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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 9, 2015 - 2:26 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))
Friday”s outside day formed a bullish Pivot Reversal. The open gapped up from Thursday”s new low close, reversed down to print its own new low close, and yet recovered back up to and through the morning”s high. Extending above 1.1865 would target at least 1.2000.

Gold Feb Contract (GC, ETF: (GLD))
Friday”s bounce filled the gap back up to Tuesday”s 1219.00 close, but didn”t close higher. While that keeps alive the potential for a pullback targeting 1195.00 or 1185.00, delaying the pullback much past Monday”s open would more likely resume the rally targeting at least one more higher close as required.

Silver Mar Contract (SI, ETF: (SLV))
The 16.20 pullback target was attacked to within a penny before Friday”s open, and then attacked again afterward, recovering to 16.60 intraday. Back to 16.20 again would likely break lower to new lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday”s 146-22 low held the Employment Situation report”s reaction, which probed 147-10 resistance up to 148-00. Closing back under 146-30 would target 146-12 as just a deeper temporary pullback, but under 146-01 would signal a new downleg underway.

Crude Oil Feb Contract (CL, ETF: (USO))
Despite having probed above 49.00 overnight, a brief dip Friday morning retested the 47.45 target. Its prior tests this week have yet to launch a rally leg, which increases the vulnerability to a fresh low testing 45.90.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Friday”s bounce to 2.98 resistance reacted down a dime. Like Thursday, Friday”s price action developed entirely within Wednesday”s range, neither probing a fresh low nor breaking above resistance.

Posted in Daily Spot