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 Thursday morning’s ECB and BOE statements might help the Euro to resolve its unfinished business above, or else neutralize its attraction below — in either case, clearing the way for trending. Ripple effects among Gold and Crude Oil are likely.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Wednesday morning’s probe above Tuesday’s highs was retraced back into Tuesday’s range, avoiding a second consecutive higher close that would have confirmed an upleg underway. Sellers gained no traction for their effort, but there is still potential to retest the low’s 79.80 support.

Eurodollar Mar Contract (EC, ETF: (FXE))
Uptrending pivotal support was probed at Wednesday’s open, but not extended intraday. The dip wasn’t rejected, leaving open the potential for extending down anyway back to recent lows around 1.3660. Not already trending down is speaks to the attraction back up to Friday’s Island around 1.3815. The first one tested should react back to the other and beyond.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday’s bounce back up to 1342.00 resistance need not be probed any higher — let alone, back up to 1349.00 — before reversing back under 1328.00 and 1322.50 to launch a new downleg. But retesting 1349.00 first would form a more credible top.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s ranging didn’t invalidate the reaction down from 21.75 that is targeting 20.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
Essentially ranging sideways Wednesday around Tuesday’s test of 132-08 support, if not firming off of it, stopped short of triggering the 132-28 buy signal that would target a retest of Monday’s highs around 133-28. Delaying a recovery much longer would make a deeper dip likelier, either to 131-24 or 131-06.

Crude Oil Apr Contract (CL, ETF: (USO))
The dip back to “lower prior highs” at 102.90 was probed through prior lows to 101.15 Wednesday, and lower after the close. The is likely to extend to 100.00 (+/- 15 cents), where recovering back above 100.75 would signal momentum reversing back up to retest 104.55-104.70.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Wednesday’s inside day reflected weak hands, and trended down throughout to reflect pessimism. That’s not bearish, since a probe above Tuesday’s high wasn’t rejected and Tuesday’s low wasn’t broken. But the window for a rally to exploit it isn’t open indefinitely, so not yet rallying Thursday afternoon would suggest a new downleg is getting underway.

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