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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | September 12, 2014 - 2:59 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))
Thursday’s bounce had stopped pessimistically short upon attacking 1.2955 resistance. Friday’s open leveraged that positioning by probing above it, but enough pessimism persists that 1.2955 was still being ranged around.

Gold Oct Contract (GC, ETF: (GLD))
Fresh lows fulfilled the decline’s next lower target at 1231.00. That lowered the bounce limit down to 1234.50, and its test produced a new low under 1229.00. Its reaction up also held 1234.50, which reacted back down to 1231.00. The pattern is next targeting 1220.00-1222.00 so long as bounces continue to hold 1234.50 as resistance.

Silver Sep Contract (SI, ETF: (SLV))
The pattern broke from Gold by not even challenging fresh lows intraday Friday. Closing back above 19.10 would signal the trend has reversed back up, so it should hold as resistance until Gold has bottomed.

30-year Treasury Dec Contract (US, ETF: (TLT))
Despite having laid the groundwork Thursday for a recovery by chipping away at resistance above and neutralizing an attraction below, Friday’s open gapped down to new lows for the trend. Fresh multi-session lows Friday tend to be duplicated Monday morning, so not gapping up substantially Monday would make the decline likely to extend.

Crude Oil Oct Contract (CL, ETF: (USO))
Thursday’s rally from fulfilling the decline’s 91.00 target wasn’t really retraced from its 93.45 peak. Shallow overnight weakness recovered momentarily to a fresh high. Afternoon action finally started falling to at least test 92.00, still targeting a retest or attack on the lows.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Friday’s opening dip filled the outstanding gap down to 3.79. Filling it Thursday would have been bullish. Only hovering above it after attacking it so closely early in the day reflected “ineffectual optimism.” The dip back was recovered into positive territory above 3.83, short of 3.87 which would have been impressive. A retest of 3.79 or even fresh lows can’t yet be discounted.

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Posted in Daily Spot