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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | July 12, 2013 - 2:42 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 Gold’s pattern this week of gap after gap after gap has all been gaps up. Until the end, which gapped down. A chink in the armor?

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Having dipped into Thursday’s close, the 83.33 level attracted price back up into Friday’s open. The balance of the session ranged narrowly sideways, with no active signal.

Eurodollar Sep Contract (EC, ETF: (FXE))
Thursday’s late surge off of 1.3020 support was retraced entirely into Friday’s open. The balance of the session ranged narrowly sideways within Thursday morning’s range. There is no active signal, but a retest of Wednesday’s 1.3200 high should hold and reverse back down.

Gold Aug Contract (GC, ETF: (GLD))
Despite gapping down, Friday’s open held a test of 1268.00 and 1271.50 support. The balance of the session ranged narrowly in negative territory. A retest of 1268.00-1271.50 support should extend back down to 1249.00, and potentially begin another downleg.

Silver Sep Contract (SI, ETF: (SLV))
Friday’s gap down under Thursday’s intraday range did not completely reject the test of 20.00 resistance. But its immediate recovery may be the only way to avoid a deeper dip targeting 19.30, or even fresh lows.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday morning’s bounce to 135-00 resistance was retraced to unchanged, as the attraction to fill the gap back down to Wednesday’s gap continues to inhibit a recovery.

Crude Oil Aug Contract (CL, ETF: (USO))
The reaction down to 104.30 was itself retraced back up to 106.05 Friday, and could test 106.25-106.75 before the rally abandons a deeper correction to 102.45 or 103.25.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday’s retest of 3.55-3.60 support was rejected again, but Friday’s surge stopped short of the 3.73 buy signal.

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Posted in Daily Spot