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 Has Natty Gas’s blow-out blown itself out? Fluctuating widely between two relevant levels during a brief window — after a sizable brief rally — is fomenting the likelihood for a corrective dip.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Extending its bounce Thursday tested 80.45 resistance that must hold to launch a new downleg targeting 79.80.

Eurodollar Mar Contract (EC, ETF: (FXE))
Room for extending the dip down to 1.3700 was tested and retested Thursday morning, now needing no further delay to resume the prior decline if a retest of the highs can be avoided.

Gold Apr Contract (GC, ETF: (GLD))
Despite extending down overnight from Wednesday’s relatively muted reaction to the FOMC Minutes, Thursday’s session only ranged narrowly around its shallower opening gap down. The “ineffectual pessimism” makes any initial strength Friday likely to extend higher intraday.

Silver Mar Contract (SI, ETF: (SLV))
Gapping down only slightly Thursday and ranging narrowly sideways held 21.65 support, whose break would suggest a deeper pullback underway targeting 20.70.

30-year Treasury Mar Contract (US, ETF: (TLT))
The reaction down from attacking 134-oo extended Thursday back to 132-12, which had triggered the original buy signal. Th proximity to a gap outstanding below at 132-08 makes any recovery premature if not yet filling the gap to neutralize its attraction below.

Crude Oil Apr Contract (CL, ETF: (USO))
Still ranging around 103.00 as the front-month rolls from Mar to Apr. Two consecutive higher closes already confirmed a third eventual higher close outstanding, but resistance at 103.00 suggests a a dip back toward 101.00 may preceded fresh highs.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Surging overnight to a fresh high at 6.40 from 5.89 was retraced to 5.89 intraday. That also produced a bounce, albeit to 6.30. Maintaining the rally’s momentum and avoiding a corrective dip to 5.55 requires holding 6.03-6.06 as support.

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