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 Tuesday’s price action had a common theme of counter-trending or not trending. No coverage extended toward unfinished business.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Ranging sideways Tuesday in negative territory without extending down, despite probing prior lows, is essentially “ineffectual pessimism.” Any initial strength Wednesday would be credible for extending up throughout the day.

Eurodollar Mar Contract (EC, ETF: (FXE))
Tuesday’s probe of Friday’s close back to it high gained no traction, essentially ranging sideways like Monday’s dip. Closing back under 1.3645 would be credible for extending down, but there is otherwise no active buy signal.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday’s hovering under Monday 1255.00 highs eventually plunged — relatively speaking — to probe under the 1246.00 pullback limit down to 1241.00, without recovering. Opening Wednesday’s regular trading hours back above 1246.00 would reject the late plunge. There is otherwise no active sell signal.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s late plunge still held above relevant support, so not extending down immediately Wednesday would be likely to recover.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s pullback held 130-18, which is able to resume the rally to fulfill the minimum required higher close. But the pullback could still visit 130-02 first.

Crude Oil Feb Contract (CL, ETF: (USO))
Tuesday’s choppy ranging still leaves outstanding the more thorough test of the decline’s 90.50-91.25 target range.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Monday’s bounce extended to probe the 4.36 bounce limit that represents the Head & Shoulders pattern’s maximum corrective bounce. Closing any higher would all but invalidate the pattern.

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