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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 10, 2015 - 3:09 pm

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE))
Tuesday”s gap down filled the gap back down to Monday”s gap down, proving Monday”s session (gapping down then reversed into positive territory) was “ineffectual optimism.” Tuesday”s gap down, which then hovered in negative territory without extending any lower, was “ineffectual pessimism” that neutralized Monday”s impatient buying. Recovering above Monday”s 1.1350-1.1360 highs would target 1.1425 and potentially 1.1540.

Gold Apr Contract (GC, ETF: (GLD))
The decline”s 1231.80 target was retested Tuesday. The decline can resume so long as 1236.70 now holds as resistance. Closing back above 1244.50 would trigger a bigger bounce with potential to 1257.00.

Silver Mar Contract (SI, ETF: (SLV))
Monday”s gap up was an inside day compared to Friday”s decline. So was Tuesday”s gap down that mostly ranged sideways. Back under 16.80 would at least target a retest of Friday”s 16.55 low. But closing first above 17.15 would trigger a bigger bounce to 17.40.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday”s gap down ranged around Friday”s 147-01 low, with room to 146-14 before a lower close would confirm a deeper drop underway targeting 144-16.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
Monday”s test of last week”s high up to 54.00 barely held its 52.85 pullback limit, and Tuesday”s probe under 51.75 reversed momentum down intraday to probe under 50.00. Closing back above 52.85 is needed to launch another upleg.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
The bottoming potential tried again to gain traction Tuesday, surging through the 2.70 buy signal, which was still being overlapped. A second consecutive higher close on Wednesday would greet Thursday”s EIA report from a position of strength.

Posted in Daily Spot