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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 6, 2015 - 3:19 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))
Tuesday”s gap down back to Sunday night”s 1.1895 low was reversed temporarily into positive territory, but the afternoon retraced it all to further avoid forming a bottoming pattern.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up again Tuesday seemed ready to confirm Monday”s close above 1195.00-1200.00. Resistance at 1212.70 was eventually overcome to test 1223.00. Back under 1205.00 through Wednesday”s open would undermine Tuesday”s confirmation that momentum had reversed up.

Silver Mar Contract (SI, ETF: (SLV))
Monday”s test of 16.20 resistance resolved up Tuesday by extending to test 16.75. Closing back under 16.45 would reverse momentum back down.

30-year Treasury Mar Contract (US, ETF: (TLT))
The rally continued beyond its minimum objective to test 148-12 and 149-08. That”s a lot of buying pressure without much of an interim pullback since signaling the buy signal at 143-00, and with Friday”s Employment Situation report just ahead. Closing back under 148-23 suggests at least a corrective pullback underway.

Crude Oil Feb Contract (CL, ETF: (USO))
Closing Monday under the 51.75 target had put into play a next lower target at 47.45, which was attacked to within a dime by Tuesday”s slowly relentless grind to fresh lows. Room for noise down to 45.90 may be tested intraday. But closing any lower would start to signal a much steeper and deeper downleg beginning.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Monday”s failed probe above 3.07 was reversed even deeper Tuesday, filling the gap back down to last week”s 2.92 close. The gap was recovered through Tuesday”s close after testing it intraday. Now closing above 2.98 would be a preliminary signal that momentum is reversing up.

Posted in Daily Spot