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 Gold action was finally subdued Monday, but that didn’t see buyers rotate into Crude Oil, only more selling pressure. One might be incapable of rallying without the other, unless Crude Oil can reject the past two sessions’ decline without further delay.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Monday’s narrow ranging may have only delayed gapping down from Friday’s range to form and Island Reversal.

Eurodollar Mar Contract (EC, ETF: (FXE)) Monday’s narrow inside day did not trigger a signal. Back above 1.3105-1.3113 would signal momentum reversing up and potentially targeting 1.3185 and 1.3300.

Gold Apr Contract (GC, ETF: (GLD)) Monday’s narrow ranging essentially tested 1575.00 throughout the day, holding 1571.00 support. But in any case, sellers remain in control.

Silver Mar Contract (SI, ETF: (SLV)) Monday’s narrow inside day hovered at 28.45 support, all but assuring a probe of fresh lows to come.

30-year Treasury Jun Contract (US, ETF: (TLT)) Monday finally dipped a little from Friday’s gap up to 144-22 resistance, but only slightly to avoid triggering any signal.

Crude Oil Apr Contract (CL, ETF: (USO)) The initial break lower is becoming outsized to be only a false break. Back above 91.45 would signal momentum reversing down, but it must trigger before Tuesday’s close.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL)) Monday firmed back toward Thursday’s test of 3.55, posited for a breakout that should be underway by Tuesday’s close if the recent rally isn’t instead peaking.

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