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.
Today’s Highlight Thursday’s follow-through to Wednesday’s steep moves should find profit-taking ahead of the weekend.
Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Thursday’s bounce stopped short of testing 79.85, let alone recovering as would be necessary to signal momentum reversing up.
Eurodollar Mar Contract (EC, ETF: (FXE)) Wednesday’s break to fresh highs extended higher overnight for Thursday’s open to gap up and test 1.3186. But the balance of the session dipped back down to test Wednesday’s 1.3100 high as support. The pullback has room down to 1.3070-1.3085 to still recover and potentially resume the rally. Any lower would extend the pullback to 1.3020.
Gold Feb Contract (GC, ETF: (GLD)) The next higher target at 1718.00-1720.00 was probed considerably up to 1731.50. The balance of the session consolidated back down to 1718.00-1720.00. Gapping down Friday under 1703.00 would form an Island Reversal out of Thursday’s range, and reverse momentum down to target 1676.00. Any lesser opening weakness would have potential for probing a fresh high up to 1746.50.
Silver Mar Contract (SI, ETF: (SLV)) The 33.55 target was probed Thursday up to 33.79. But the session mostly ranged back down to 33.55. The next higher objective is 34.50 so long as pullbacks hold 33.10.
30-year Treasury Mar Contract (US, ETF: (TLT)) Not immediately extending down from Wednesday afternoon’s steep dive meant the decline was not likely to resume. But it was not necessarily bullish. So, Thursday’s gap up was not required to extend any higher, and did not. The session worked its way higher toward 143-03, whose test should either reverse down toward 140-00, or else extend the rally sharply.
Crude Oil Mar Contract (CL, ETF: (USO)) 100.35 resistance was broken Thursday, after two prior tests held its resistance. A steep reversal back under it is ending the day while testing 99.40-99.75, so the larger distributive pattern remains alive. But a lower close Friday would offer helpful confirmation..
Natural Gas Mar Contract (NG, ETF: (UNG)) Although Wednesday’s 2.81 target was pierced momentarily overnight, the three-day bounce held to its schedule by retracing back down to 2.58 Thursday. Several days of ranging flat to lower are now likely.
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