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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | September 27, 2013 - 3:02 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 Natty Gas’ two consecutive breakout closes required at least one more lower close eventually. Fulfilling it before Thursday’s wide-ranging session allowed its price action to be considered as accumulative. Friday’s action can also be considered accumulative. None of which is a buy signal, not without actually breaking higher.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Thursday’s retest of Tuesday’s gap up created potential for trending sharply higher Friday, if only the open were rallying at all. The open gapped down, keeping in-play the attraction to retest recent lows.

Eurodollar Dec Contract (EC, ETF: (FXE))
Potential to fulfill a probe of fresh highs up to 1.3580 was kept alive Friday when the open gapped up and away from Thursday’s retest of Tuesday’s low.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s early morning surge back up to and through Wednesday’s highs held its test of 1341.00 resistance. Closing above it and then a second higher confirming close are still needed to signal the 1321.00-1341.00 range has broken out.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s gap up to 22.15 quickly reversed down from retesting Thursday’s opening peak, and the balance of the session ranged narrowly just under the 21.88-21.95 buy signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s shallow dip easily held the 132-22 pullback limit. Friday’s recovery tested Wednesday’s high still needing to produce at least one more higher close to fulfill the pattern’s minimum requirement.

Crude Oil Nov Contract (CL, ETF: (USO))
ng_092713.gifThursday’s extra dip back to 102.35 already made a break lower likely. Friday’s extra bounce attacking 104.00 was retraced back to 102.35, still likelier to extend down.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Having already produced a third lower close, Thursday’s recovery from its EIA reaction left only one piece of “unfinished business below” at the open’s gap down. Friday’s own gap down immediately fulfilled it, and recovered back into positive territory. Any initial strength above 3.59 Monday would target 3.71-3.75.

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Posted in Daily Spot