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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 11, 2013 - 2:45 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 Crude Oil’s target was tested (Tuesday) and retested (Wednesday), without yet extending higher. And it’s probably not going to extend higher, not without a pullback first, not without rallying sharply Thursday morning.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Wednesday’s fresh low didn’t trend down, and only threatened to close lower. That’s not optimal fulfillment of the setup’s confirmed break, but might suffice for being an index.

Eurodollar Dec Contract (EC, ETF: (FXE))
Probing a fresh high Wednesday was not able to close decisively higher. But the potential to 1.3833 remains intact so long as pullbacks hold 1.3775.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday’s gap up failed to decisively recover 1260.00 resistance, and the lack of momentum was corrected by an overnight dip to 1252.00. Wednesday’s open challenged 1260.00 resistance again, but so far was unable to extend higher.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday did not extend Tuesday’s rally, although the session did probe a fresh high, suggesting that 20.75 remains in-play.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s bounce fulfilled 130-02 resistance. Wednesday’s gap down eventually extended down to threaten reversing the trend back down under 129-16.

Crude Oil Jan Contract (CL, ETF: (USO))
Tuesday’s test of the 98.35 target did not extend higher Wednesday, dipping to 97.25, which still suggests the likelier resolution is down to consolidate before extending higher, instead of suddenly extending sharply higher.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Monday and Tuesday’s tests of the rally’s 4.25 target reacted down overnight to 4.17. There was room to dip further without sellers gaining traction, but Wednesday’s open was already recovering on the way to fresh highs testing 4.33. Closing back under 4.25 would now reverse momentum down.

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Posted in Daily Spot