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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | June 12, 2014 - 3:18 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 Middle East tensions have entered the equation as uncertainty and threats further influenced Gold and Crude Oil. Interestingly, the Dollar has never been more glaringly missing from the destination list for a “flight-to-safety.”

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Thursday’s dip away from recent highs didn’t gain traction. There is no requirement to retest last Thursday’s high, but its retest remains possible.

Eurodollar Jun Contract (EC, ETF: (FXE))
A fresh low overnight was recovered into Thursday’s open and extended back into the 1.3570-1.3580 range that previously had attracted price back down. A bottom hasn’t yet formed, but sellers haven’t gained any new traction despite three days of pressure.

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s surge fulfilled the upside potential to 1274.00. A reaction down held 1270.00 to avoid reversing down, and recovered to retest 1274.00. This is the likely peak for a correction.

Silver Jul Contract (SI, ETF: (SLV))
Extending higher Thursday to test 19.55 has stretched the corrective bounce past its normal range. Closing under 19.20 would signal a retest of the lows underway. There is otherwise potential for extending up to 19.85.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s bounce tested 136-00 and didn’t react down in time to suggest the bounce wasn’t aiming higher to 136-18. Closing back under 135-22 would signal the bounce had ended, and a new downleg was likely underway.

Crude Oil Jul Contract (CL, ETF: (USO))
An overnight surge broke the two-day Symmetrical Triangle that had formed through Wednesday’s close. The open’s gap up creates a tether to keep a reaction down from reversing the trend’s direction, yet. The session trended up to test 106.55, targeting 107.40.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s reaction up to the EIA report proved the two-day dip was constructive pessimism ahead of the news, as it produced a 17-cent surge to 4.71 resistance, which extended higher to fresh highs at 4.76 and a 25-cent gain on the day. Pullbacks must now hold 4.71 as support to maintain the rally’s potential next to 4.86.

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Posted in Daily Spot