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 and Natural Gas offered examples of extreme sentiment being reflected by an early move that reverses substantially intraday.
Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Bouncing slightly at Monday’s open was quickly retraced to range narrowly around Friday’s close, leaving no active signal.
Eurodollar Mar Contract (EC, ETF: (FXE))
Monday’s shallow gap down was recovered to range unchanged through much of the session. Positive territory wasn’t recovered, as no new signal was triggered.
Gold Feb Contract (GC, ETF: (GLD))
Sunday night’s gap up to test fresh highs at 1280.00 was retraced before Monday’s open, and then rejected further — to 1257.00 intraday and to probe under 1252.00 post-close. The second consecutive close under 1270.00 after having tested it does suggest at least this leg of the rally has peaked.
Silver Mar Contract (SI, ETF: (SLV))
Gapping up Sunday night to 19.95 then extended higher, but reversed down before the open. The 19.70 pullback limit was being probed by nearly a dime through the close, and must be recovered without delay Tuesday to resume the rally.
30-year Treasury Mar Contract (US, ETF: (TLT))
Sunday night’s gap up to a fresh high testing 133-08 was about a quarter-point too shallow to fulfill a false break of Friday’s Symmetrical Triangle. Price reversed down nonetheless, testing the 132-12 pullback limit that keeps alive upside potential.
Crude Oil Mar Contract (CL, ETF: (USO))
A dip to lower lows at 95.20 ignored an easy opportunity for higher highs to neutralize the nearby attraction up to 98.85. Back above 96.25 would signal 98.85 is in-play. Closing under 95.05 first would start to suggest the pattern had peaked already.
Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Sunday night’s gap up to 5.44 was retraced before Monday’s open and probed well into negative territory at 4.83. The 4.97 target’s second consecutive test failed to close above the first session’s high, suggesting that at least this leg has peaked.
[/pay]
Share your questions and comments on this post in the blog, or in the chartroom…