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 Mar Contract (EC, ETF: (FXE, UUP))
The 1.0585 bounce limit was probed Tuesday while testing 1.0570, and also testing uptrending pivotal support, whose break would target 1.0470.

Gold Apr Contract (GC, ETF: (GLD))
Gapping down Tuesday to fresh lows met the 1218.00 target and ranged slightly lower intraday. A bounce has room up to 1230.00, and the decline can meanwhile extend down to 1209.00 or 1198.00.

Silver May Contract (SI, ETF: (SLV))
The 17.55 target was met Tuesday by gapping down to fresh lows. A bounce has room up to 17.75 before starting to signal a rally underway. And there is meanwhile room to extend the decline to test 17.05.

30-year Treasury Jun Contract (US, ETF: (TLT))
Eking lower to 148-20 probed fresh lows still targeting at least a test of 147-10 with no reason to delay accelerating its move.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Tuesday retested the 53.58 sell signal as resistance, then reacted back down to unchanged attacking 53.00, still poised to launch a downleg.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap down at or under the 2.86 bounce limit was extended down to the 2.83 sell signal that put into play a retest of the two-week old 2.64 overnight low.

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))
Probing slightly higher Sunday night was retraced briefly to test the 1.0585 bounce limit as support. Monday’s open had recovered it, but the bounce was reversed back down to all but resume the decline .

Gold Apr Contract (GC, ETF: (GLD))
Bouncing overnight stopped slightly short of 1238.00 resistance. Its recovery would have signaled the decline had ended short of fulfilling its likely 1218.00 objective. Reacting down into negative territory at 1225.00 maintained the decline’s momentum.

Silver May Contract (SI, ETF: (SLV))
Sunday night’s bounce was erased through Monday morning to hover optimistically at or above 17.75, still likely to test fresh lows at 17.55.

30-year Treasury Jun Contract (US, ETF: (TLT))
[Rolling coverage forward to Jun, which trades at a 1-08 discount to Mar] Bouncing Sunday night tested 149-24 (basis Jun, 151-00 basis Mar) resistance into Monday’s open, before reacting back down to last week’s lows, likely to extend down as the trend change remains in effect.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday morning’s bounce attacked the 53.58 sell signal but reacted back down  to 53.00, where another break to fresh lows Tuesday would be likely to extend down intraday.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Room up to 2.86 was gapped over at Sunday night’s open. No new sponsorship was attracted to extend the rally, as price fluctuated narrowly through the day.

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))
Gapping up Friday held its test of Thursday’s gap down, maintaining the decline’s 1.0470 outstanding target.

Gold Apr Contract (GC, ETF: (GLD))
Thursday’s break under the 1241.00 sell signal and 1238.00 confirmation probed lower overnight and extended Friday morning to test prior lows down to 1223.00. Back above 1233.00 is the minimum requirement to signal momentum reversing up.

Silver May Contract (SI, ETF: (SLV))
Thursday’s plunge barely bounced overnight before probing lower Friday morning to test 17.70 support. Avoiding a second consecutive lower close would avoid requiring at least a third eventual lower close, but the pattern does not appear capable otherwise of avoiding that.

30-year Treasury Mar Contract (US, ETF: (TLT))
Having confirmed the trend change with Thursday’s second consecutive close under 151-11, Friday drifted to fresh lows under 150-00 into the weekend. Under 149-22 would confirm the drop targeting 148-02 is underway.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s break under the 53.58 sell signal came at a point in the pattern that could be very bearish if confirmed, but Friday’s bounce is avoiding a second consecutive lower close. The default is not necessarily bearish, and the pattern remains vulnerable to probing fresh lows Monday.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Firming slightly Friday to test 2.82 resistance still has room to test 2.86 while still being required to probe under the prior week’s overnight 2.64 lows.

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))
Thursday’s gap down to last week’s lows testing 1.0505 did not recover intraday, being likelier to extend down to the longstanding 1.0470 target.

Gold Apr Contract (GC, ETF: (GLD))
Thursday’s retracement of Wednesday’s bounce probed under its lows down to 1231.00. Just closing under 1238.00 suggests an actual downleg is underway, and not just noise within a range. A break lower would be credible, despite leaving outstanding an eventual third higher close that was signaled by last week’s confirmed breakout.. So, avoiding a break lower or its confirmation would be likelier to recover.

Silver May Contract (SI, ETF: (SLV))
Thursday’s early weakness easily held the past week’s 18.30 support. The afternoon did not, as price plunged to the lowest levels in three weeks at 17.70. Clearly, 18.70 is off the table, and no buy signal is imminent.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday’s break under 151-11 extended lower overnight and Thursday morning, confirming the trend change that now targets fresh lows.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down and extending down Thursday offered the best opportunity in weeks to finally break the ongoing range, which had just failed to exploit to higher closes up to resistance.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Firming a little further ahead of Thursday’s EIA report wasn’t much upset in reaction. The bounce still has room up to 2.86 while still being likely to probe fresh lows under 2.64.

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))
Gapping down Wednesday to 1.0518 was immediately retraced to attack the 1.0585 bounce limit before dipping back down. The low filled the gap back to last Tuesday’s opening print, which would suffice for a bottom if Thursday were to rally above Wednesday’s highs.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s post-close dip extended deeper Wednesday morning to what had been the adjusted support at 1238.00 after the recent rally began. It was recovered intraday to fill the gap back up to Tuesday’s 1251.50 close. Closing higher Thursday would confirm new highs are in-play.

Silver May Contract (SI, ETF: (SLV))
Wednesday dipped under Tuesday’s low down to 18.27 but recovered to attack Tuesday’s 18.50 highs, maintaining the 18.75 objective.

30-year Treasury Mar Contract (US, ETF: (TLT))
Never having extended Friday’s break above 151-11, a delay in extending higher undermined the longevity of any fresh highs. But already Wednesday has gapped down sharply and extended lower intraday back under 151-11. Regardless of the gap back to Tuesday’s close, a second consecutive close under 151-11 Thursday would confirm the trend has reversed down.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s dip back down into the range failed to exploit Tuesday’s gain, which wasn’t itself in any strong position to extend.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Firming further Wednesday is not greeting Thursday’s EIA report from a position of strength. A bounce still has room up to 2.86 while still being likely to probe fresh lows under 2.64.