Daily Spot

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE))
Holiday strength was pushed back through Tuesday, but only to correct the rally from Friday”s low. Closing above 1.1595 would signal a rally leg underway, targeting 1.1785 and 1.2000.

Gold Feb Contract (GC, ETF: (GLD))
Firming into week”s end didn”t extend meaningfully until Tuesday surged through 1287.70 to attack 1300.00. The rally is extended, but its momentum remains intact so long 1285.70 holds as support. But there is room down to 1266.50-1269.00 before actually signaling momentum is reversing down.

Silver Mar Contract (SI, ETF: (SLV))
Rallying to 18.00.now requires that pullbacks hold 17.65 to maintain the rally”s momentum. 

30-year Treasury Mar Contract (US, ETF: (TLT))
Narrow sideways ranging through the holiday did blip-up Tuesday morning, but stopped 61.8% of the way back to last week”s test of the 150-08 bounce limit”s resistance at 150-16. Any higher would suggest the rally remains intact and next targeting 150-28. The earliest sell signal at this stage would be triggered by losing back under 149-14.

Crude Oil Mar Contract (CL, ETF: (USO))
Opening Tuesday back under 47.80 (basis Mar, 47.45 basis Feb) extended down only briefly and only a little. The balance of the session ranged narrowly sideways, but didn”t trend down. So long as 46.20 holds as support, back above 49.00 would launch a new rally leg. Having said that, taking much longer to recover becomes increasingly vulnerable to resuming the decline.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Backing-and-filling persisted through the holiday, neutralizing all lower attractions so that another buy signal could be introduced back above 2.98.