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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | June 6, 2014 - 8:13 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 This is being prepared intraday since I will be unavailable this afternoon. Where markets were still trading, any late swings might affect the analysis. Enjoy the weekend.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Friday’s Employment Situation report didn’t upset pricing too much, despite Thursday’s swings reflecting a lot of elasticity. This further suggests Thursday’s reversal down will extend lower into the new week.

Eurodollar Jun Contract (EC, ETF: (FXE))
Friday’s Employment Situation report was almost a non-event according to the chart. Thursday’s swings reflected a great deal of elasticity, so Friday’s lack of reaction suggests higher highs will greet the new week.

Gold Aug Contract (GC, ETF: (GLD))
A blip-up in reaction to  Friday’s Employment Situation report finally tested 1256.00 resistance, but only momentarily before reversing down to attack 1244.00 support. The two levels continued containing price action into the afternoon, keeping price within the gravitational pull of retesting the lows.

Silver Jul Contract (SI, ETF: (SLV))
Friday’s Employment Situation report triggered a blip-up to 19.20 resistance that was reversed back down into negative territory. A fresh low remains likely before a bottom can finish forming.

30-year Treasury Sep Contract (US, ETF: (TLT))
Bouncing to 136-10 resistance held through Friday’s Employment Situation report reaction. That’s where the rally’s last upleg had been signaled, so not recovering it keeps alive the potential for a bigger reversal down to be unfolding.

Crude Oil Jul Contract (CL, ETF: (USO))
Thursday’s bounce up to 102.40-102.65 resistance hadn’t been rejected, which allowed Friday’s open to gap up and test 103.05. But that was not accumulative nor was it a buy signal, and the gap up was reversed into negative territory back under 102.40. The burden of proof remains on buyers as a bigger downleg may be getting underway.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
The reaction to Thursday’s EIA continued firming Friday to fresh highs above the 4.71 resistance. Pullbacks should now hold 4.61 to maintain the bigger rally leg.

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Posted in Daily Spot