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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 26, 2014 - 3:03 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 first reaction to meeting resistance was abrupt. Productive, but abrupt. Impatient sponsorship tends to be weak-handed, so perhaps at least a knee-jerk bullish reaction to Yellen’s testimony is in store.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Rallying to a fresh high at 80.55 Wednesday undermines the attraction to fresh lows at 79.80. A second consecutive higher close Thursday would signal momentum had reversed up already.

Eurodollar Mar Contract (EC, ETF: (FXE))
Tuesday’s retest of prior highs was reversed to fresh lows for the week, despite not yet probing those prior highs. Extending under 1.3640 Thursday would neutralize any attraction back to the highs, which otherwise should still be tested.

Gold Apr Contract (GC, ETF: (GLD))
Fulfilling the rally’s 1342.00 target Tuesday already reacted down sharply Wednesday. So suddenly and so sharply, after gapping open, that sellers seem a little too impatient not to be corrected by a bounce Thursday.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s gap down extended sharply through 21.70, putting into play at least a test of 20.70 before any rally can be credible.

30-year Treasury Mar Contract (US, ETF: (TLT))
Extending the bounce Wednesday through 133-24 makes a retest of prior highs increasingly likely before filling the outstanding gap back to the lows. A dip into negative territory Thursday that recovers to close positive might be compelling for long-entry, but there is otherwise no active signal.

Crude Oil Apr Contract (CL, ETF: (USO))
Recovering back to the 102.80 area Wednesday is still capable of probing fresh highs above 103.00, but currently there is still no compelling entry parameter either way.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The decline resumed overnight and extended to fresh lows. The second consecutive lower close now requires a third, so no buy signal will be considered.

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Posted in Daily Spot