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 Crude Oil extended higher aggressively Tuesday by gapping up and spending the entire session in positive territory. The buy signal is not yet one week old, so it should still be able to produce at least one big upday if valid.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Gapping up Tuesday did not prevent a dip into negative territory that attacked the 82.25-82.37 sell signal. Just as quick, a recovery ranged the balance of the session unchanged.

Eurodollar Mar Contract (EC, ETF: (FXE))
Monday’s bounce extended Tuesday to finish retracing at least 61.8% of Friday’s plunge, testing 1.3070 before retracing to the plunge’s 38.2% retracement at the 1.3005 pullback limit. Resuming the recovery without delay from this level would be credible for extending sharply higher. Otherwise, any lower could delay another recovery attempt until week’s end.

Gold Apr Contract (GC, ETF: (GLD))
The potential detour immediately probed the lower-end of 1596.50-1601.00 Tuesday up to 1597.00. Its retest held. Back under 1587.00 would signal the bounce had failed, and under 1584.00 would start to signal momentum reversing down.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s gap up above the 29.10 buy signal didn’t extend much past the 29.20 prior high before only ranging around it intraday. A second consecutive higher close Wednesday would confirm a rally underway, but the pattern is otherwise likelier to dip back into the range.

30-year Treasury Jun Contract (US, ETF: (TLT))
Firming slightly at Tuesday’s open quickly trended through the 141-10 bounce limit to 141-24, which would invalidate the decline’s momentum only if Wednesday were to close higher for a second consecutive session.

Crude Oil Apr Contract (CL, ETF: (USO))
The confirmed buy signal above 91.45 had extended even higher into Monday’s close, and Tuesday fulfilled the setup’s requirement not to interrupt that recovery attempt by gapping up to test 93.50. Pullbacks should hold 91.90 to maintain the rally’s momentum.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up quickly peaked for the balance of the session to range choppily around unchanged at about 3.65, leaving the sell signal untriggered.

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