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’s surge suggests that a bottom is forming. That, or buyers have gotten ahead of themselves. Way ahead of themselves. The bottom left nothing outstanding, so confirming the setup Thursday would make the pattern very bullish.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Early strength nearly filled the gap back to Monday’s close before retracing back to Tuesday’s close. Like Tuesday’s break lower, still being within the range makes the price action as informative as noise.

Eurodollar Dec Contract (EC, ETF: (FXE))
Wednesday’s gap down filled the gap back to Monday’s close before recovering to Tuesday’s close. There is no predictive information from the day.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday’s tepid confirmation of Monday’s break at least led to lower lows overnight down to 1210.80. So did Tuesday’s second consecutive close under 1230.50. But those factors didn’t prevent recovering to unchanged Wednesday, or then extending higher to 1251.50. A test of 1270.00 is in-play so long as pullbacks now hold 1245.50. Closing back under 1240.00 would target fresh lows.

Silver Mar Contract (SI, ETF: (SLV))
Fresh lows overnight touched the 18.90 target before reversing $1 intraday, into positive territory and then some. The recovery’s momentum remains intact so long as 18.90 now holds as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s bounce was premature for having developed before meeting the decline’s 129-16 target, which was fulfilled by Wednesday’s gap down before extending back to the 128-29 prior lows. A bottom signal is premature, but at this point would require closing back above 129-16.

Crude Oil Jan Contract (CL, ETF: (USO))
The 97.15 target was tested Tuesday night. A pullback into the morning held above Tuesday’s highs and extended to fresh highs attacking 97.60. Now holding 96.50 would target 98.35 and potentially 100.65.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Still ranging under 4.00 instead of extending through it toward the fresh 4.25 target, and the delay is undermining confidence in extending to the target.

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