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))
Gapping up Monday and extending through 1.0855 resistance all but ensures also retesting last Wednesday”s “flash crash” extreme, presumably to 1.1075 so long as Tuesday”s close doesn”t settle back under 1.0855.

Gold Apr Contract (GC, ETF: (GLD))
Monday”s weaker open nonetheless recovered into positive territory, still targeting 1197.00, although closing back under Monday”s 1181.20 post-open low would trigger a corrective dip, first.

Silver May Contract (SI, ETF: (SLV))
Gapping down slightly Monday didn”t extend, but its recovery only ranged narrowly around unchanged. Any deeper pullback would likely test support down to “lower prior highs” at.16.45-16.60.

30-year Treasury Jun Contract (US, ETF: (TLT))
Initially probing slightly higher highs Monday morning up to 164-16 left potential oustanding up to 164-28. A dip into negative territroy was recovered to range narrowly around unchanged through the afternoon. Closing back under 163-02 would signal a deeper correction underway.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
I announced in the chaRTroom at noon that retracing 61.8% of Monday”s opening dip back up through 46.60-46.75 — instead of extending down to reject Friday”s bounce — was suggesting higher highs in-play. My objective is 49.55 so long as 46.60 now holds as support.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Friday”s dip fill the gap back to Thursday”s close and to test 2.77 support was then gapped down Monday to fill a week-old gap back down to 2.71. That must be the pullback”s end to avoid fresh lows that might even become a new downleg. The accumulative pattern is remains intact, but its timing needs to rally through Tuesday to greet this week”s EIA report from a position of strength.