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 31, 2014 - 2:45 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 1.2155 target had reacted up Tuesday to 1.2195 resistance, but no higher. Wednesday”s open under 1.2155 trended down intraday to at least 1.2105.Immediately reversing up may be the only way to avoid trending down.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday”s close and Wednesday”s open were each testing different ends of the 1195.00-1200.00 support. But Wednesday morning trended through and filled the gap back to Monday”s 1183.00 close. Post-close lower lows tested 1179.500, still suggesting that a fresh low at 1167.50 remains intact.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday”s tumble under its 16.20 pullback limit extended down sharply to retest prior lows, which still need to be probed before event suggesting a bottom is forming.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday”s open ignored Tuesday”s potential “ineffectual optimism” and firmed back to Tuesday”s upper-end. That suggests Tuesday wasn”t distributive, and so long as 144-04 holds as support, a recovery to fresh highs remains likely.

Crude Oil Feb Contract (CL, ETF: (USO))
Tuesday”s firming wasn”t accumulative, ad proved by Wednesday”s probing of fresh lows down to 52.44, with 51.75 being the next lower target in-play before 47.45.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Already having failed its 3.14 pullback limit at Tuesday”s open, Wednesday”s open gapped down again and then trended down to new lows at 2.90 following the weekly EIA report.

Posted in Daily Spot