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 Highlights Natural Gas showed us Monday by gapping down sharply what can happen when one trend extends without refueling along the way. Meanwhile, the long bond has been dumping a lot of ballast lately. Interestingly, the influential Employment Situation report is approaching, and relevant support is being tested.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Monday’s ranging around 79.85 continued to prevent the downleg from resuming.

Eurodollar Mar Contract (EC, ETF: (FXE)) Friday’s test of the 1.3465-1.3475 objective held Monday, containing a very narrow intraday range. The pattern remains vulnerable to reversing down.

Gold Feb Contract (GC, ETF: (GLD)) Fresh lows down to 1651.00 at Monday’s open did not suggest Friday’s test of 1656.00 was holding. But the decline cannot afford to hesitate if it intends to extend down.

Silver Mar Contract (SI, ETF: (SLV)) The correction extended Monday to within 25 cents of its 30.50 objective.

30-year Treasury Mar Contract (US, ETF: (TLT)) Monday’s opening 1-point drop pierced the 143-04 objective by 1 tick. Its reaction up should hold a test of 143-18 to maintain momentum next targeting 142-26.

Crude Oil Mar Contract (CL, ETF: (USO)) Gapping up Monday attacked prior highs just a dime higher at 96.90 before reacting back down into negative territory. Like the two prior sessions’ intraday dips, sellers did not gain traction. But buyers have yet to be rewarded for absorbing them.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL)) Monday’s gap down attacked the 3.25 objective, which remains in-play so long as 3.37 isn’t recovered.

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