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 Monday’s sharply higher highs delivered the consequences to Gold’s impatient reaction down from last week’s target. If the action was exacerbated by a temporary fixation on geopolitical developments, then the next reaction down probably won’t be temporary.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Perhaps encouraged by the weekend’s geopolitical developments, the week began by reacting up sharply from Friday’s test of its 78.20 target. A second consecutive higher close would confirm a bottom is forming.

Eurodollar Mar Contract (EC, ETF: (FXE))
Gapping down Monday formed an Island of Friday’s sideways ranging at new highs. Bouncing sooner rather than later to fill the gap back to Monday’s 1.3815 opening print would be likelier to hold resistance and to launch a new downleg.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night’s rally tested the outstanding 1349.00 target whose test became likely when last week’s reaction down from 1342.00 was so impatient. Higher highs Monday up to 1355.00 were still retraced to 1349.00 as support before the close. Back under 1342.00 would trigger a new downleg. Otherwise, a second consecutive higher close Tuesday would put into play much, much higher targets.

Silver May Contract (SI, ETF: (SLV))
Monday’s bounce pierced Thursday’s high, which had stopped pessimistically short of 21.75 where a more reliable decline could resume to 20.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
Sharply higher highs overnight fulfilled the required retest of February’s highs. The 133-02 pullback limit’s failure would signal the test had held, putting into play a test of the interim low at 131-00.

Crude Oil Apr Contract (CL, ETF: (USO))
Sunday’s night’s surge into Monday tested 105.00. A dip back down to 102.90 lower prior highs” could form the basis for a more substantial rally. In any case, it must be broken before considering a short.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Initially extending to fresh highs Monday didn’t prevent a post-open downdraft that prevented a second consecutive higher close or a recovery above 4.66 to reverse momentum up. There is no active signal otherwise.

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