Daily Spot

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

Today’s Highlight Moves underway Friday extended Monday. At least, into Monday’s open. Not much follow-through during the balance of the day all but requires extending overnight again, or else reversing back into last week’s ranges.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Ranging back down to last week’s lows doesn’t suggest the basket as a whole is extending down. But there is no active buy signal.

Eurodollar Mar Contract (EC, ETF: (FXE))
Friday’s recovery back above 1.3580-1.3600 extended higher Monday to signal a bigger upleg underway. That isn’t very attractive, but it does undermine a reversal down attempt on Tuesday.

Gold Apr Contract (GC, ETF: (GLD))
Fresh highs Sunday night attacked 1280.00, which is vulnerable to containing a false break from the recent range. Closing back under 1270.00  would signal momentum reversing down, targeting 1240.00 and potentially 1226.00. Otherwise, a second consecutive higher close Tuesday would confirm a bigger upleg underway.

Silver Mar Contract (SI, ETF: (SLV))
Monday’s gap up was still within Wednesday’s range, whose breakout has been confirmed, but which has yet to resume the decline to fresh highs.

30-year Treasury Mar Contract (US, ETF: (TLT))
Narrow ranging continued Friday afternoon’s absorption of the morning’s volatile reaction to the Employment Situation report, holding the 133-02 pullback limit.

Crude Oil Mar Contract (CL, ETF: (USO))
The break above 98.55 extended higher to 100.40 resistance. Holding 99.40 as support would allow the break to extend up to 102.00.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Friday’s break extended down to fresh lows Sunday night that extended lower intraday. Not immediately rejecting the break would next target 4.35-4.40.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…