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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | July 18, 2013 - 2:48 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 Natural Gas exploded upward in reaction to Thursday’s EIA report. It had already gapped up from Wednesday’s uncredible dip. Ongoing accumulation should now be trending.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Ranging around 83.00 doesn’t equate to recovering, which would signal an upleg underway if confirmed above 83.33.

Eurodollar Sep Contract (EC, ETF: (FXE))
Thursday’s gap down didn’t extend much further before ranging sideways through the day. But not testing 1.3145 resistance suggests the drop back to 1.3020 remains intact.

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s narrow ranging was resisted by 1285.00, preventing buyers from gaining traction. But the resistance test should have been rejected more forcibly intraday if Wednesday’s drop was reversing the trend down and not just correcting the rally. Not extending down sharply overnight would suggest Wednesday’s drop had been absorbed.

Silver Sep Contract (SI, ETF: (SLV))
Sideways ranging Thursday has probably only delayed the pattern eventually extending down to test 18.88 and then potentially fresh lows.

30-year Treasury Sep Contract (US, ETF: (TLT))
A retest of 135-16 resistance did reverse back under 135-00, signaling the bounce had ended. A second consecutive lower close Friday would confirm filling the gap back down to 132-14 is in-play.

Crude Oil Aug Contract (CL, ETF: (USO))
Thursday’s gap up through 106.35 resistance extended to fresh highs. A second consecutive higher close would confirm the 110.65-110.75 target is in-play.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Thursday was extended sharply higher on the EIA report, triggering the 3.73 buy signal in-time to still consider recent dips in to the 3.55-3.60 range as accumulation. A second consecutive higher close would confirm 4.10 is in-play.

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Posted in Daily Spot