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))
Initial strength Sunday night was neutralized to range sideways Monday. There is no requirement to trend any lower, but the lack of volatility after Friday”s plunge does suggest the next leg will begin abruptly.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night”s bounce produced a gap up Monday to test 1174.00 resistance, but that melted away throughout the session to almost fill the gap back to Friday”s close. Closing above 1177.00 would signal a new upleg underway, but fresh lows otherwise remain likely.

Silver May Contract (SI, ETF: (SLV))
Neither of the overnight fluctuations into negative or positive territory was detectable Monday. Its post-open price action ranged narrowly, not extending Friday”s deep decline, but certainly not rejecting it.

30-year Treasury Jun Contract (US, ETF: (TLT))
Bounce potential to 156-28 was fulfilled at Monday”s high as part of sideways ranging from the open”s gap up. And it was not rejected to reverse momentum back down. Friday extremes tend to be retested, so at least filling the gap back to its 155-20 close is likely.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite extending lower to test 49.00, Friday”s close under 50.00 was retraced Monday. Without confirming the break, now a close under 49.00 is needed to confirm a retest of the lows under 44.00 is underway.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Upward momentum was lacking from testing the 2.77 buy signal without closing above it, and then testing the 2.84 confirmation without closing above it. Friday”s dip to attack 2.77 could have neutralized that, had 2.84 been recovered Monday. But the open gapped down to fill the low”s gap back to 2.71. The gap was probed instead of recovering, so a recovery requires triggering a new buy signal back above 2.77.