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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 2, 2015 - 2:53 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))
Almost any initial strength Friday would have triggered a recovery. But the overnight open immediately dipped to a fresh low under 1.2100 and extended sharply lower to test 1.2010. A corrective bounce has room up to 1.2075 while maintaining potential for extending down to 1.1935.

Gold Feb Contract (GC, ETF: (GLD))
Dropping overnight allowed Friday”s open to immediately fulfill the decline”s minimum 1167.50 objective, piercing it by 20 cents. A consolidation there was retraced even more substantially, testing the 1195.00-1200.00 resistance range”s lower-end. So long as it isn”t recovered, then at least a dip to 1176.50 is likely.

Silver Mar Contract (SI, ETF: (SLV))
Friday”s opening low once again held a test of the 15.55 area, and once again reacted up. Back under 15.70 would resume the decline.

30-year Treasury Mar Contract (US, ETF: (TLT))
Momentary weakness at Friday”s open reacted up sharply from testing the 144-04 pullback limit and and surged to 145-30. Fresh highs remain in-play so long as 145-04 holds as support.

Crude Oil Feb Contract (CL, ETF: (USO))
Thursday night”s open spiked up to attack the 55.15 bounce limit to within a nickel, and then slid to fresh lows at 52.03. Reacting up sharply from there to 52.75 still reacted back down to the lows, leaving at least 51.75 in-play.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Friday”s gap up to 2.95 rejected all of Wednesday”s late afternoon slide to 2.88. That extended significantly higher intraday to fill the gap back up to Tuesday”s 3.09 close. Reacting down very sharply from he gap”s resistance fell back under 2.97. A bottoming pattern”s parameters should be obvious after Monday morning.

Posted in Daily Spot