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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 30, 2014 - 2:39 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 test of the decline”s 1.2155 target began reversing up immediately Tuesday to the 1.2195 resistance whose recovery would signal the decline”s momentum had lapsed.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday”s open gapped up to and through the 1185.50 bounce limit and spiked up sharply from there to probe 1195.00-1200.00 resistance up to 1202.00. A fresh high attacking 1211.00 was retraced back down to the upper-end of 1195.00-1200.00. A second consecutive higher close would marginalize sellers for awhile. Back under 1191.00 would signal the bounce had failed.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday”s initial gap up surged relatively shallowly, but that was remedied by another surge to fresh recovery highs. Failing to close above 16.20 Friday had made the pattern vulnerable to Monday”s dive. Tuesday”s close was still testing 16.20.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday”s gap up to Monday”s 144-04 resistance extended higher to 144-22 before ranging sideways into the afternoon. Pullbacks must once again hold 144-04 as support to maintain upward momentum targeting fresh recovery highs above 146-00.

Crude Oil Feb Contract (CL, ETF: (USO))
Monday”s 52.90 low was pierced slightly overnight down to 52.70, before bouncing Tuesday to test 54.30. Unless at lesat 55.15 were recovered, the 51.75 and 47.45 targets remain intact.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Having met the lower-end of its 3.22-3.29 target Monday, a pullback needed to hold 3.14-3.16 as support to maintain potential for extending to the target area”s upper-end. An overnight dip there was broken at the open to attack the original 3.07 buy signal. Back above 3.16 would resume the rally.

Posted in Daily Spot