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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | September 24, 2014 - 3:05 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 Sep Contract (EC, ETF: (FXE))
Wednesday”s lower open rejected Tuesday”s bounce. At least, for now. Not confirming Wednesday”s breakout Thursday with a second consecutive lower close could start to seal a bottom.

Gold Oct Contract (GC, ETF: (GLD))
Tuesday”s pullback from probing its 1222.80 buy signal waited until Wednesday to try extending down. That never gained traction, while two attempts to recover 1222.80 also failed to gain traction.

Silver Sep Contract (SI, ETF: (SLV))
Monday”s failed overnight test of the 17.92 buy signal wasn”t repeated Tuesday, but it didn”t suffer a pullback until Wednesday extended down to fresh lows testing 17.51. Sellers gained no traction, and the 17.92 buy signal remains intact.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fresh highs to 137-13 after Tuesday”s close were retested overnight, and extended to intraday Wednesday. Reacting back down to attack Monday”s range in the 136-26/136-28 area is healthy pessimism that keeps 138-02 in-play.

Crude Oil Nov Contract (CL, ETF: (USO))
Probing above 92.50 Wednesday triggered the buy signal. Pullbacks must now hold 92.00 as support to maintain this leg targeting at least 95.00. 

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday”s failure to form a Pivot Reversal was compensated by Wednesday”s surge back through the 3.87 buy signal to also test 3.91 ahead of Thursday”s EIA report.

Posted in Daily Spot