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 edit
Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Tuesday’s test of Monday’s 79.55 resistance had kept alive the requirement for at least one more new low in the decline. There was not much of a wait, as Wednesday’s open gapped down to test the 79.00 prior lows. Lower lows testing 74.75 fulfilled the pattern’s next measured support. There is no more unfinished business below, but not yet a bottoming pattern in place.
Eurodollar Mar Contract (EC, ETF: (FXE)) Wednesday’s open gapped up to test 1.3175 resistance, and eventually extended higher to fill the gap back to Friday’s 1.3215 close. There is no unfinished business above, but potential to extend higher to test 1.3333 so long as 1.3150 holds as support.
Gold Apr Contract (GC, ETF: (GLD)) Wednesday’s open immediately fulfilled the required retest of Tuesday’s 1744.40 opening gap. The balance of the session ranged sideways, further suggesting that the rally had run into difficulty. Closing under 1730.50 would signal momentum reversing down.
Silver Mar Contract (SI, ETF: (SLV)) Like Tuesday’s gap up, Wednesday’s gap up was under prior highs. Its sponsorship is weak hands. The rally may yet extend above 33.60 to 34.60, but a close under 33.00 could launch a new downleg.
30-year Treasury Mar Contract (US, ETF: (TLT)) Wednesday’s “inside day” dipped from testing 145-10 resistance back down to Tuesday’s 144-09 low. Back above 145-05 would target 145-28 and 146-22. After testing either — preferably from at least above 146-00 — reversing down to close in negative territory would seal a top.
Crude Oil Mar Contract (CL, ETF: (USO)) Tuesday’s complete retracement of its huge opening gap up did not extend down immediately Wednesday. But the morning’s shallow bounce did resolve into new lows. A second consecutive lower close Thursday would launch a new downleg. Any delay would be considered bullish.
Natural Gas Mar Contract (NG, ETF: (UNG)) The reaction down continued Wednesday after Monday’s premature test of the rally’s 2.81 target. Although not required, the gap back to the 2.40 low close was filled. There is potential for extending to a new low under 2.33 unless 2.48 were recovered first. The EIA reports inventories after Thursday’s open.
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