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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 17, 2015 - 2:48 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))
Fluctuation doesn”t accurately describe Sunday night and Monday”s choppiness. But it was all recovered before Tuesday”s open. The balance of the session only ranged narrowly sideways, still needing a close above 1.1455 to trigger another breakout.

Gold Apr Contract (GC, ETF: (GLD))
Thursday”s “ineffectual optimism” didn”t immediately launch a decline Friday, and neither did Friday”s, which went out testing the 1226.50 bounce limit. But sharply lower lows through Tuesday down to 1203.30 confirm the decline”s momentum remains intact, still targeting 1185.00-1195.00.

Silver Mar Contract (SI, ETF: (SLV))
Friday”s single-day surge to fresh highs had originated from an unstable base, which became obvious by Tuesday”s open rejecting the surge entirely back to Thursday”s 16.77 close. The balance of the opening action trended down to fresh lows at 16.25, next targeting 15.80.

30-year Treasury Mar Contract (US, ETF: (TLT))
The next lower target at 144-18 was test Tuesday”s morning, and then broken on the way to piercing 144-00. An afternoon bounce was challenging 144-18 from below, but now a recovery must close above 144-30 to be credible.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
Tuesday morning”s slide to 50.80 filled the gap back down to Thursday”s 51.25 close. Rallying more than $3 from there once again pierced the twice-tested 54.00 highs. There is no bearish reason for the retest at this stage of the pattern, so extending higher without delay is likely.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
.Gapping up Tuesday didn”t extend higher, and the morning pulled back to test the original 2.70 buy signal as support. Its reaction didn”t recover positive territory, but Wednesday morning should rally through 2.81 for optimal confirmation the pullback was only temporary.

Posted in Daily Spot