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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 26, 2014 - 2:48 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 Has Gold extended its decline too far, for too long? The recent lows aren’t gaining new traction. Crude Oil is meanwhile trying to break out of a consolidation that has also extended for too long. Rallying in tandem would be credible.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Narrow ranging Wednesday left the pattern intact, but momentum is in need of sudden volatility to pry price loose from its range.

Eurodollar Jun Contract (EC, ETF: (FXE))
Still in the process of decline, but the current range didn’t break lower Wednesday as price only ranged narrowly.

Gold Apr Contract (GC, ETF: (GLD))
Drifting lower Wednesday attacked 1300.00, so that now recovering 1317.00 and 1323.00 would signal and confirm a rally underway targeting at least 1342.00.

Silver May Contract (SI, ETF: (SLV))
The requirement to eventually revisit 20.70 above didn’t prevent Wednesday’s session from extending down to fresh lows attacking 19.75 support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s gap down to 132-22 support was discussed during the Market Tour as having no excuse not to reverse up into negative territory. In fact, the recovery’s 133-22 target was attacked to within 1 tick at the afternoon’s high. Now holding 133-10 as support would allow the rally to extend higher to 134-06, but back under 133-04 would signal momentum reversing back down.

Crude Oil May Contract (CL, ETF: (USO))
Ongoing ranging defined essentially by 99.50-100.00 persisted yet another day Wednesday. Until the end, when a fresh high was probed and maintained through the close. So long as not rejected immediately, a breakout appears to be underway.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up didn’t extend higher Wednesday, but neither was it rejected, as the session only ranged sideways. Pre-open action had suggested the lows could be retested before extending higher. Wednesday’s action doesn’t change that potential.

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Posted in Daily Spot