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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | July 30, 2014 - 2:55 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 Wednesday afternoon’s FOMC statement certainly got a reaction. But the pre-open GDP had already shaken things up, and down.

Eurodollar Sep Contract (EC, ETF: (FXE))
Wednesday’s opening dip remained under pressure into the afternoon, when FOMC triggered firming that attacked Tuesday’s lows. There is no buy signal.

Gold Aug Contract (GC, ETF: (GLD))
Tuesday’s bounce was retraced Wednesday morning to 1291.00, but recovered to hold 1296.00 support. The GDP and FOMC news kept the pressure on, but the close was still testing 1296.00, keeping alive the 1284.50 target.

Silver Sep Contract (SI, ETF: (SLV))
The 20.75-20.85 bounce limit that had been tested and retested Monday and Tuesday was still being tested Wednesday, along with 20.55 support whose break would target fresh lows.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s opening dip filled the gap back down to Monday’s close, and despite Tuesday’s bounce having missed its 139-06 minimum objective by 3 ticks, already extended down to fresh lows at 137-10. Back above3 138-00 would target fresh highs of at least 139-06. It was attacked by the FOMC reaction, but not recovered.

Crude Oil Sep Contract (CL, ETF: (USO))
Wednesday’s “ineffectual pessimism” produced a gap up Thursday, which filled the gap back to Monday’s 101.55 close. But having held the 101.00 bounce limit on Tuesday, a reaction down probed fresh lows under 100.00, which was still being tested through the close.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s dip back down to 3.76 avoided an immediate recovery above 3.85, which would have allowed Wednesday’s sudden surge to gain traction and extend into a recovery. Much of the post-open dip was still recovered, keeping alive the bottoming potential, and a gap up to Tuesday’s slightly higher close — with EIA reporting on Thursday morning.

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Posted in Daily Spot