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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 22, 2013 - 3:42 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 three-day consolidation proved to be basing, which began launching a surge ahead of Tuesday’s Employment Situation report. A lot of buying pressure was expended without having based terribly much in the interim. Not confirming on Wednesday would be very bearish, but the trend is otherwise up.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Selling pressure resumed Tuesday, producing new lows testing 79.25, targeting 79.10-79.15. Regardless of its near-term support, a second consecutive lower close would confirm a new downleg underway.

Eurodollar Dec Contract (EC, ETF: (FXE))
Buying pressure resumed Tuesday, producing new highs testing 1.3795, targeting 1.3811-1.3833. Regardless of its near-term resistanc,e, a second consecutive higher close would confirm a new upleg underway.

Gold Dec Contract (GC, ETF: (GLD))
Upticking ahead of Tuesday morning’s Employment Situation report then surged through 1321.50 resistance to test 1341.00 resistance. A second consecutive higher close above 1341.00 Wednesday would target 1362.00. Closing back under 1329.50 would signal that Tuesday’s surge was being retraced back to and through the consolidation under 1321.50.

Silver Dec Contract (SI, ETF: (SLV))
Surging sharply Tuesday through the 22.40 outstanding gap above and then closing higher at 22.75 now targets 23.25 so long as an immediate reversal down doesn’t break under 22.05.

30-year Treasury Dec Contract (US, ETF: (TLT))
Having held its 133-16 pullback limit through Monday and being likely to probe new highs, Tuesday’s reaction to the pre-open Employment Situation report spiked up to 135-00. That’s sufficient to fulfill all upside potential, but closing back under 134-12 would signal at least a deeper pullback underway .

Crude Oil Dec Contract (CL, ETF: (USO))
After gapping up, the drop extended Tuesday to probe under the 99.55 (basis Dec, 99.10 basis Nov) target which was met Monday. The next lower target at 96.35 is in-play so long as 99.55 now holds as resistance.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Monday’s decline extended to fresh lows Tuesday, now requiring there to be at least a third lower close, not necessarily consecutive, before any bottom can form.

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Posted in Daily Spot