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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 25, 2014 - 2:44 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 Silver has lagged behind while Gold ekes out higher and higher highs. Now Gold has fulfilled this upleg’s minimum objective, and held it as resistance through the Tuesday’s close. The rally had better resume without delay if it intends to resume, at all.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Tuesday’s gap down rejected a bounce into positive territory. The 79.80 target below remains in-play, but probably without any reliability in the path there.

Eurodollar Mar Contract (EC, ETF: (FXE))
Tuesday’s retest of last week’s highs up to 1.3765 didn’t extend higher, and still should probe fresh highs before any downleg would be credible for extending back to prior lows.

Gold Apr Contract (GC, ETF: (GLD))
Overnight weakness was absorbed and a probe of fresh highs tested the 1342.00 target by almost $2. Potential to 1349.00 requires that pullbacks now hold 1337.00 as support.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s gap down didn’t extend, and held the rally’s 21.70 pullback limit. Recovering Monday’s high and closing above 22.12 would be the earliest signal the rally may be extending instead of topping.

30-year Treasury Mar Contract (US, ETF: (TLT))
The bounce extended back to last week’s high, still without yet filling the gap back to the low’s 132-08 close. Prior highs should be retested above 135-00, too. Extending above 133-24 would start to make that retest likelier, first.

Crude Oil Apr Contract (CL, ETF: (USO))
Still nothing compelling about the 103.00 area. Its reaction down to 101.00 Tuesday is too shallow to make long-entry compelling when the minimum upside objective may be only one more higher close. And short-entry isn’t compelling with only Monday’s close trying to fulfill that objective.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Monday’s stunning reversal extended down initially overnight Monday. Tuesday’s fresh low at 4.53 probed the downside objective by a nickel, and was recovered up to 4.77 which had been the decline’s first objective. The 4.85 sell signal may be tested, too. There is no active signal at this time.

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Posted in Daily Spot