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 each tried one more time to rally, and each once again failed. There’s no “third time’s a charm” in charting, but there might be in this case, since the reversals can’t tolerate another pullback.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Flat-to-lower ranging was all that remained of Wednesday’s early weakness, which was retraced back to unchanged. The setup doesn’t allow much time for further delaying the rally’s resumption.

Eurodollar Mar Contract (EC, ETF: (FXE))
Flat-to-higher ranging gained no traction for its efforts Wednesday, which was retraced back to unchanged. The setup doesn’t allow much time for further delaying the rally’s resumption.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday’s surge to fresh high at 1274.50 was reversed back down to Tuesday’s highs under 1252.00, stopping optimistically short of actually filling the gap back to Tuesday’s close. Back above 1266.00 at this stage would be bullish, but 1240.00 otherwise is in-play, with its break targeting 1226.00.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Wednesday through Monday’s high to 20.33 was maintained to close above 19.70, and a second consecutive higher close would confirm that sellers have been absorbed.

30-year Treasury Mar Contract (US, ETF: (TLT))
Despite gapping up Wednesday from Tuesday’s pullback, the open was quickly rejected by a reversal that probed back under Tuesday’s 134-00 low to test 133-12, thoroughly testing the 133-27 pullback limit intraday. Holding it through the close or not doesn’t change potential for retesting Monday’s high, which is likely to to hold.

Crude Oil Mar Contract (CL, ETF: (USO))
Tuesday night’s attack on retesting the 98.55 target stopped short of probing a fresh high before reversing back down into negative territory. But the balance of the session basically fluctuated around unchanged maintaining potential for probing prior highs.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Holding 5.40 resistance Tuesday didn’t prevent surging above it overnight to 5.73. But the surge’s origin did undermine its durability, as the morning was exited back in negative territory. And the afternoon extended down to 4.99. Until filling the gap back down to 4.90-4.95, no new buy signal would be credible.

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