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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | May 14, 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 Gold and Crude Oil making moves. Both were underway before the pre-open PPI surprise.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Wednesday’s narrow ranging session didn’t probe fresh highs. The potential setup for rejecting a fresh high intraday is repeated for Thursday.

Eurodollar Jun Contract (EC, ETF: (FXE))
Tuesday’s setup created potential for a fresh low Wednesday that would be recovered. Wednesday’s narrow ranging didn’t probe a fresh low, but it certainly didn’t extend the decline. The same setup opportunity is in-play for Thursday, a momentary fresh low that recovers to close positive.

Gold Jun Contract (GC, ETF: (GLD))
An overnight rally held 1309.50 resistance but its reaction down also held 1303.00 support. Back under 1301.70 would signal another gap up having failed. Otherwise, a second consecutive higher close would target 1328.00.

Silver Jul Contract (SI, ETF: (SLV))
The reaction down from Wednesday’s gap up to 20.00 held 19.75 as support. A second consecutive higher close preferably above 20.20, would signal that a  bigger move targeting the 21.00 area is underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s recovery to 136-00 resistance extended sharply higher Wednesday, back to last week’s high and through it to . I have no active signal at this stage of the pattern.

Crude Oil Jun Contract (CL, ETF: (USO))
The rally targeting a probe above 104.00‘s prior high extended immediately Wednesday by surging through 102.00, nearing some obligatory resistance at 103.00, with pullbacks needing to hold 101.40 to maintain the rally’s momentum.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Wednesday’s opening bounce was retraced entirely and not recovered again. Interesting that pessimism is dominant at this relevant level just before Thursday’s EIA report, which could prove to be bullish from a contrarian perspective.

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Posted in Daily Spot