has formed, or that fresh lows targeting 18.88-19.00 can be avoided.

30-year Treasury Sep Contract (US, ETF: (TLT))
The 136-30 bounce limit was attacked to within a quarter-point Thursday night and by Friday’s opening gap up. But selling resumed immediately and extended the decline to 134-29. Now holding 135-24 would maintain the drop’s momentum and potential down to 134-16 and 133-24.

Crude Oil Jul Contract (CL, ETF: (USO))
Friday’s drop to attack 93.00 extended Thursday’s steep break from recently testing 99.00. Back above 96.00 would still start signaling new highs in-play, and back above 95.20 would target 96.00.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
The pullback extended down Friday, testing 3.80, and now needing a close above 3.87 to signal momentum reversing up.

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Posted in Daily Spot