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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | May 23, 2014 - 4:04 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 Trending seemed interested in extending into the weekend in several cases, like the Euro and Gold, but seemed also like the intent was being restrained before the weekend.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Fresh highs into the weekend like Friday without trending up intraday are suspicious. But the rally otherwise gets almost every benefit of the doubt.

Eurodollar Jun Contract (EC, ETF: (FXE))
Friday’s fresh low began by gapping down and didn’t trend down intraday. Only by gapping back up and becoming an Island reversal can the downtrend be reversed.

Gold Jun Contract (GC, ETF: (GLD))
Thursday’s reaction down from the gap up’s 1303.00 resistance test was extended overnight from 1295.00 to once again test 1289.00 support. Its bounce up to 1295.00 was every bit as much noise as was Wednesday’s test of 1295.00. And the potential for trending down sharply overnight remains.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down to fill the gap back at Wednesday’s close did not extend lower intraday. But there is no unfinished business above or other attraction that might prevent extending down to 19.05.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up slightly Friday and trending upward intraday recovered 136-30 to signal the pullback was resolving back up. Confirming above 137-08 would target a retest of recent highs.

Crude Oil Jul Contract (CL, ETF: (USO))
The 104.50 target had been attacked for several days, but Friday’s high touched it precisely before once again ranging narrowly into the close. The rally’s momentum has lapsed, and no targets are required to be met above. But a downleg won’t be triggered at this stage from above 102.60.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday’s drop didn’t extend Friday, but neither was it recovered, as the 4.43 buy signal targeting at least 4.71 in an aggressive manner was left untriggered.

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Posted in Daily Spot