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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 12, 2015 - 2:26 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))
Two consecutive sessions of ineffectual pessimism launched Thursday”s rally that quickly extended to 1.1425 resistance. That”s natural resistance at the 61.8% retracement of the last singular plunge. Having held its test intraday, closing above 1.1455 Friday would signal the trend reversing the trend up.

Gold Apr Contract (GC, ETF: (GLD))
Gapping up Thursday held a test of the 1227.00 before reversing to fill the gap back down to Wednesday”s ~1220.00 close. Another midday bounce also failed. Being only a slightly lower close and still within Wednesday”s range, Wednesday”s break wasn”t confirmed. But the trend still remains down.

Silver Mar Contract (SI, ETF: (SLV))
Ranging choppily Thursday, mostly in positive territory, didn”t resolve up. The “ineffectual optimism” makes credible any initial attempt to resume the decline Friday.

30-year Treasury Mar Contract (US, ETF: (TLT))
Another momentary probe of fresh lows Thursday was retraced back up into Tuesday and Wednesday”s prior range. Closing above 147-18, which is otherwise resistance, would start to signal the trend reversing back up. The trend otherwise remains down.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
Wednesday”s ongoing test of the 49.35 pullback limit proved it had held when Thursday”s open gapped up above Wednesday”s own recovery highs. The morning”s high contained the balance of the session”s price action. Back above 51.85 early Friday would be credible for trending higher into the weekend.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Greeting Thursday”s EIA report, after Wednesday”s close confirmed Tuesday”s breakout, couldn”t prevent an initially negative knee-jerk reaction down, but it requires the reaction”s recovery. Having held a test of 2.70 as support, back above 2.77 would start to signal the rally  had resumed, with at least one more higher close still outstanding.

Posted in Daily Spot