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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | September 11, 2013 - 3:08 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 behavior Wednesday felt like the market was waiting for another shoe to drop. Ranging narrowly at the bottom of a steep, deep plunge isn’t usually the sign of strength it pretends to be.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Tuesday’s opening blip-up did not gain traction, allowing Wednesday to extend the drop and test 81.45 support. Lower lows Thursday should recover to close positive if a recovery can get underway anytime soon.

Eurodollar Sep Contract (EC, ETF: (FXE))
Wednesday’s high attacked 1.3333, which can be probed up to 1.3380 before ending the corrective bounce. RSIs did diverge negatively into Wednesday’s rally, so almost hesitation to extend the rally would be vulnerable to resuming the decline.

Gold Dec Contract (GC, ETF: (GLD))
Fresh lows overnight probed recent lows down to 1356.00. But Wednesday’s intraday action only ranged narrowly around unchanged. The 1377.00 buy signal was not challenged.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s narrow ranging did not reject the recent drop, which is much likelier to resume if the 23.55 buy signal is not triggered by Thursday’s close.

30-year Treasury Dec Contract (US, ETF: (TLT))
Ranging between 128-20/129-14 Wednesday probably only delayed the expected drop to new lows. But it does not prevent probing to also test 130-00 first.

Crude Oil Oct Contract (CL, ETF: (USO))
Already having overly discounted the Syrian peace prospects, Tuesday night’s speech did not prevent price firming Wednesday, still having potential for extending  up to 108.75.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Wednesday’s dip back to recent lows was retraced entirely to retest 3.61 resistance. Thursday’s EIA reaction should produce uptrending if an upleg is at all likely prior to resuming the decline.

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Posted in Daily Spot