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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | August 21, 2014 - 2:30 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.

Eurodollar Sep Contract (EC, ETF: (FXE))
Having entrenched the decline to require at least one more future lower close, Thursday’s bounce back to Tuesday’s close helped to refuel the decline.

Gold Oct Contract (GC, ETF: (GLD))
“Ineffectual optimism” that had defended 1296.00 pointlessly on Wednesday was punished Thursday by breaking well under the 1284.50 target to 1274.00. A bounce was rejected in favor of retesting the low. A recovery is unlikely to begin immediately in this pattern. But closing back above 1277.00 would start to suggest the drop was trying to bottom.

Silver Sep Contract (SI, ETF: (SLV))
Dropping to another fresh low on Thursday returned the pattern to be in tandem with Gold, albeit only to temporarily pierce Tuesday’s prior low. Nevertheless, both bouncing simultaneously would be credible for reversing the trend back up.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s piercing of the 139-24 sell signal didn’t react up until after Thursday’s open, which recovered above 140-02. At least a test of 141-02 is in-play so long as 139-24 now holds as support.

Crude Oil Oct Contract (CL, ETF: (USO))
Fresh trend lows overnight held the retest of the decline’s 92.90 target and recovered into Thursday’s open. Extending higher Thursday probed back above the 94.00 buy signal. Triggering it would target 96.30, o long as 92.90 were then held as support.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Bouncing overnight to retest 3.91 resistance was erased before Thursday’s open. The EIA reaction took price down sharply to test Wednesday’s 3.79 low, but it was recovered back up toward 3.91 resistance — stopping pessimistically short of 3.91 is potentially bullish from a contrarian perspective. A floor appears to have been established, and closing above 3.93 would trigger the next rally leg.

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Posted in Daily Spot