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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | January 30, 2015 - 2:38 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))
Narrow ranging persisted Friday, offering no new signal..

Gold Apr Contract (GC, ETF: (GLD))
Friday”s rally retraced Thursday”s plunge through its 1274.50 post-open high to 1280.00 and 1283.00. Back under 1273.00  would signal the bounce had ended, and a retest of Thursday”s 1252.00 low was underway.

Silver Mar Contract (SI, ETF: (SLV))
Friday”s bounce to 17.32 retraced a majority of Thursday”s plunge, but still stopped short of gaining upside traction. At least Thursday”s lows should be retested, which will probably not hold on the way down to fresh lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday morning”s momentary touch of Wednesday”s close was as much ineffectual pessimism as was Thursday”s gap down that held above support. The session eventually extended higher to attack its 151-28 objective. Without also closing above Wednesday”s high after probing it intraday, the potential for extending to 152-18 would be invalidated by closing Monday back under 150-14.

Crude Oil Mar Contract (CL, ETF: (USO))
Wednesday”s breakout to a new low attacking 44.00 wasn”t confirmed Thursday, which Friday exploited by surging back up to test 46.25 resistance. Extending higher without delay Monday would be credible for extending higher throughout several days.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday”s breakout to fresh lows is confirmed by a second consecutive lower close Friday, which now requires at least a third eventual lower close.

Posted in Daily Spot