Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | June 20, 2014 - 2:46 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 Is this going to be the week for currencies to break out of their recent choppy ranges? Precious Metals can’t make such substantial moves without it having effects on currencies.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Thursday’s bounce extended higher at Friday’s open but only to test 80.55 resistance above. The balance of the session ranged sideways, free to trend substantially in either direction, with the next trending attempt being likely to extend.

Eurodollar Sep Contract (EC, ETF: (FXE))
Friday’s gap down back to 1.3580 wasn’t just more of the same ongoing pattern’s choppiness, but likely the last opportunity either to extend down to prior lows or else to launch a new rally leg to fresh highs. Friday’s recovery to test 1.3600 makes the pattern free to begin trending in either direction without delay.

Gold Aug Contract (GC, ETF: (GLD))
Fresh highs overnight probed above Thursday’s 1317.00 high up to 1322.50. A dip into Friday’s open bounced off of 1307 back up to 1320.00. Closing above 1313.00 kept alive the rally’s momentum, or at least makes an immediate dip unlikely to gain traction before retesting the 1322.50 overnight high.

Silver Jul Contract (SI, ETF: (SLV))
Thursday’s rally back up to at least 20.82 was extended into Friday’s open to test 21.00. A pullback to 20.45 remains likely, and its break would trigger a much deeper retracement underway.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s test of the 134-28 prior low had held, and delaying its actual break made fresh highs at 136-18 likely. So does Friday’s bounce that extended Thursday’s reaction up to 135-15.

Crude Oil Aug Contract (CL, ETF: (USO))
Prior highs were attacked and pierced Friday, but not so much probed and certainly not recovered. Reversing down immediately by noon Monday would be entirely credible for launching a new downleg with potential to probe under $100, triggered under 104.85 and confirmed under 103.70.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s dip under 4.61 extended down to fresh lows Friday, filling the gap back down to the prior week’s 4.51 low close. Back above 4.61 would signal the rally had resumed.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

Posted in Daily Spot