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 The day before Christmas, and all through the brokerage houses, very little was stirring. That’s it. Have a great holiday!

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Firming Tuesday filled the gap back to Friday’s higher close, so extending further in a subsequent session would be likely to trend in that direction. There is otherwise still potential to fill the gap back down to last Wednesday’s close before rallying further.

Eurodollar Mar Contract (EC, ETF: (FXE))
Tuesday’s gap down probed back into Friday’s range, but did not gain traction, leaving potential for filling the gap above back up to last Wednesday’s close before extending down.

Gold Feb Contract (GC, ETF: (GLD))
Firming Tuesday attacked 1205.00, whose retest would be likely to extend higher targeting 1217.00 and 1232.50.

Silver Mar Contract (SI, ETF: (SLV))
Surging to a fresh high Tuesday attacked 19.70 resistance whose recovery would be likely to trigger a bigger bounce back to prior highs. The blip-up may have been more in sympathy with a “fat-finger” spike up in Copper, but relevant levels are not affected.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Tuesday back under 129-16 extended down to the lowest levels yet of the ongoing range around it, which remains likely to extend back down to fresh lows at 127-28.

Crude Oil Feb Contract (CL, ETF: (USO))
The confirmed breakout has yet to extend higher, although Tuesday did firm back toward recent highs. But now an extended narrowing range is forming, whose first breakout is likely to be false and then likely to be reversed more substantially in the opposite direction. Surging in either direction would still get a small benefit of the doubt for extending.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s dip fully tested the 4.39-4.42 pullback limit, whose break would suggest the rally’s momentum had lapsed, but not yet that momentum was reversing down. Holding its test makes a retest likely of the rally’s 4.51 target, and potentially resuming the rally.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…