Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 7, 2015 - 2:37 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))
More fresh lows Wednesday  prevented the pattern from bottoming. But testing 1.1820 support and then reversing back above 1.1865 would be likely to test 1.2000 resistance.

Gold Feb Contract (GC, ETF: (GLD))
Gapping back down to 1212.70 helped to undermine the confirmed breakout, keeping alive the potential for a corrective dip to either 1295.00 or to 1285.50.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday”s surge through 16.20 reacted down Wednesday to attack its breakout point. Closing back under 16.20 would reverse the trend back down.

30-year Treasury Mar Contract (US, ETF: (TLT))
The reaction down from testing 148-12/149- extended to 147-10 Wednesday to consolidate the recent relentless rally ahead of Friday”s Employment Situation report.

Crude Oil Feb Contract (CL, ETF: (USO))
After attacking it to within a dime Tuesday, the 47.45 target was tested overnight and held intraday Wednesday. A lower low down to 45.90 is possible, but need not be tested to complete a bottom. Closing below it would be bearish.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Firming to test 2.98 ahead was reacted down intraday, and Thursday”s EIA report won”t be greeted from a position of strength. But recovering from an initially negative knee-jerk reaction down would at this stage help to fulfill a bottom.

Posted in Daily Spot