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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | April 3, 2014 - 3:06 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 Currencies broke their ongoing consolidations Thursday. Although their directions were appropriate for their patterns, keep in mind there has yet to be confirmation. And there is about to be very high-profile influential news, the Employment Situation report.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Thursday’s rally triggered a breakout, now needing a consecutive higher close Friday to confirm.

Eurodollar Jun Contract (EC, ETF: (FXE))
Thursday’s drop triggered a breakout, now needing a consecutive lower close Friday to confirm.

Gold Jun Contract (GC, ETF: (GLD))
The corrective bounce never extended higher Thursday, instead dipping back under the 1285.00 pullback limit. Closing back above 1291.00 would trigger a new corrective bounce, still having potential to 1298.00 and 1317.00. Meanwhile, there is risk of resuming the decline, especially in reaction to Friday’s Employment Situation report.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s bounce was retraced overnight for Thursday to gap down already testing 19.75 as support. The pattern must now launch a bigger bounce with almost no delay, or else risk extending down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s bounce firmed back above 132-06 which doesn’t make an initially favorable reaction to Friday’s news any safer from be reversed. Neither does it offer any immunity from simply reacting down.

Crude Oil May Contract (CL, ETF: (USO))
Thursday’s bounce recovered 99.80 to begin suggesting momentum is reversing up, needing confirmation above 101.00.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Wednesday’s immediate reaction up from Tuesday’s filled gap wasn’t retraced before Thursday immediately extended the rally, likely to meet 4.53 before indicating whether a bottom has formed, or if the recovery leg will be retraced.

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Posted in Daily Spot