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 reacted down from another false start that mimicked a new upleg, only to be proved as premature. Natural Gas is also trying to resume its rally, facing a similar suspicion.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Firming Tuesday didn’t necessarily start the recovery, but early strength Wednesday would be likely to extend higher intraday.

Eurodollar Mar Contract (EC, ETF: (FXE))
Narrow ranging Tuesday didn’t reverse the drop whose two consecutive lower closes have created the requirement for at least a third.

Gold Apr Contract (GC, ETF: (GLD))
Monday’s attack on 1270.00 was suspect, which Tuesday’s drop back under 1253.00 confirms. Probing intraday into 1246.00–1248.50 has held, but breaking lower would signal another test of 1240.00 in-play, likely to extend down to 1226.00.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s narrow ranging consolidated Monday’s surge. Early strength above 19.55 would signal the surge resuming, confirmed by closing above 19.70. Otherwise, the gap back down to Friday’s close still attracts price lower to it.

30-year Treasury Mar Contract (US, ETF: (TLT))
Two consecutive higher closes have required a third to print eventually. Tuesday’s pullback has room to test 133-27 before recovering to retest Monday’s high, probably only temporarily, perhaps in a brief reaction to Friday’s Employment Situation report.

Crude Oil Mar Contract (CL, ETF: (USO))
Firming Tuesday to 97.75 doesn’t confirm that Monday’s test of support has held, but potential to retest 98.55 remains intact.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
No further testing of the 4.77-4.85 pullback limit was needed before Tuesday’s overnight rally that extended higher intraday to test 5.40. It’s still premature for resuming a reliable upleg, and the gap up now reflects excessive optimism. Extending almost any higher Wednesday would be likely at least to test 5.50 and then higher, but back under 5.23 would start to signal a retest of recent lows.

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