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 Did the long bond drop too far to bottom? Friday’s low would have been healthy to test — and to hold successfully — several weeks ago before prematurely rallying back to prior highs. Now, its retest suggests failure.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Gapping down Friday in reaction to Employment Situation report was recovered back up into positive territory until 79.80 resistance was touched. The open’s gap will want to be tested as support, and sooner rather than later would be likelier to hold than to extend down.

Eurodollar Mar Contract (EC, ETF: (FXE))
Fresh highs overnight were retraced in reaction to Friday morning’s Employment Situation report, but only to fill the gap back down to Thursday’s 1.3855 close. Thursday’s breakout attempt wasn’t confirmed, and there is no requirement to retest Friday’s high before extending the pullback to 1.3800.

Gold Apr Contract (GC, ETF: (GLD))
Friday’s reaction down to the Employment Situation report immediately tested the pattern’s 1333.00 pullback limit down to 1326.60. It reacted up instead of breaking lower, which would have been premature. But the behavior does at least filling the gap back to the 1349.00 target Thursday solidified the range’s upper end.

Silver May Contract (SI, ETF: (SLV))
The reaction to Friday’s Employment Situation report fell to fresh lows, coming to within a nickel of fulfilling the outstanding 20.70 pullback target.

30-year Treasury Jun Contract (US, ETF: (TLT))
The reaction down to Friday’s Employment Situation report fell through the pullback’s next potential objective at 131-06, but also extended to fill the month-old gap at 130-22. Avoiding its test at the prior low delayed a buy signal, but also warned that the high’s retest would fail — which it has, so not holding this area and recovering  immediately would be bearish. Holding 131-06 resistance maintains potential to extend the decline.

Crude Oil Apr Contract (CL, ETF: (USO))
The rally from 100.15‘s pullback objective extended higher Friday to 102.90, intersecting with the previous consolidation’s downtrending resistance whose recovery would confirm the pullback had ended.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Thursday’s bounce back to the 4.65 buy signal reacted down intraday Friday, but largely recovered, still not resolving its test.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…