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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 8, 2015 - 3:04 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))
Thursday”s gap down didn”t extend any lower intraday, and held a test of Wednesday”s lows as resistance. There is no signal currently.

Gold Feb Contract (GC, ETF: (GLD))
Overnight lows around 1204.00 weren”t retested intraday, but neither did the rally resume. A pullback targeting either 1195.00 or 1185.00 remains in-play before resuming the rally.

Silver Mar Contract (SI, ETF: (SLV))
Thursday”s 16.66 high didn”t extend higher, with near-term potential down to 16.20, if not also to retest prior lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
The room for noise down to 147-10 failed to hold Thursday as potential to 146-12 was attacked to within 10 ticks. A knee-jerk reaction to Friday”s pre-open Employment Situation report could retest the high up to 150-00 (+/- 3 ticks) and still resolve down.

Crude Oil Feb Contract (CL, ETF: (USO))
More sideways narrow ranging Thursday hovered just above the decline”s 47.45 target, not yet exploiting that it has already held a test. Much further delay would begin to suggest at least the room for noise down to 45.90 will be tested.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday”s inside day consolidated at least a nickel under the 2.98 buy signal that would start to reverse the trend back up.

Posted in Daily Spot