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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 5, 2015 - 2:44 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))
Gapping down Sunday night and extending sharply lower to 1.1895 was only able to range narrowly sideways intraday Monday. Back above 1.1950 would at least target 1.2000-1.2025, but the trend otherwise remains down.

Gold Feb Contract (GC, ETF: (GLD))
Spiking up through 1195.00 Monday went on to test 1200.00 resistance and higher. Having fulfilled the decline”s 1167.50 target last week, the trend will have reversed up on a second consecutive higher close Tuesday. Meanwhile, there is potential for at least a corrective dip to 1285.50.

Silver Mar Contract (SI, ETF: (SLV))
Surging Monday to test 16.20 resistance was still testing it into the afternoon, but its recovery for two consecutive sessions would signal the trend had reversed up. Its resistance should otherwise hold, with there still having been too much optimism at last week”s retest of the lows to be a reliable bottom.

30-year Treasury Mar Contract (US, ETF: (TLT))
The rally”s minimum objective to recover December”s highs was extended Monday to test 147-00. Potential for extending to 149-08/149-10 remains intact so long as pullbacks now hold 146-12.

Crude Oil Feb Contract (CL, ETF: (USO))
Extending to and through the 51.75 target to 49.95 has put into play 47.45. Closing above 52.65 Tuesday would undermine the lower target, if not also begin reversing momentum up.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Midwest cold snap helped to continue last week”s whacky price action. Monday gapped up above Friday”s outsized high, but reversed down from 3.17. The bap back down to Friday”s 2.95 close was filled, and recovering the 3.07 buy signal would still be credible for reversing the trend up.

Posted in Daily Spot