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 Extending down to unsustainable new lows Wednesday night and trapping shorts may have worked to the advantage of Gold launching a sizable corrective bounce.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Fresh highs testing the next higher objective at 81.55 essentially ranged sideways at resistance after the open’s gap up. If the rally’s momentum hasn’t now peaked, then a much more significant rally is underway.

Eurodollar Mar Contract (EC, ETF: (FXE)) The next lower objective was met Wednesday night at 1.3165. There is potential for a bounce to 1.3330, so long as 1.3145 now holds as support.

Gold Apr Contract (GC, ETF: (GLD)) Fresh lows at 1554.00 Wednesday night still recovered back above 1571.00 to signal a corrective bounce underway targeting 1596.50-1601.00.; Having already tested 1584.00 intraday, the rally remains intact so long as 1575.00 holds as support.

Silver Mar Contract (SI, ETF: (SLV)) Despite not extending fresh lows Wednesday night under 28.30, Thursday’s session only ranged narrowly sideways. Back above 29.03 would target 29.83.

30-year Treasury Mar Contract (US, ETF: (TLT)) Wednesday’s inability to maintain its break under 143-04 was explained by Thursday’s gap up to 143-18 resistance that extended higher to 144-07. Unless rejected immediately Friday, the bounce should extend to 145-03-145-06.

Crude Oil Apr Contract (CL, ETF: (USO)) Fresh lows probed under 93.40 down to 92.65, but did not extend, or recover. The balance of the session ranged narrowly with resistance at 93.40, and with potential for extending down to 91.30 so long as 94.00now holds as resistance.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL)) A volatile reaction to EAI tested 3.33 resistance momentarily, but ultimately ranged narrowly through the close.

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