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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | November 5, 2013 - 3:10 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  Monday’s breathers resolved aggressively Tuesday, as if to compensate for their delays.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Tuesday’s surge only returned to Friday’s high, where Monday’s breather began. The one-day rest and the catalyst to resume the rally should have been more productive, if the rally were actually resuming. At least a slightly higher high intraday is likely, but look out below if it closes back under prior highs.

Eurodollar Dec Contract (EC, ETF: (FXE))
Tuesday’s plunge seemed to resume the rally. At least it extended it to fresh lows at 1.3450, but that was early, and the balance of the session did not extend down. A bottom Wednesday would be premature, but not much.

Gold Dec Contract (GC, ETF: (GLD))
Dropping back down to 1306.00 without closing under it Tuesday doesn’t require another bounce like it did Friday, but it does allow another bounce anyway. Meanwhile, the downtrend remains intact.

Silver Dec Contract (SI, ETF: (SLV))
Fresh lows Tuesday continue trending toward the 21.35 and 20.70 targets, so long as 21.90 now holds as resistance.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s breather above 134-00 resolved down sharply Tuesday, touching the outstanding 132-24 target at the session low. It triggered a bounce, but was much too shallow to suggest that momentum may yet be reversing up.

Crude Oil Dec Contract (CL, ETF: (USO))
The decline resumed Tuesday, compensating somewhat for Monday’s delay by extending to within 25 cents of the 92.85 objective, which remains in-play so long as 94.60 now holds bounces.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Tuesday’s pre-open low came within a penny of fulfilling the decline’s next target at 3.37 before reversing up. The intradeay low was 3.40, whose recovery would signal a bottom forming. In fact, the balance of the session rallied sharply to to test 3.48. A retest of 3.37-3.40 isn’t required before extending higher, but it’s going to be difficult recovering above 3.51 without at least one day spent backing-and-filling.

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Posted in Daily Spot