Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 29, 2014 - 2:03 pm

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE))
Monday”s gap up to test 1.2222 wasn”t any likelier to gain traction than was Wednesday”s. That already proved out by reversing down intraday to fulfill the outstanding 1.2155 target. Closing back above 1.2195 would start to signal a bottom may be forming.

Gold Feb Contract (GC, ETF: (GLD))
Friday”s test of 1195.00-1200.00 resistance wasn”t rejected by Monday”s open, but neither had it been confirmed. Tumbling into mid-morning took price back down to lower prior highs testing 1179.00. The 1167.50 target remains in-play so long as bounces now hold 1185.50.

Silver Mar Contract (SI, ETF: (SLV))
Closing back under 16.20 Friday indicated the surge had not gained traction. Monday”s slide filled the gap back down to Wednesday”s 15.75 close. Fresh lows under 15.50 and 15.33 remain in-play.

30-year Treasury Mar Contract (US, ETF: (TLT))
Closing above 143-00 Wednesday kept intact the prior week”s pattern being only a temporary pullback. Extending higher into Monday”s open tested 144-04 resistance, the which had failed as support Monday. It performed better as resistance, defining Monday”s high.

Crude Oil Feb Contract (CL, ETF: (USO))
Not rallying int the weekend had already suggested the recent base was failing. That was confirmed when rallying out of the weekend peaked immediately at 55.75 and probed fresh lows into the noon hour, which extended down to 52.90. If the 51.75 area doesn”t hold, then the next lower target would be 47.45.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Sunday night”s gap up to 3.08 was retraced 4 cents before recovering the 3.07 buy signal (basis Feb, 3.05 basis Jan) into Monday”s open. Follow-through already attacked the 3.22-3.29 target area”s lower-end.

Posted in Daily Spot