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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 18, 2014 - 3:45 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 Crude Oil is recovering nicely after fulfilling its pullback. That would be a lot more reliable if Wednesday were to confirm the recovery.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Firming Tuesday didn’t reverse momentum up, nor did it escape the attraction to probing fresh lows at least intraday. There is not currently a signal.

Eurodollar Jun Contract (EC, ETF: (FXE))
Monday’s close above 1.3810 jeopardized the toppiness. Tuesday’s opening dive to fresh lows tried to reinstate the bearishness by compensating for the delay, but recovering back above 1.3810 still undermines the toppiness.

Gold Apr Contract (GC, ETF: (GLD))
Two consecutive sessions closing at 1378.50 resistance resolved by gapping down sharply Tuesday. The drop didn’t fully utilize the room down to 1349.00 that would allow bouncing back to 1363.00, but bounced back to 1363.00 anyway. There is no current signal.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s gap down extended to retest the 20.70 target that had been tested previously. And whose test had already launched a surge in the interim. Difficult to be bullish with that round-trip. Closing under 20.70 could trigger a much deeper drop.

30-year Treasury Jun Contract (US, ETF: (TLT))
The reaction down extended initially Tuesday to test 132-21 before reversing up intraday, short of fulfilling the pullback’s potential to 132-08. There is not currently a buy signal.

Crude Oil Apr Contract (CL, ETF: (USO))
Monday’s test of the 97.35 pullback limit continued recovering Tuesday and tested 100.00 to within 3 cents. Recovering 99.50 signals momentum reversing up, and now extending above 100.45 would confirm.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Monday’s gap up was not credible, which Tuesday’s gap down confirms. It also left outstanding a gap back to Monday’s close above, which might help to coax a rally after the outstanding objective of new lows is fulfilled.

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Posted in Daily Spot