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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | July 23, 2013 - 2:35 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 Crude should resume its rally early Wednesday if its higher targets remain intact. Interestingly, the timing coincides with weekly EIA data.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Tuesday’s second consecutive lower close was still testing Monday’s intraday low, which undermines whether Monday’s break was actually confirmed. This sort of a breakout cannot hesitate extending if it is valid, and is likely to react back up sharply above 83.00 if it is not.

Eurodollar Sep Contract (EC, ETF: (FXE))
Tuesday’s second consecutive higher close was still testing Monday’s intraday high, which undermines whether Monday’s break was actually confirmed. This sort of a breakout cannot hesitate extending if it is valid, and is likely to react back down sharply under 1.3145 if it is not.

Gold Aug Contract (GC, ETF: (GLD))
That 1335.00 is relevant resistance was confirmed by Tuesday’s narrow range around it. But ranging mostly under it, instead of above it, suggests the rally will resume before a deeper pullback can develop.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s gap down and attack on 20.00 support was “ineffectual pessimism.” It does not signal momentum reversing down, regardless of there being unfinished business below at 18.00.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s test of the 135-16 bounce limit was rejected by gapping down Tuesday. A second consecutive lower close would confirm the gap back down to 132-24 is in-play.

Crude Oil Sep Contract (CL, ETF: (USO))
Tuesday’s gap down to test 106.00 reacted up to Monday afternoon’s 107.35 high, trying to resume the rally, which would be triggered back above 107.70 and targeting 110.50.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s gap and drop were rejected by Tuesday’s open that extended higher to test the 3.73 buy signal.

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Posted in Daily Spot