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 Despite having an entire weekend to ruminate over Friday’s gyrations, Monday’s price action hardly extended or retraced much. Tuesday afternoon could see resolution across the board.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
Monday’s sideways ranging doesn’t definitively confirm the unfinished business below at Friday’s gap down. But it does suggest further improvement will be delayed until neutralizing the attraction by filling the open’s gap.

Eurodollar Mar Contract (EC, ETF: (FXE))
Ranging narrowly sideways, albeit mostly in positive territory, doesn’t qualify as a third higher close to fulfill there being two consecutive higher closes. But considering the “ineffectual optimism,” not producing the minimum objective Tuesday will make a corrective dip much likelier.

Gold Apr Contract (GC, ETF: (GLD))
Firming Monday held a retest of the rally’s original minimum target at 1342.00, which should begin reacting down to and through 1333.00 if a new downleg is going to begin. Otherwise, extending through 1349.00 would start to signal another upleg underway targeting 1378.50 and potentially 1399.00.

Silver May Contract (SI, ETF: (SLV))
Narrow ranging around Friday’s close left outstanding the slightly lower target outstanding at 20.70 that was attacked Friday to within a nickel.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s firming back to 131-06 persisted into Monday afternoon. Not holding this area would have been bearish, but not recovering immediately isn’t bullish. Any further delay past Tuesday morning would suggest another downleg will probe under Friday’s low, if not also extend the decline.

Crude Oil Apr Contract (CL, ETF: (USO))
Sunday night’s dip gapped down to 101.50 Monday and spent the session ranging narrowly around 101.00. The bullish scenario allows little time to further delay extending through 102.90, let alone to extend the dip for any deeper pullback.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
More resistance at 4.65 Monday refused to trigger its buy signal, as price dipped a little further. Converting the recent bounce into a rally requires it to be obviously underway by noon Tuesday to avoid retesting the lows.

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