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 25, 2014 - 3:19 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))
Wednesday’s dip to 80.15 was a fresh low, not quite trending, but still chipping away at support to keep alive potential for a new downleg.

Eurodollar Sep Contract (EC, ETF: (FXE))
While Wednesday’s lows did hold 1.3580-1.3600 support, the reaction up hasn’t yet made obvious that a new rally leg is underway. The fresh high intraday buys another day to prove it.

Gold Aug Contract (GC, ETF: (GLD))
Tuesday’s fresh high didn’t extend, neither was it bearish. And not being preceded by a corrective dip onyl inhibited the ability to extend higher. So, Wednesday was able to probe fresh highs, but didn’t get very far. The pattern remains vulnerable to extending higher, but not with any required objective outstanding.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s fresh high didn’t extend, neither was it bearish. And not being preceded by a corrective dip onyl inhibited the ability to extend higher. So, Wednesday was able to probe fresh highs, but didn’t get very far. The pattern remains vulnerable to extending higher, but not with any required objective outstanding.

30-year Treasury Sep Contract (US, ETF: (TLT))
The attraction to 136-18 was fulfilled by a surge through it to 136-30 Wednesday. But 136-18 held through the close, so no higher target is in-play.

Crude Oil Aug Contract (CL, ETF: (USO))
Another overnight spike up to 107.50 was retraced again entirely before the open. Regular trading hours are still ranging around 106.00, with no signal likely until at least one attempt to trend away from it.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Wednesday’s dip only touched Friday’s 4.51 low before bouncing back into the range, but that might be enough to allow a favorable reaction to Thursday’s EIA report. In any case, back under 4.51 would target fresh lows.

[/pay]

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

Posted in Daily Spot