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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | June 23, 2014 - 2:49 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.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Monday’s gap down to 80.00-80.45 did extend down intraday, but not yet enough to confirm a new downleg is underway. And a new downleg should be underway by noon Tuesday if the Dollar can avoid a broad rally.

Eurodollar Sep Contract (EC, ETF: (FXE))
Friday’s dip back into 1.3580-1.3600 support should launch a new rally leg without delay, unless the next leg is not a rally. Monday’s firming is not optimal,  but it isn’t inappropriate, not so long as there is no further delay in extending obviously higher Tuesday.

Gold Aug Contract (GC, ETF: (GLD))
Monday’s flat ranging reflects not an extended market, but an optimistic consolidation. Any initial dip would be likely to recover to fresh highs. Simply extending higher first would be less durable.

Silver Jul Contract (SI, ETF: (SLV))
Monday’s flat ranging reflects not an extended market, but an optimistic consolidation. Any initial dip would be likely to recover to fresh highs. Simply extending higher first would be less durable.

30-year Treasury Sep Contract (US, ETF: (TLT))
Despite Monday’s gap up to 136-00 not extending and higher and only dipping intraday, a bigger bounce targeting at least 136-18 is in-play so long as 134-24 support isn’t broken.

Crude Oil Aug Contract (CL, ETF: (USO))
Sunday night’s probe of 50 cents above Friday’s 106.95 high was retraced entirely before Monday’s open, which held the test of prior highs and weakened slightly. The overnight night range need not be tested before extending back down, but its retest would target 108.75. Meanwhile, back under 104.30 would signal momentum reversing down, confirmed under 102.75 and targeting 100.30.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Not only did Monday’s session avoid trying to rally, its open gapped down and the balance of the session remained in negative territory. The session did not trend down, so an Island Reversal would be credible for extending higher if Tuesday’s open were to gap up.  Otherwise, there is no active pattern.

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Posted in Daily Spot