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 Did Natural Gas just miss the opportunity to resume its rally? A corrective bounce target was tested after Tuesday’s close, overnight and through Wednesday. But held. There is no bearish reason to further delay extending down.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Wednesday’s gap up fulfilled Tuesday’s “ineffectual pessimism” while also probing above Monday’s range. Closing almost any higher Thursday would signal a bigger rally leg already underway.

Eurodollar Mar Contract (EC, ETF: (FXE))
Fulfilling upside objectives with an “ineffectually optimistic” session Tuesday made the recent rally vulnerable to peaking. In fact, it plunged back down under 1.3580 overnight. That was a little premature to already reverse the trend down, so Wednesday’s session ranged sideways back up to 1.3600 resistance. Any initial weakness Thursday would be likely to resume the decline.

Gold Apr Contract (GC, ETF: (GLD))
An overnight dip to 1285.00 support held and reacted up to fresh highs testing 1296.50 resistance. The pattern’s minimum requirement for a third higher close is now fulfilled. The rally can extend so long as 1285.00 doesn’t break lower, which would target 1270.00 and potentially fresh lows.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s fresh highs were only slightly above the recent ranging, but that was enough to fulfill the outstanding minimum requirement for at least a third higher close. Being so shallow after so much consolidation, the potential to 20.70 remains alive.

30-year Treasury Mar Contract (US, ETF: (TLT))
The 133-00 buy signal didn’t trigger before price fell further Wednesday, testing 132-00. Back above 132-12 would be credible for extending through 133-00 to at least 133-16. But pattern this is not attractive to accumulate weakness.

Crude Oil Mar Contract (CL, ETF: (USO))
Wednesday’s gap up through the 100.40 target peaked and began reversing back down intraday before attacking the next higher 102.00 target, which remains in-play so long as 100.00 now holds as support.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce extended overnight to test 5.02, but the decline’s momentum relies only on not recovering 4.85 through the close, in order to maintain the 4.35-4.40 target.

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