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))
Tuesday’s bounce retested Monday’s 1.0635 high, supported by the 1.0585 bounce limit that was barely being tested as support Monday.

Gold Apr Contract (GC, ETF: (GLD))
Monday’s post-close weakness down to 1251.50 was retraced back up to 1259.00 Tuesday. But only temporarily before returning to 1251.50, and then lower post-close. That filled the gap back down to Thursday’s breakout close, but a fresh high close remains outstanding.

Silver May Contract (SI, ETF: (SLV))
[Rolling front-month forward to May, at a 6-cent premium to Mar] Firming only slightly Tuesday to 18.50 keeps alive potential for extending higher to fulfill the 18.75 target.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday’s “ineffectual optimism” kept alive the upside momentum of Friday’s breakout, despite not confirming it. But fresh highs Tuesday only pierced Monday’s high, and still hasn’t extended the rally.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down sharply Tuesday to and through the 53.58 sell signal was recovered to fill the gap back up to Monday’s 54.00 close, still holding the range’s boundaries.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Quickly firming Tuesday leaves outstanding “unfinished business below,” at least a probe under last Tuesday night’s 2.65 low. The interim bounce could still extend up to 2.86.

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))
Monday bounced to fill the gap up to Thursday’s 1.0615 open, and then probed slightly higher to 1.0630 resistance. Its reaction down attacked the 1.0585 bounce limit, which must be retraced without delay to launch a final downleg targeting 1.0470.

Gold Apr Contract (GC, ETF: (GLD))
Monday morning’s fresh highs attacking 1265.00 were retraced but under 12259.00, threatening not fulfill the eventual third higher close that was put into play by last week’s confirmed breakout.

Silver Mar Contract (SI, ETF: (SLV))
Although its confirmed breakout was not optimal, Monday’s early strength tried to fulfill the requirement for an eventual third higher close. testing 18.47 was reversed back under Friday’s 18.39 high.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday’s gap up and extension didn’t follow-through Monday morning. Dipping into the afternoon was contained within Friday’s range, which only fails to confirm the breakout, but doesn’t reverse momentum down.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming Sunday night only attacked last week’s highs, and Monday only fluctuated around 54.25. The sell signal remains at 53.58.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Gapping down Sunday night probed slightly lower to retrace into last Tuesday night’s inverted Head & Shoulders pattern. A probe under its 2.64 low is still required before a bottom can be credible.

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 was quickly retraced back down to the 1.0585 bounce limit that Thursday had only fluctuated narrowly around, maintaining the downside momentum targeting 1.0470.

Gold Apr Contract (GC, ETF: (GLD))
Rallying overnight gapped up Friday to immediately fulfill the 1259.00 objective. Probing higher was retraced back down to attack Thursday’s range. The second consecutive higher close confirms the breakout, requiring at least an eventual third higher close.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s gap up extended higher through the morning. Thursday’s test of the 18.18 objective was a fresh high close, but not an optimal breakout while still ranging around prior highs. But the burden of proof is on sellers to avoid trending higher.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s optimism may have been ineffectual for not trending higher, but Friday’s open compensated for the delay by gapping up through 152-06 resistance and then trending higher intraday. A second consecutive higher close Monday would confirm a much bigger rally underway. Closing back under 151-11 would instead launch a steep decline.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap down finished off Thursday’s failure to extend its gap up. Friday’s gap down also attacked Wednesday’s test of the 53.68 sell signal that had only been ranged narrowly around.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
With room above to 2.86 as noise, and an attraction to probe under Tuesday night’s new lows at 2.65, Friday’s session only ranged narrowly sideways.

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))
Unlike last week’s instance of a similar setup, Wednesday’s key-reversal did not extend higher overnight. Thursday morning did firm a little above or around its 1.0565 bounce limit.

Gold Apr Contract (GC, ETF: (GLD))
Early-morning comments triggered a surge that gapped up Thursday to fresh highs. And having just retraced Tuesday’s recovery by 61.8% Wednesday, the correction has likely refueled the rally to put its 1259.00 target into play. Closing under 1243.50 would signal instead that momentum is reversing down.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Thursday fulfilled the longstanding 18.18 objective. Closing above prior highs would also put into play an extended target at 18.72. Closing under 17.95 would signal that momentum is reversing down, instead

30-year Treasury Mar Contract (US, ETF: (TLT))
Another close at 151-11 Wednesday resulted in another overnight rally back to 152-26 resistance. Another bounce wasn’t required in order to resume the decline, but it’s interesting the redundant bounce didn’t extend higher and only ranged narrowly above 151-11 — ineffectual optimism.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Wednesday to the 53.58 sell signal and only fluctuating narrowly at it all day was reversed overnight to gap up Thursday. Attacking Tuesday’s prior highs up to 55.00 still didn’t extend higher, so no breakout formed.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Rallying even further overnight exacerbated the non-strong position that greeted Thursday morning’s EIA report. Two tests of 2.80 resolved down to 2.71, still likely to test Tuesday night’s 2.64 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))
Gapping down to a fresh low Wednesday and extended to attack 1.0500 was reversed back above Tuesday’s close to test the 1.0585 bounce limit in positive territory. This once again leaves a gap below all prior lows that wants to be retested from above. The last instance took an immediate and sizable detour, making this instance likelier to resolve down sooner.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s recovery from gapping down had neutralized the attraction above at the gap back up to Friday’s close. Without extending higher immediately, Wednesday was vulnerable to retracing the recovery. The sell signal had been adjusted up to 1233.50 and was tested Wednesday.

Silver Mar Contract (SI, ETF: (SLV))
No new sponsorship emerged Wednesday to extend Tuesday’s intraday recovery that had peaked upon filling the gap back up to Friday’s close. The pullback held its test of 18.00, but the rally can’t afford to hesitate extending.

30-year Treasury Mar Contract (US, ETF: (TLT))
Overnight strength filled the gap back to Friday’s 151-28 open which itself had retraced back down to the 151-11 bounce limit. Wednesday morning soon reversed sharply from 152-06 back under 151-11 to 150-24.into negative territory. Its reaction is trying to recover 151-11.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s breakout had been largely retraced, albeit not entirely. But its overnight reversal gapped down at Wednesday’s open, not confirming Tuesday’s shallow breakout. The newly-adjusted 53.55 sell signal was itself tested.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Fresh lows down to 2.64 overnight formed an inverted Head & Shoulders pattern that greeted Wednesday’s open by rallying back into Tuesday’s range. Extending higher to 2.75 during the morning was reversed back down under Tuesday’s low, leaving only a fresh high Thursday to reverse momentum back up.