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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | June 27, 2014 - 2:16 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))
Extending down to new lows into the weekend should finally confirm the downleg is underway. Recovering 80.25 would be the earliest opportunity to suggest the break was false, and that momentum is reversing up rapidly.

Eurodollar Sep Contract (EC, ETF: (FXE))
Thursday’s recovery from retesting 1.3585-1.3600 support extended higher Friday back to Wednesday’s 1.3655 high. There is no bullish reason that might justify further delaying a very obvious rally leg Monday.

Gold Aug Contract (GC, ETF: (GLD))
Friday’s extension of the ongoing range created no further signal. A deeper dip under 1313.00would still have potential to recover for at least one more probe of fresh highs.

Silver Jul Contract (SI, ETF: (SLV))
Ranging narrowly sideways into the weekend continues to predict that extending the rally would require a sudden, steep and substantial upleg to overcome the vulnerability to trending back down.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s slightly higher high up to 137-12 reacted back down under Thursday afternoon’s low to 136-27, leaving outstanding the potential to 137-22. A reversal down would not be credible until the week’s confirmed breakout produces at least one more fresh recovery high close.

Crude Oil Aug Contract (CL, ETF: (USO))
Thursday’s recovery to 106.00 was not exceeded Friday as price only softened. There is no active signal and the ranging is threatening to break falsely in one direction before reversing more substantially in the opposite direction.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Fresh lows into the weekend at 4.38 could have been an interesting low, except that this market is difficult to bottom on Fridays. A fresh low Monday that recovers to close positive and preferably above 4.48 would be bullish.

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Posted in Daily Spot