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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 15, 2015 - 2:53 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))
The overnight spike down in reaction to the Swiss Franc fell to 1.1575. Its bounce through 1.1755 couldn”t prevent the requirement for retesting the low, probably down to 1.1525

Gold Feb Contract (GC, ETF: (GLD))
The Swiss news helped save a top-heavy pattern by triggering a gap up to the next higher target at 1254.00. Extending higher intraday held 1267.00 resistance, which must be exceeded through Friday”s close to confirm a test of 1287.50 is in-play. Not confirming wouldn”t necessarily be bearish.

Silver Mar Contract (SI, ETF: (SLV))
Holding its 16.95 pullback limit Wednesday was rewarded only by retesting Tuesday”s 17.20 high — nothing near the Gold behavior — further suggesting fresh lows are needed sooner rather than later.

30-year Treasury Mar Contract (US, ETF: (TLT))
An overnight dip to 148-11 was saved by the Swiss news, triggering a probe of 4 ticks above Wednesday”s 150-10 high. Back under 149-12 would start to signal the rally”s momentum was lapsing, and back under 148-23 would signal momentum reversing down. Extending higher would otherwise target 151-08 and potentially 151-28.

Crude Oil Feb Contract (CL, ETF: (USO))
An overnight surge to 51.25 was retraced intraday by a couple of legs that ultimately failed to hold 47.45 as support. But probes nevertheless chipped away at the upper-end of the prior consolidation that had been supported by 47.45. Its recovery, confirmed above 48.65, would still signal a new upleg underway.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Extending higher through 3.29 by more than a nickel didn”t prevent reversing down intraday to test 3.07 support. Support held, but more backing-and-filling remains likely before a durable upleg can trigger.

Posted in Daily Spot