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 Natural Gas greeted the week duplicating last week’s entry. But similar setups tend not to resolve the same, so gapping up sharply from a distributive pattern was rejected.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Monday’s flat-to-lower ranging was too shallow for its sellers to gain traction for the effort. But the lower close does confirm the test of 79.80 is in-play.

Eurodollar Mar Contract (EC, ETF: (FXE))
Sunday night’s retest of last week’s high was rejected to gap down at Monday’s open. That’s not so bearish as to prevent an intraday test of the ~1.3775  highs or probing higher intraday to 1.3815.

Gold Apr Contract (GC, ETF: (GLD))
Friday’s internal strength was bullish, which was confirmed by gapping up to fresh highs Monday and extending higher through Monday morning. The morning’s rally came to within $3 of the 1342.00 target, where the balance of the session ranged narrowly.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s “ineffectual pessimism” was resolved by gapping up to fresh highs Monday and extending higher through Monday morning. Extending higher through the morning and closing at fresh highs keeps alive the rally’s momentum.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday’s bounce initially extended a little Monday morning, but was reversed down to test 132-22 support. The gap back to 132-08 is still a likely objective before bounces are credible for extending higher, if not also a fresh low intraday under 132-00.

Crude Oil Apr Contract (CL, ETF: (USO))
Monday’s bounce back up to the 103.00 area may fulfill the pattern’s minimum requirement for at least one more fresh high close. But its timing and interim pullback doesn’t make the fresh high any likelier to extend. I still don’t have a compelling setup on this chart.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Sunday night’s gap up was already being retraced before the Market Tour’s reminder of last week’s distributive pattern. The reversal extended down intraday to fulfill the minimum pullback limit at basis Apr (5.55 basis Mar). The corrective dip has room down to 4.58-4.62, which was attacked Monday afternoon.

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