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 down Tuesday didn’t entirely compensate for the delay in participating with Monday’s general currency market decline. But it creates a buy signal that would trigger above 1.2465 and targeting 1.2550. Closing back under 1.2395 would start to make a recovery less likely, or at least more difficult.

Gold Apr Contract (GC, ETF: (GLD))
Probing back above 1341.00 resistance overnight was reversed already by Tuesday’s open, and then intraday to fresh lows testing 1329.00. Back above 1341.00 would still be credible for extending higher, but the door is open to a deeper pullback.

Silver Mar Contract (SI, ETF: (SLV))
Bouncing overnight to test 16.95 as resistance was reversed back down 25 cents before Tuesday’s open, and trended down to fresh lows intraday. Another test of 16.95 would be likely to extend, but that becomes unlikely if delayed by another day.

30-year Treasury Mar Contract (US, ETF: (TLT))
Rallying steeply while stocks plunged overnight wasn’t rejected Tuesday morning. But the test of “higher prior lows” up to 147-23 was retraced before the open to only fill the gap back up to Friday’s 146-03 close. The session only ranged choppily around unchanged, as the pattern still requires at least one more new low close.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging flat-to-lower Tuesday held 63.15 support whose break would next target 61.50. Closing back above 64.20 would now be able to resume the rally targeting 67.15.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Monday’s drop had extended under the gap that two prior sessions had stopped optimistically short of filling. Tuesday’s lower low only recovered to fill the gap back up to Monday’s close, but closing above Friday’s 2.86 close would still signal momentum reversing up.

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