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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 3, 2015 - 2:34 pm

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE))
Immediate strength Tuesday was required to exploit Monday”s firming, and to prevent it from only having stretched the rubber band for snapping back down to the lows. The open did gap up above 1.1385 and extend sharply higher throughout the day to test 1.1545 resistance. The second consecutive higher close suggests a more durable rally is underway. Back under 1.1425 would signal a deeper pullback underway.

Gold Apr Contract (GC, ETF: (GLD))
Bouncing overnight to 1286.50 was rejected by gapping down Tuesday to and through the 1272.50 sell signal and extended down sharply intraday under 1256.00. Fresh lows remain likely as the bigger pullback continues to develop, targeting 1232.00-1236.00.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday”s narrow range was a product of Monday”s narrow range. Friday”s retracement of Thursday”s drop hasn”t gained any new traction to prevent retesting Thursday”s lows, and extending lower.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday night”s drop back under 150-11 made the 151-28 target unlikely to be exceeded. Closing back under 149-14 signal the trend is reversing back down, its timing still subject to a second consecutive lower close that would underming backing-and-filling up to 150-15.

Crude Oil Mar Contract (CL, ETF: (USO))
Higher highs overnight to 51.55 were extended intraday to test 54.25 now allowing room for a pullback down to 52.75 without invalidating the rally”s momentum. Back under 51.50 would signal a deeper pullback underway.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Two days of fresh lows still overlapping the prior session”s range made any early strength credible for extending higher. It wasn”t very early, but the 2.70 buy signal did trigger meaningful follow-through. A second consecutive higher close Wednesday would greet Thursday”s EIA report in a position of strength to extend sharply higher.

Posted in Daily Spot