Daily Spot
A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap… Notice that ETFs have been added. Please add any others that you find of interest into the comments section for this blog post. Thank you!
Eurodollar Mar (EC, ETF: FXE) The Euro’s probes above 1.3035 since Thursday have retraced to dip back under 1.3020 support. Breaking under 1.3020 now puts into play a probe under last week’s 1.2945 low. Closing under 1.2955 would confirm the downleg is extending to its next target(s) at 1.2650 and potentially to 1.2345.
Gold Feb (GC, ETF: GLD) The bounce into week’s end was not expected to gain traction. That didn’t prevent Monday’s early-morning $13 spike up to 1611.50. But it was retraced soon enough back down to and through the bounce’s 1595.00-1598.00 origin. The attraction under 1589.00 to fill the gap back back down to Thursday’s 1575.00 close should continue to inhibit bounces, or at least prevent them from gaining traction — although meanwhile there is room for one more bounce to fresh highs testing 1620.00. I would not position long for a bounce, but would consider fading it.
Silver Mar (SI, ETF: SLV) Having fulfilled the minimum target of last week’s inverted Head & Shoulders, the pattern was vulnerable to resuming the decline. In fact, Monday’s gap down under Friday’s 29.30 low extended to almost 28.70. Closing any lower Tuesday would put into play new lows targeting 27.90 and potentially 27.05.
30-year Treasury Mar (US, ETF: TLT) Friday’s test of the 145’14 target had room for noise above it up to 145’28. It was probed up to 146’08. Back under 145’22 would suggest a bigger dip underway targeting 145’08. But a close under 144’12 is still the minimum requirement to launch a new downleg.
Crude Oil Mar (CL, ETF: USO) No change to the 95.25 buy signal that must be recovered on a closing basis to rob sellers of their traction.
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