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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | April 15, 2014 - 3:42 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 big drop confirmed the recent rally was only a correction. Can Crude Oil be very far behind, having found it difficult to extend through its own resistance?

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Tuesday did not extend Monday’s break higher, but it did coagulate there to possibly help a dip to recover from fresh lows.

Eurodollar Jun Contract (EC, ETF: (FXE))
Slightly lower lows Tuesday fully tested the 1.3800 pullback target that Monday’s drop had only attacked.

Gold Jun Contract (GC, ETF: (GLD))
Monday’s attempt to extend above 1317.00-1323.50 was rejected overwhelmingly by an overnight crash back down to 1284.50. The corrective rally is done, and the decline has resumed. Tuesday’s backing-and-filling up to 1305.00 would be free to resume the decline.

Silver May Contract (SI, ETF: (SLV))
Monday’s recovery from gapping down wasn’t repeated by Tuesday’s gapping down, which is also testing critical support at 19.75 to keep alive potential for extending up to 20.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s shallow dip avoided 134-06 and extended to fresh highs Tuesday at 135-10, settling back under 135-00. RSIs diverging negatively suggest that any dip back under would reverse momentum down. Closing back under 134-06 would reverse the trend down, too.

Crude Oil May Contract (CL, ETF: (USO))
Monday’s reaction down from the overnight test of 104.55 didn’t extend very far before at least bouncing back into the range. A more thorough test of 104.50-105.00 remains likely before any durable drop can begin.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up from Monday’s pullback only filled the gap back to Friday’s close, neutralizing its attraction above. The reversal back down to Monday’s close neutralized that attraction below. Extending back down would still target fulfilling the 4.37 pullback potential.

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Posted in Daily Spot