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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 14, 2014 - 3:34 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 Gold’s break higher may be the rare watched pot that actually boils. But this stage of the pattern can’t tolerate deep pullbacks, since it originated from a base that was already rife with impatient buyers.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Friday’s fresh lows have room for extending down to 79.80 if not rejected by rally through Monday’s close.

Eurodollar Mar Contract (EC, ETF: (FXE))
Friday’s second consecutive higher close was still the first higher close above prior highs. But not rejecting it Monday by closing negative would target 1.3860.

Gold Apr Contract (GC, ETF: (GLD))
Thursday night’s rally to 1320.00 ranged sideways back down to 1315.00 throughout Friday. The rally’s momentum remains intact so long as pullbacks now hold 1306.00.

Silver Mar Contract (SI, ETF: (SLV))
Gapped up sharply Friday to 21.10 and extended higher intraday to attack 21.45, confirming Wednesday’s fresh high at 20.40 was too shallow to fully reward the prior several sessions of accumulation. Potential for extending to 21.85 depends upon holding 20.70-20.75 as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Probing higher Friday still settled back to 133-00 as support, whose resistance prevented confirming Thursday’s 132-12 buy signal. Lacking aggressiveness, the recovery is suspect, but could still rally again from 132-12.

Crude Oil Mar Contract (CL, ETF: (USO))
Ranged Friday between 99.40 pullback limit and the rally’s 100.40 target. Still lacking two consecutive higher closes above 100.40 to confirm 102.00 is in-play.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Extended higher Friday to test 5.36 resistance that would not disallow the rally from being only a correction, then reversed back down into negative terrirory testing 5.21. Momentum did not reverse down, but the potential that a corrective bounce is ending does remain alive.

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Posted in Daily Spot