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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | June 4, 2014 - 2:37 am

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.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Gapping down and extending sdown Tuesday retraced 16.8% of the rally from last week’s low. That’s natural support, so a bounce to 80.65 would be likely.

Eurodollar Jun Contract (EC, ETF: (FXE))
Tuesday’s bounce held prior highs. Not having gained traction, the prior lows has a chance to hold as support.

Gold Aug Contract (GC, ETF: (GLD))
Still hovering at 1244.00 and 1241.00 targets, without reacting up. Fresh lows should be part of the equation, and vulnerable to reversing up.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s dull markets didn’t leave any position for the day.

30-year Treasury Sep Contract (US, ETF: (TLT))
The reaction down from last week’s 138-1 0 high extended down near 135-10 Friday. A momentary pre-open bounce held 136-18 resistance.

Crude Oil Jul Contract (CL, ETF: (USO))
Still testing 102.40 support after so long probably isn’t just testing 102.40 support. It may be chipping away, intending to break lower. A rally should be underway Wednesday if valid.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
The pattern continues to improve as 4.61 and 4.71 resistance come into play ahead of this week’s EIA report.

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Posted in Daily Spot