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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 28, 2015 - 2:30 pm

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE))
Wednesday”s gap down only ranged narrowly sideways. Tuesday”s breakout wasn”t confirmed. That”s not necessarily bearish, whether that opens the door to neutralizing unfinished business below, or to another rally attempt first.

Gold Feb Contract (GC, ETF: (GLD))
Dipping overnight back under 1287.00 needed to be rejected without delay Wednesday to confirm a retest of the highs is next. The balance of the session consolidated at or under 1287.00. so delaying a recovery past Thursday”s open would start being considered as bearish.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday”s inside day didn”t extend Tuesday”s dip, keeping alive potential for retesting prior highs.

30-year Treasury Mar Contract (US, ETF: (TLT))
The 149-14 support continued holding, including in between pre-open and post-open bounces back above 150-00 — first by a little, and then by a lot in reaction to the FOMC news. The 151-08 high”s retest is likely, and could be probed up to 151-28, so long as 149-24 now holds as support

Crude Oil Mar Contract (CL, ETF: (USO))
Still not recovering above 46.25, Wednesday”s probe of fresh lows attacking 44.00 presents another breakout opportunity that would be confirmed by a second consecutive lower close Thursday.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Tuesday”s gap up was as unsuccessful as previous gaps up from this range, once again being required to fill the gap back to Monday”s close. And once again, having filled the gap, a rally through 2.86 and 2.98 would launch a new upleg.

Posted in Daily Spot