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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 13, 2015 - 2:12 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))
Gapping down Tuesday left outstanding an attraction above back at  Monday”s 1.1840 close. Being within 1.1770 prior lows and not lower, the gap down wouldn”t require being retested in case of immediate rally..

Gold Feb Contract (GC, ETF: (GLD))
Extending higher overnight to 1244.50 still avoided closing decisively in positive territory above 1233.00. There is room down to 1220.00 before actually signaling that momentum is reversing down.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday”s overnight surge to and through 17.05  resistance would be rejected on a close back under 16.95.

30-year Treasury Mar Contract (US, ETF: (TLT))
The corrective bounce extended overnight to test above 149-00, but back under 148-23 triggered a dip another point lower. It was all recovered as stocks fell apart. A probe above 150-00 momentarily on Thursday”s 30-year auction can”t be discounted so long as 148-12 holds as support.

Crude Oil Feb Contract (CL, ETF: (USO))
Despite gapping down under Monday”s tests of the 45.90 target, narrow ranging there soon bounced and filled the gap back up to Monday”s close. Not closing under the 45.17 open does allow an immediate recovery back above 45.90 to start forming a bottom. The trend otherwise remains down.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday from Monday”s new low could help to form a bottom.if Monday”s low is retested. But there is no requirement yet either way.

Posted in Daily Spot