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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 11, 2013 - 3:43 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 plunge Friday still doesn’t fulfill the three-day old sell signal, but it’s a start.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Friday’s dip launched a choppy sideways session, which nevertheless closed negative to maintain the outstanding attraction to test 80.05-80.10 before a more substantial rally could begin.

Eurodollar Dec Contract (EC, ETF: (FXE))
Friday gapped up and then only ranged sideways, but still suggests a retest of recent highs is needed before beginning a durable decline.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s gap fulfilled the pattern’s appropriate timing, having held the decline’s 1311.00-1312.00 bounce limit Thursday. The post-open plunge was unnecessarily deep, but its momentum remains intact and targeting 1241.00-1245.00 so long as bounces now hold 1269.00 as resistance.

Silver Dec Contract (SI, ETF: (SLV))
21.88-21.95 support gave way to sharply lower lows Thursday night and more so into Friday morning. The open’s probe under 21.00 was consolidated back to 21.25 through the afternoon, forming a Pennant pattern that should break or resolve down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s gap up extended to 133-15 before reacting back down to the 132-22 pullback limit that Thursday’s drop had managed to recover. The pattern remains intact, but Friday’s attempt should be repeated more successfully by Wednesday.

Crude Oil Nov Contract (CL, ETF: (USO))
Thursday’s uncomfortable test of the 102.95 bounce limit resolved down quickly to fresh lows overnight that extended to touch 100.60. That still did not prevent another corrective bounce testing 102.00, but the break does require resolving down coming out of the weekend.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
The shallow gap back to Wednesday’s close was filled by Friday’s backing-and-filling, so there is no reason to further delay the rally from extending higher Monday or Tuesday.

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Posted in Daily Spot