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 edit

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Now we know why the Dollar Index outperformed the Euro Tuesday. The reaction to FOMC drove price sharply higher. Regardless of the surge of the degree, a second consecutive higher close Thursday would confirm a bigger recovery underway.

Eurodollar Jun Contract (EC, ETF: (FXE))
Tuesday’s retest of Monday’s highs and the 1.3810 proved not to have gained traction. The reaction to FOMC drove price down sharply. A second consecutive lower close Thursday would confirm momentum reversed down.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s opening gap was retraced back to 1363.00 resistance, before trending down overnight to gap down testing 1342.00 support. The session ranged around it until the FOMC statement, which drove price down to 1333.00. Holding its test as support would be bearish, but it is otherwise the range’s lower-end.

Silver May Contract (SI, ETF: (SLV))
Not a very terrible reaction to Wednesday’s FOMC, but nothing approaching Gold’s reaction. Meanwhile, Copper had already begun recovering from fresh lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
The FOMC reaction plunged to test 132-00, fulfilling the 132-08 pullback target. At least a corrective bounce targeting 132-28 is likely.

Crude Oil Apr Contract (CL, ETF: (USO))
Slight overnight weakness was resolved before Wednesday’s open to test the 100.45 confirmation that the 97.35 pullback target’s test had held, and that closing above 99.50 had reversed the trend back up.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Tuesday’s rejection of Monday’s gap up left the pattern rudderless, awaiting Thursday’s EIA report to fill the gap back up to Monday’s open, or else retest the lows.

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