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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | May 1, 2014 - 3:56 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 fresh lows put into play lower lows, which suggests it won’t attract capital away from other markets. But if the sell signal were invalidated, then other asset classes like stocks could suffer from the competition.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Both 79.55 and under 79.40 targets were tested almost entirely Thursday morning. Neither closing lower nor reacting up issued no new directional signal ahead of Friday’s Employment Situation report.

Eurodollar Jun Contract (EC, ETF: (FXE))
The  1.3885  target was pierced only slightly Thursday, leaving outstanding the potential to 1.3915. Its test isn’t required, but no reversal signal has been triggered.

Gold Jun Contract (GC, ETF: (GLD))
Having chipped away already at 1285.00-1289.00 support, Thursday’s open gapped down to and through it to attack 1277.00. So long as 1285.00 isn’t recovered, the break is targeting 1256.00 and 1236.50.

Silver Jul Contract (SI, ETF: (SLV))
Thursday’s opening spike down extended through last Thursday’s 19.04 opening gap. Still testing last Thursday’s 19.00 low instead of closing decisively below it has created potential for recovering from a fresh low intraday. But bouncing first would likely be only temporary.

30-year Treasury Jun Contract (US, ETF: (TLT))
The two-day detour to 133-25, which had held its 134-10 pullback limit, was proved finally Thursday by surging above prior highs to 135-28. The new pullback limit is 135-16, but the upside objective to probe prior highs is fulfilled.

Crude Oil Jun Contract (CL, ETF: (USO))
A dip to fresh lows at 98.25 recovered, and may yet form an accumulative pattern that requires probing fresh highs above 104.00. But no other signal is active than a previous outstanding likelihood for retesting 104.00.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
The reaction to Thursday’s EIA dipped back to 4.70, which wasn’t terribly bearish and only undermined the recent bounce’s momentum. Any lower close Friday would trigger a deeper pullback.

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Posted in Daily Spot