Daily Spot

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
Gapping down to and through 1.0695 Tuesday morning is threatening to form an Island Reversal of Monday’s range. Its reversal down would be only temporary, unless an interim bounce were to probe back into Monday’s range — if not also back above it to at least 1.0765.

Gold Apr Contract (GC, ETF: (GLD))
Fluctuating around unchanged overnight was essentially repeated Tuesday without extending in either direction, leaving alive the potential for a fresh low at 1192.00.

Silver May Contract (SI, ETF: (SLV))
Overnight fluctuation around unchanged was repeated Tuesday morning, and improved to test 17.05, but not necessarily to close above it.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh lows overnight down to 145-26 reacted up into and out of the open to test 147-00. Almost any initial strength Wednesday would be credible for extending higher, but almost any delay in extending higher would be likely to retest Tuesday’s low.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Tuesday probed under the 47.25 target down to 47.09. The gap down reflects a degree of capitulation that may be bullish in the near-term from a contrarian perspective.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Attacking Monday’s highs before Tuesday’s open proved solid resistance, as the balance of the morning trended back down through the 3.00 pullback limit and under the 2.95 sell signal.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
Yet higher highs Sunday night filled a four-week old gap outstanding at 1.0760 that should react down into at least a temporary dip, if not also start to reverse the recent uptrend back down.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night’s probe above Friday morning’s high was retraced before Monday’s open. A fresh low at 1192.00 remains possible, but not required before closing above 1209.00 reverses the trend back up.

Silver May Contract (SI, ETF: (SLV))
Probing Sunday night above Friday’s highs was retraced into Monday’s open, still needing only to close above 17.05 to at least begin signaling the decline is ended.

30-year Treasury Jun Contract (US, ETF: (TLT))
Lower lows Monday prevented what would have been a premature recovery from refueling the decline. While there remains potential for extending to lower objectives, closing above 147-12 would at launch a corrective bounce having potential up to 148-22.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows Sunday night attacked the 47.25 target down to 47.90, which remains intact so long as bounces now hold any test of 49.95 as resistance.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The blizzard working its way into New England helped to produce another Sunday night gap up. Monday essentially ranged above prior highs. A positive close fulfills the minimum requirement of last week’s confirmed breakout, and back under 2.95 would reverse the trend back down.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
Surging in reaction to Thursday’s ECB events went out testing the 1.0585 bounce limit. Surging Friday in reaction to payrolls probed fresh highs up to 1.0687, levels not seen in four weeks. A pullback has room down to 1.0625 before signaling the decline has resumed.

Gold Apr Contract (GC, ETF: (GLD))
Fresh lows overnight under the 1198.00 objective probed down to 1194.50 and still had potential to 1192.00. But reaction to Friday’s payrolls triggered a surge to 1206.00. The session still ranged in negative territory back down to 1198.00, still having potential to 1192.00.

Silver May Contract (SI, ETF: (SLV))
Probing overnight deeper under the 17.05 objective that was met Thursday did react up sharply to Friday’s payrolls report. But the blip-up into positive territory at 17.10 was reversed back down to fresh intraday lows testing 16.90, still a nickel off the overnight lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Choppy reaction to Friday’s payrolls report probed lower lows down to 146-13 while also bouncing briefly back into positive territory, suggesting this segment of the decline is waning.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The bounce from Thursday’s attack on the 48.55 target peaked upon testing the 50.00 bounce limit overnight and reversed back down entirely to fresh lows at 48.31. Closing above 48.55 doesn’t prevent extending to the next target at 47.25, but it does suggest the decline’s momentum is waning.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Probing even higher Friday threatened to essentially confirm Thursday’s breakout-type action above Tuesday and Thursday’s prior highs. The rally can extend to 3.15 unless a break under 2.90 were to signal the trend reversing back down.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Spiking up in reaction to Thursday’s ECB events was retraced back under the 1.0585 bounce limit but still held 1.0570 whose break should resume the decline targeting 1.0470..

Gold Apr Contract (GC, ETF: (GLD))
Fresh lows extended the decline to probe under its 1208.50-1209.00 objective Thursday down to 1201.00, next targeting 1198.00-1199.00.

Silver May Contract (SI, ETF: (SLV))
The decline extended overnight and into Thursday morning to fulfill the 17.05 target. It wasn’t rejected, so probing it is likely.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s 148-04 bounce limit test was retraced overnight and fresh lows were probed Thursday morning on the way to an afternoon drop testing 146-20. January’s low is now being probed, next targeting 146-00 and potentially 144-00.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight extended Wednesday’s plunge to attack the 48.55 target to within a nickel. A corrective bounce is increasingly possible ahead of the 47.25 target.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Already firming through Monday’s 2.95 high, Thursday’s EIA report triggered a slight knee-jerk reaction up. Its retracement was recovered to a fresh high at 2.98, but 2.95 was still being tested into the close.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Breaking lower Wednesday probed uptrending pivotal support and its parallel uptrend line off the low, still needing a second consecutive lower close to confirm 1.0470 is in-play.

Gold Apr Contract (GC, ETF: (GLD))
Already slipping yesterday under the 1218.00 target, Wednesday extended down to the 1209.00 objective. Its second consecutive lower close under a multi-session range requires at least an eventual third lower close. Also, the next lower objective is 1198.00-1199.00.

Silver May Contract (SI, ETF: (SLV))
Probing Wednesday under the .17.55 target that was met at Tuesday’s lows has essentially put into play 17.05. A second consecutive lower close also puts into play at least an eventual third lower close

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s narrow ranging at the week’s lows all but required extending the decline aggressively without delay, which Wednesday’s gap down did. Bounces must now hold 148-04 to maintain the next lower objective under January’s lows.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap down rejected Tuesday’s retest of the 53.58 sell signal as resistance. This was despite having neutralized the attraction below by filling the gap back at Monday’s close. Extending down anyway suggests sellers are strong-handed, and next targeting 48.55 and 46.25.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap down into the 2.83-2.86 sell signal may have been only a warning shot, as Wednesday’s open gapped up into Monday’s range. The gap back up to Monday’s close was filled back up to 2.90 and extended higher intraday to Monday’s 2.95 high, neutralizing its attraction above. Thursday’s EIA report isn’t being greeted from the position of strength that is otherwise suggested by sitting at recent highs.