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 fluctuation around 1.2320 for a fourth consecutive session further confirms the pattern has lost its momentum. But the delay in rejecting its prior week’s drop from 1.2530 also suggests that fresh lows are yet to come.
Gold Apr Contract (GC, ETF: (GLD))
Rallying Sunday night to attack 1343.00 barely managed to open at 1340.00 before sliding back under 1332.00. Stopping optimistically short of filling the gap back to Friday’s 1330.50 close suggests fresh lows remain likely before any credible rally attempt. But closing back above 1335.00 might still get a benefit of the doubt for launching a new rally leg.
Silver Mar Contract (SI, ETF: (SLV))
Sunday night’s initial surged to 16.72 held week-old resistance at an outstanding gap. Monday’s open was back at or under last week’s ~16.65 prior highs, and briefly pierced negative territory 20 cents lower. That filled the gap back to Friday’s close, neutralizing its attraction, so actually closing above 16.70 would be credible for launching the new upleg that Sunday night’s surge had tried.
30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping up again Monday touched 144.27 before dipping back under 144-12, which must hold as resistance to continue being only a temporary corrective bounce. Closing back under 144-30 and 143-26 would be likely next to test 143-06 and 142-18.
Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing higher Monday to attack 64.25 was on-track to already fulfill the minimum third consecutive higher close required by Thursday’s confirmed breakout. Potential to 67.05 remains intact so long as pullbacks now hold 63.45 as support.
Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Monday’s narrow ranging only further delays the likely probe of fresh lows under 2.55 that would likely not extend down, but which the pattern all but requires before any recovery effort can be credible.