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 Year-end fluctuation might be confused with elasticity. But it’s not that opinion is isn’t fixed. It’s that opinion  can be irrelevant at year-end.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Tuesday’s flat-to-higher ranging is in-line with Monday’s retracement being only that, and not a new downleg. But upside follow-through is needed for confirmation.

Eurodollar Mar Contract (EC, ETF: (FXE))
Gapping down Tuesday undermined Monday’s retracement, but 1.3550-1.3570 held as support to avoid signaling the downleg was yet underway.

Gold Feb Contract (GC, ETF: (GLD))
Monday night’s recovery back up to 1205.00 confirmed the post-close drop was only noise. Sponsorship of Tuesday’s pre-open plunge to new lows at 1181.40 wasn’t any stronger handed, which recovering to 1214.00 confirmed. A close above 1205.00 was missed, but extending higher without delay would confirm the 1232.50 target remains intact.

Silver Mar Contract (SI, ETF: (SLV))
After plunging to almost 18.70 Tuesday morning, a temporary recovery back above 19.70 dipping into the close. Extending higher without delay Thursday would be entirely credible for putting in a bottom.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday’s bounce above Friday’s high had begun from too low to gain traction, leaving the door open for Tuesday’s drop to fulfill the unfinished business below at 127-28 down to 127-23. The drop’s momentum remains intact so long as 128-06 holds as resistance.

Crude Oil Feb Contract (CL, ETF: (USO))
Tuesday’s gap down tested the rally’s original 98.35 target as support down to 98.15. Closing above 98.75 would signal the rally had resumed. There is otherwise no active signal.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Neutralizing the gap back up to last Thursday’s close on Monday neutralized an attraction above, which didn’t inhibit Tuesday’s drop to fresh lows. The pattern doesn’t yet contain two consecutive lower close that prevent recovering.

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