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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | September 10, 2014 - 3:00 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))
Tuesday night’s bounce up to 1.2955 resistance was retraced Wednesday back into Mon-Tue’s 1.2865-1.2895 ranging. So long as the test holds, closing back above 1.2955 could seal a bottom.

Gold Oct Contract (GC, ETF: (GLD))
Tuesday’s post close surge above 1250.50 resistance up to 1258.50 confirmed it was only temporary by retracing entirely into Wednesday’s open and then probing fresh lows intraday down to 1244.50. The minimum 1243.00 target remains in-play so long as 1250.50 continues holding tests as resistance.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s dip held Tuesday’s prior low, hovering just above 18.85 support, suggesting that at least another lower low is developing.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s gap down didn’t extend lower intraday, but Wednesday’s open gapped down again anyway. The duplicate effort also avoided extending any lower intraday, which is in-line with previous expectations that sellers were losing momentum. Wednesday afternoon was still testing 137-10 support to keep alive potential for a recovery, but this pattern can repeat indefinitely before finally launching at least a corrective leg.

Crude Oil Oct Contract (CL, ETF: (USO))
Tuesday morning’s bounce attacking 94.00 resistance confirmed it was temporary by resuming the decline Wednesday to fresh lows. Now having come within 25 cents of its 91.00 target, bounces should hold 91.56 to maintain the decline’s momentum.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report may be the catalyst that produces the consequences for having rallied too optimistically. Wednesday dipped only slightly at the open, but didn’t extend down intraday. Filling the gap back down to 3.79 would help to form a bottom. But not closing under 3.91 Thursday would suggest a bigger rally is underway, anyway.

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Posted in Daily Spot