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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | September 5, 2014 - 2:17 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))
Already shell-shocked from Thursday’s pre-open plunge and post-open slide, Friday’s Employment Situation report didn’t trigger a recovery or an extension of the week’s decline. Since Monday morning’s action often duplicates Friday’s pattern — regardless of gapping up or down out of the weekend — post-open action should also be contained into the noon hour.

Gold Oct Contract (GC, ETF: (GLD))
Fresh lows Thursday night tested the room for noise down to 1259.00 by $1, recovering to the decline’s original 1265.50 target ahead of Friday’s NFP report. Its reaction up attacked 1275.50 before retracing entirely back down to 1265.50. The missed opportunity to rally may simply be delayed, and back above 1270.00 would be credible for launching a rally.

Silver Sep Contract (SI, ETF: (SLV))
Fresh lows Thursday night brought the market in lockstep with Gold so that a bottom could be considered complete if any resistance were probed. Almost any strength Monday would suggest that a bottom had formed and was resolving up. Fresh low were welcome before Friday, but now fresh lows would be redundant and bearish.

30-year Treasury Dec Contract (US, ETF: (TLT))
The knee-jerk reaction down to NFP touched Tuesday night’s 137-28 low and recovered back up above 139-00. held But another fell dip to 138-08, as the pattern continues ranging widely around Wednesday’s 138-22/138-25 close.

Crude Oil Oct Contract (CL, ETF: (USO))
The reaction down extended Friday, eventually failing to hold 94.00 support, filling the gap back down to Tuesday’s 93.00 close. One attempt to recover back above 93.65 failed, but back above 94.65 would still signal the dip had ended and momentum was reversing up.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
The week’s dip attracted no new sponsorship into the weekend, hovering around 3.79 support. Back above 3.83 and 3.91 would signal a rally underway. No new levels were established on the way down that weren’t already influential on the way up, further suggesting the pullback is only temporary.

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Posted in Daily Spot