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))
Still firming Tuesday since completing its pullback, but with restrained optimism that suggests a break higher could almost literally explode to the upside.
Gold Apr Contract (GC, ETF: (GLD))
Backing-and-filling persisted Tuesday, still hovering at or under its 1328.50-1333.00 pullback limit and likely to resolve up and test unfinished business above.
Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s pullback low held the 15.80 “lower prior highs” whose recovery had confirmed the prior upleg and target in-play. This pullback has no time limit, but there is no lower requirement and no reason to further delay launching a credible rally.
30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping right back up to the 146-12 buy signal Tuesday extended higher without delay to retest Friday’s high up to 146-27. And unlike Friday’s prior test, indicated to end the day at the upper-end of its range rather than lower. Interim dips have probed relevant support without attracting reinforcements or otherwise confirming their reversal attempts. Repeatedly recovering suggests the pattern still intends to resolve in a new upleg above 147-00.
Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s extended pullback had probed under the 55.85-56.05 pullback limit. Not confirming with a second consecutive lower close helps to suggest the reaction was only temporary. Closing back above 56.10 as soon as Tuesday remains entirely credible for resuming the rally to fresh recovery highs.
Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Apr which trades at a 4-cent discount to Mar]… Gapping up Tuesday began retracing immediately, leaving it to a positive close either to fulfill an already confirmed breakout, or else to confirm a borderline breakout and require another positive close to fulfill it.