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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | March 27, 2014 - 3:14 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 finally broke through its resistance Thursday, but not with any similar action in Gold. They aren’t required to move in tandem, but that would still be likelier at this stage for each.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Thursday’s firming wasn’t to fresh relative highs, which are still needed to help confirm the recent consolidation intends to break higher.

Eurodollar Jun Contract (EC, ETF: (FXE))
Thursday’s break under recent lows has no reason not to extend down into the weekend if the pattern has been bearish as expected.

Gold Apr Contract (GC, ETF: (GLD))
Extending down Thursday didn’t even threaten the 1317.00 buy signal. An immediate rejection and reversal up may now be the only path higher, with the alternative being to extend the recent decline even more aggressively.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s test of 19.75 support didn’t extend much lower, and really only consolidated under 19.75, so any initial strength above it Friday would be credible for trending higher intraday to its 20.75 objective.;

30-year Treasury Jun Contract (US, ETF: (TLT))
No pullback limit was even tested before extending through Wednesday’s attack on its 133-22 target to probe above its 134-06 target. There is no higher target in this sequence, but momentum remains pointed up so long as pullbacks now hold 133-28 as support.

Crude Oil May Contract (CL, ETF: (USO))
Wednesday’s late break above its longstanding 100.00 resistance extended Thursday to test 101.70. The next higher target at 102.35-102.60 is in-play so long as pullbacks now 100.50 hold as support.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
After Wednesday avoided rejecting Tuesday’s gap up to 4.42, any further delay would have been considered bullish enough to extend higher. Thursday’s open did extend higher to test 4.57, so there is no setup for retesting recent lows.

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Posted in Daily Spot