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, UUP))
Monday”s narrow ranging made the next leg likely to begin abruptly, which the overnight drop did. But it also gapped down sharply to already test its next lower maximum objective at 1.0750. And that was probed under 1.0700, putting into play 1.0590, so long as 1.0790 isn”t recovered first.

Gold Apr Contract (GC, ETF: (GLD))
Sharply lower lows Monday night fulfilled the 1154.00 target that would have been decisive if met before the close, so the target was lowered. But Monday”s 1154.00 target was still met before Tuesday”s open, and its reaction up did probe positive treritory. So, after probing negative territory intraday, recovering to close positive Tuesday would signal a bottom had formed. The next lower target in-play is otherwise 1148,00.

Silver May Contract (SI, ETF: (SLV))
Deeper lows Monday overnight were retraced in time to open flat Tuesday. Another dip into negative territory attacked the overnight lows, but didn”t touch them, and the decline”s momentum remains intact.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday”s bounce from Friday”s low had held its 156-24 resistance, but Tuesday gapped up above 157-17 and extended to 158-25. Closing any higher would target 159-22, but backing-and-filling is now likeiler — especially if the broader market decline were to begin recovering.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday”s break under the 50.00 sell signal wasn”t confirmed Monday, which bounced to test 50.00 as resistance. But Tuesday”s gap down to attack 49.00 attacked and then exceeded Friday”s probe under 49.00, again signaling a new downleg underway.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Monday”s drop didn”t extend Tuesday, but neither was it rejected, as the session ranged narrowly without even threatening the 2.77 buy signal.