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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | July 25, 2013 - 3:09 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 wide two-day swing was relatively shallow compared to recent trending. But it was noteworthy for probing so far above one session’s close, only to be rejected so far back under that session’s lows. The shock to the system might not resume trending immediately, but the correction should be ending.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Wednesday’s bounce was too weak to end the decline, which resumed Thursday, and remains intact so long as 82.40 holds as resistance.

Eurodollar Sep Contract (EC, ETF: (FXE))
Wednesday’s dip was too shallow to invalidate the rally, which resumed Thursday, and remains intact so long as 1.3195 holds as support.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s tumble from Tuesday’s post-close surge was extended only slightly Thursday before reversing well up into positive territory. The rally can resume, next targeting 1375.00, so long as 1312.50 now holds as support.

Silver Sep Contract (SI, ETF: (SLV))
Thursday’s pre-open dip to 19.75 recovered back above 20.00 again, and should no longer delay recovering to 20.55 and higher if a deeper drop is going to be avoided.

30-year Treasury Sep Contract (US, ETF: (TLT))
Relatively narrow sideways ranging Thursday follows two consecutive falling sessions. The drop should resume without much delay, or by rejecting an early blip-up.

Crude Oil Sep Contract (CL, ETF: (USO))
Yet more fresh lows Thursday attack $104 to within a dime which launched a bounce back into positive territory testing 105.85. A second consecutive higher close Friday would confirm the Key Reversal. Otherwise, there is no requirement to trade any higher.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday’s early test of the 3.73 buy signal was rejected by another dip attacking the upper-end of 3.50-3.60, whose retest is becoming likelier.

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Posted in Daily Spot