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 How entrenched are market opinions? This was not the first weekend to be exited by extending the same price action that entered it. Of course, entrenched opinions are eventually vulnerable.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Fresh lows through the break pierced 80.00 while still targeting both 79.80 and a third lower close.

Eurodollar Mar Contract (EC, ETF: (FXE))
Fresh highs extended further toward the 1.3860 target, which remains in-play so long as pullbacks now hold 1.3700 as support.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night’s gap up extended to test 1330.00 before dipping into Tuesday morning, which recovered to 1324.00. Potential to 1342.00 and 1349.00 requires pullbacks now to hold 1306.00 support.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Sunday night to attack 23.00 allowed room to absorb a dip into Tuesday morning that was recovered from 21.30. Back under 21.65 would now suggest the rally’s momentum had lapsed, at least for a pullback to 20.70.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday’s hesitation at extending its gap up was compensated by gapping up again Tuesday morning and also extending higher intraday. The 133-16 target was probed by 4 ticks before reacting down into the close. Almost any initial fresh high Wednesday morning would be valid for extending to attack 134-00 and potentially fresh highs.

Crude Oil Mar Contract (CL, ETF: (USO))
The pullback limit was rewarded for holding dips into the weekend by coming out of it probing fresh highs to and through the 102.00 target. A second consecutive higher close would signal a much bigger upleg underway. Otherwise, there is potential for reversing down hard from the 103.00 area.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
The 5.36 extreme bounce limit had already held Friday, so gapping up through it Sunday night was clear to extend higher intraday. Unless rejected by gapping down Wednesday to form an Island, shallower pullbacks would be likely to recover and to extend the rally.

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