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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 7, 2014 - 2:40 pm

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Today’s Highlight Friday’s Employment Situation report promoted more of the same recent trending. Extending any further through Monday’s close would be likely to extend further through the week.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Friday’s reaction to the Employment Situation report retested recent lows without recovering. Probing lower Monday is likely, and would signal a downleg underway if not recovered into the close.

Eurodollar Mar Contract (EC, ETF: (FXE))
The knee-jerk reaction down to 1.3550 after Friday’s Employment Situation report was recovered back into and through 1.3580-1.3600 resistance, probing fresh intraday highs. Closing higher Monday, regardless of the intraday action, would signal a bigger upleg underway.

Gold Apr Contract (GC, ETF: (GLD))
Probing of 1270.00 before Friday’s Employment Situation report was reversed down under 1260.00 in reaction to Friday’s Employment Situation report. Its range still didn’t break lower, and the balance of the session backed-and-filled up to 1266.00 resistance.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s narrow ranging didn’t help to confirm whether Wednesday’s recovery above 19.70 would gain traction.

30-year Treasury Mar Contract (US, ETF: (TLT))
The knee-jerk reaction up on Friday’s Employment Situation report was unable to hold above 133-18. Any higher, confirmed above 133-30, would put into play a retest of last week’s highs, so long as pullbacks then held any test of 133-02 as support.

Crude Oil Mar Contract (CL, ETF: (USO))
Another retest of the rally’s 98.55 target Friday was more productive than the prior two, extending to close at fresh highs. A second consecutive higher close would next target 100.40 and 102.00. Otherwise, back under 97.00 would signal the trend reversing down.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
An early test of the 4.77 lower-end of the pullback limit was recovered back above 4.95, but only momentarily before retracing almost all the way back down to 4.77. Any lower early Monday would put into play lower lows, and prevent a buy signal from triggering back above 4.95.

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Posted in Daily Spot