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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | September 3, 2014 - 2:43 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))
Wednesday’s open gapped up without yet probing under Tuesday’s lows, where a recovery would have been more credible. Not holding 1.3145 as support was probably due to having bounced prematurely.

Gold Oct Contract (GC, ETF: (GLD))
Lower lows overnight stopped $2 short of fully utilizing the room available down to 1259.00 without yet signaling a new downleg underway. Firming intraday tested 1270.00 whose recovery would start to suggest the decline was bottoming.

Silver Sep Contract (SI, ETF: (SLV))
Lacking fresh lows overnight that Gold did produce, the two markets stopped tracking each other as a durable bottom would prefer. Rallying without any first probing a fresh low could extend, but not as reliably.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s break lower wasn’t retraced at all before extending down to fresh lows overnight at 138-00. But an intraday bounce recovered into positive territory testing 139-00, trying to hold positive territory above 138-22/138-25 as support.

Crude Oil Oct Contract (CL, ETF: (USO))
Tuesday’s drop to 92.90 far exceeded the 94.00 target’s pullback objective from 96.00. That wasn’t a sell signal, but only 94.00‘s immediate recovery would prove sellers were satisfied already. In fact, Wednesday’s open was already attacking 94.00, and the session extended to attack 96.00. A bottom still seems to be forming, and close above 96.40-96.80 would confirm the recovery has resumed.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Extending the pullback to 3.87 support allowed for a close above 3.94 to seal a bottom. Testing 3.87 overnight was recovered as the dip extended down to 3.83. Perhaps the extended dip was only pessimism ahead of the EIA report, and closing back above 3.91 Thursday would signal the trend reversing up.

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Posted in Daily Spot