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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | November 13, 2013 - 2:41 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 didn’t worsen its position much Wednesday, while Crude Oil bounced to its resistance. Could their recent trends be preparing to at least correct soon?

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Exposure to BOE rate hike fears triggered a fresh relative low Wednesday, albeit not much lower than the past two-session range, suggesting the recent high can be retested.

Eurodollar Dec Contract (EC, ETF: (FXE))
Wednesday morning’s dip bounced from testing Monday’s low, and momentarily pierced Tuesday’s high as markets reacted to speculation of a BOE rate hike. Ultimately, the range held, leaving potential for retesting or attacking recent lows.

Gold Dec Contract (GC, ETF: (GLD))
Intraday weakness Wednesday tested the decline’s 1268.50 target without extending down, creating the opportunity for at least a corrective bounce upon closing back above 1274.50. Otherwise, a retest of Tuesday’s 1260.50 post-close is likely.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday remained under pressure, extending the decline to probe under Tuesday’s post-close lows down to 20.40. Closing above 20.70 would trigger at least a corrective bounce, but the trend otherwise remains down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s bounce from testing 131-08 support Tuesday began by gapping up, which automatically creates unfinished business below to undermine an immediate recovery, making Wednesday’s probe above 131-26 unlikely to extend higher without retesting 131-14 as support.

Crude Oil Dec Contract (CL, ETF: (USO))
Fulfilling the longstanding 92.85 target Tuesday produced a bounce testing 94.60 resistance Wednesday. Its recovery on a closing basis would signal momentum reversing up, confirmed above 95.30.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Tuesday’s test of 3.63 was the maximum allowable corrective bounce limit, requiring Wednesday to start producing downside price action. Intraday weakness was shallow, but still appropriate for beginning a retest of recent lows, assuming that Thursday’s EIA report reacts down instead of up.

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Posted in Daily Spot