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 If not for Gold’s prior two sessions of artificial selling pressure — the “ineffectual pessimism” of barely trading flat-to-lower — its blip-up into the weekend might suggest some higher degree of nervousness out there.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Thursday’s test of 80.45 resistance did hold, although Friday’s reaction was more choppy ranging than reversing back down. But closing lower Monday would confirm the 79.80 target’s test is in-play.

Eurodollar Mar Contract (EC, ETF: (FXE))
The pullback’s extra room down to 1.3700 that was tested Thursday did produce a recovery, at least back to the week’s highs. A fresh high remains likely before the bigger picture’s decline were to resume.

Gold Apr Contract (GC, ETF: (GLD))
Flat-to-lower ranging after Wednesday’s shallow reaction to FOMC Minutes had suggested the rally wasn’t finished. That’s also suggested by Friday’s surge to fresh highs, next targeting 1342.00 and 1349.00 so long as 1318.50 now holds as support.

Silver Mar Contract (SI, ETF: (SLV))
Shallow ranging has so far held the 21.65 sell signal. Now the upper-end of the range is being attacked. Pessimistically — barely filling a gap, and narrowly avoiding prior high — so, fresh highs remain likely, if not also resuming the rally.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday’s firming didn’t originate from filling the nearby gap below at 132-08, which continues to prevent there being a buy signal.

Crude Oil Apr Contract (CL, ETF: (USO))
Friday’s weakness wasn’t substantial, and it wasn’t inappropriate for the pattern despite still leaving outstanding at least one more higher close for the rally. The attack on 101.00 should help to launch that.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Narrow ranging Friday helps to confirm the rally’s momentum is waning, if not lapsed entirely. But a pullback targeting 5.55 isn’t yet signaled.

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