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 Crude Oil came back with a vengeance Tuesday, compensating for its delay and its extended pullback that began just as nearby resistance was being attacked. The turbulence there suggests that its target will hold when tested.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Tuesday’s gap up was retraced only momentarily into negative territory. But the balance of the session never retested the open’s gap. And the gap wants to be filled, leaving its attraction outstanding to enable resuming the rally without delay.

Eurodollar Mar Contract (EC, ETF: (FXE))
An overnight dip into Tuesday’s gap down was recovered in reaction to the morning’s econ reports. The morning’s probe of positive territory didn’t hold, and Monday’s ~1.3650 low was tested through Tuesday afternoon.

Gold Feb Contract (GC, ETF: (GLD))
Monday’s post-close drop reacted up Tuesday morning to test 1262.00, but still extended down to probe fresh lows under 1249.00. So long as 1252.50 isn’t recovered, the pullback should extend down to 1240.00.

Silver Mar Contract (SI, ETF: (SLV))
Closing above 19.70 Monday didn’t prevent gapping down to and through it Tuesday, drifting to fresh lows. If not recovered immediately at Wednesday’s open, the pullback is next targeting 19.35.

30-year Treasury Mar Contract (US, ETF: (TLT))
An overnight probe under the 132-12 pullback limit tried to recover into Tuesday morning, but 132-22 resistance pushed back to 132-12. A retest of the overnight 133-08 high by at least another quarter-point remains likely.

Crude Oil Mar Contract (CL, ETF: (USO))
Tuesday’s open gapped up to the 96.25 buy signal and extended sharply higher to 97.60. The balance of the session ranged narrowly at the open’s peak, but fresh highs targeting 98.55 remain intact.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Monday’s reversal didn’t extend down any further Tuesday as the front-month rolled to Mar, trading at approximately a 14-cent discount from Feb. Its reaction up tested 4.92 resistance. Another dip has room down to 4.74 before assuming the trend is reversing down.

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