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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 2, 2013 - 3:03 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 Currencies probed fresh extremes Wednesday, probing Monday’s extremes. Those tests were ongoing Wednesday afternoon, so either they will hold their tests, or else breakout to extend their recent trends.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Monday night’s test of 80.05-80.10 had been recovered before Tuesday morning. Fresh lows down to retested it Tuesday night. It was still being tested Wednesday afternoon, but a second consecutive lower close Thursday would confirm its breakout.

Eurodollar Dec Contract (EC, ETF: (FXE))
Monday night’s test of 1.3580 had been rejected before Tuesday morning. Fresh highs up to retested it Tuesday night. It was still being tested Wednesday afternoon, but a second consecutive higher close Thursday would confirm its breakout.

Gold Dec Contract (GC, ETF: (GLD))
All available room for a corrective bounce up to 1321.00 was retraced Wednesday morning. A close back under 1306.00 is needed to resume the decline. There is no buy signal.

Silver Dec Contract (SI, ETF: (SLV))
Resistance at 21.99-21.95 was retraced Wednesday morning, making its fourth test in a week. At least an obligatory fresh high attacking 23.00 was likely before Tuesday’s sudden plunge, and now an attack on 23.00 is again likely.

30-year Treasury Dec Contract (US, ETF: (TLT))
Having avoided the 132-22 pullback limit with at least one more new high close outstanding, Wednesday finally probed prior highs up to 133-29. But dipping back under prior highs did not recover, still leaving fresh highs in-play.

Crude Oil Nov Contract (CL, ETF: (USO))
Tuesday’s dip back to Monday’s 101.05 low was recovered back up to 102.30 Wednesday and through it to test the 102.95 bounce limit. Rather than hold it as resistance to keep alive potential for the decline to resume, the bounce extended to retest 104.00 resistance. There is no buy signal, at least not yet, and back under 102.30 would reinstate the 99.10 target.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up was followed by another gap down Wednesday. There was no second consecutive higher close, so there is no upside attraction left outstanding. A close back above 3.59 is needed to trigger another rally effort.

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Posted in Daily Spot