Daily Spot

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))
Choppiness during Yellen”s testimony Tuesday neither reversed the trend nor resumed it. But not exploiting the opportunity to resume the trend at this pivotal level does suggest the pattern is under accumulation..

Gold Apr Contract (GC, ETF: (GLD))
Monday”s test of the 1191.50 target wasn”t credible because it only printed overnight, and negative territory was altogether avoided intraday. Tuesday”s retest of Monday”s low had also reacted up above 1197.50, twice, at least suggesting that the decline has ended. A bounce has room up to 1212.00 before signaling a rally is underway.

Silver Mar Contract (SI, ETF: (SLV))
Expending so much energy to avoid probing again back under last week”s lows only made support indefensible. Tuesday morning”s narrow ranging finally broke lower to retest Sunday”s overnight lows, so any lower low is likely to extend the trend.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday”s close above 144-30 didn”t waste time Tuesday extending to the 146-14 minimum corrective bounce target, with there still being room up to 147-00 before suggesting a bigger rally is actually underway, and room for a pullback to 145-24 before signaling the bounce has ended.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
Tuesday continued ranging within the 49.00-50.50 rock and a hard place. Delaying the probe”s recovery doesn”t help to form a bottom, which needs to begin aggressively to be credible.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Firming Tuesday was in-line with expectations that Monday”s dip to “lower prior highs” would ultimately hold and recover to fresh highs. But it didn”t gain traction for resuming the rally, which now would be signaled by breaking above Tuesday”s high.