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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | June 25, 2013 - 3:00 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 With the gap above almost requiring that it be filled, Crude Oil ignoring it Tuesday is potentially bullish, from a contrarian perspective.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Having filled the gap back down to Friday’s close, Monday’s opening gap attracted price back up to fill it Tuesday. Monday’s highs held, but their test didn’t trigger a reaction down, suggesting the rally intends to resume.

Eurodollar Sep Contract (EC, ETF: (FXE))
Having filled the gap back up to Friday’s close, Monday’s opening gap attracted price back down to fill it Tuesday. Monday’s lows held, but their test didn’t launch a recovery, suggesting the drop intends to resume.

Gold Aug Contract (GC, ETF: (GLD))
Ranging remains centered around the decline’s sub-1290.00 objective, likely to probe lower lows temporarily before launching a corrective bounce targeting 1322.00 and 1333.00.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s gap up and inside day did not change the potential for extending the decline to fresh lows at 18.88-19.00.

30-year Treasury Sep Contract (US, ETF: (TLT))
Having filled the gap back up to Friday’s 135-01 close, Monday’s 133-12 opening gap down attracted price back down Tuesday to 133-29. The gap itself should still be filled, but back above 135-00 could produce a bigger corrective bounce.

Crude Oil Aug Contract (CL, ETF: (USO))
Still testing 96.00 Tuesday instead of probing any higher, despite the attraction above back to the gap at 98.45-99.00, reflects “ineffectual pessimism” that should help an upleg to essentially slice through the gap to fresh highs.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s dip that filled an outstanding gap below was only bullish if a reaction had recovered resistance. But there was no reaction Tuesday other than to extend the drop to fresh lows. The next opportunity for a bottom is at 3.55-3.62.

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Posted in Daily Spot