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))
Wednesday’s drop had held 1.2060 to avoid reversing the trend down. That was likely, since the rally’s 1.2025-1.2035 target area had yet to be fully tested, and a gap was outstanding above. Both were tested before last week ended. Overnight weakness gapped down Monday back under 1.2060 which now leaves outstanding another gap at 1.2100, but from a position of weakness.
Gold Feb Contract (GC, ETF: (GLD))
Monday was the rally’s first day not to probe above the prior session’s high. It was an inside day, which helps to relieve the pressure from the ongoing up/down-crash pattern. Early trending Tuesday is less likely to extend, and likelier to reverse in the opposite direction.
Silver Mar Contract (SI, ETF: (SLV))
Monday was the rally’s first day not to probe above the prior session’s high, but its intraday low probed under all of last week’s lows. This doesn’t necessarily mean momentum is reversing down, but any early weakness maintained through mid-morning would be likely to extend in that direction.
30-year Treasury Mar Contract (US, ETF: (TLT))
Sunday night’s strength was in the range and reversed through the morning to test the 151-16 prior low and uptrending pivotal support. Extending down to test the recent 150-14 low is likely if Tuesday morning doesn’t rally to at least attack 152-22.
Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s pullback to the target’s 62.10 target had held. Monday’s narrowly ranging session leaves no bullish reason to close back under it, and keeping alive the 64.50 area target. Back under 60.45 would signal momentum reversing down.
Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Having held its 2.78 pullback limit on Friday, closing back above 2.86 would end the correction and resume the rally. Sunday night’s high touched 2.86 but Monday dipped to fill the gap back down to Friday’s 2.80 close. There is no bullish reason to further delay a recovery.