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))
Already gapping up Thursday was premature for extending Wednesday’s recovery. In fact, the session didn’t extend any higher. And now Friday has also fluctuated narrowly. None of which actually reverses the trend back down, which would be triggered back under 1.0705.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s break above 1187.50 had triggered a surge. Extending up to 1206.00-1207.00 Thursday was not optimal confirmation. Friday’s reaction down touched 1187.50 as support, which must hold to produce a fresh high targeting 1212.00.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s dip under 16.75 extended down to retest the original 16.60 sell signal whose test earlier this week had reacted up to retest the 16.95 high. Friday’s test reacted up to test 16.75, whose break would target 16.15.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday afternoon’s dive had held support, so an initial bounce was likely Friday, and it was likely to fail. The morning followed this path, testing resistance intraday up to 153-20 and reversing down sharply through the morning. into negative territory Friday afternoon to attack 151-12. A topping pattern has fully formed.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping slightly Friday helped to further confirm that Thursday’s gap up had gained no traction. A fresh recovery high of some sort remains likely, but not likely to extend.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Narrow ranging persisted Thursday without difference from Wednesday. The bounce to 3.40 has held for a second day, still likelier to fill gaps below than to extend higher first.

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))
Wednesday’s wild intraday swing had recovered from probing under 1.0505 support to close back above 1.0605 resistance. But the resistance wasn’t a buy signal, so already gapping up to fresh highs Thursday is less bullish than first backing-and-filling. In fact, post-open action didn’t extend higher, and back under 1.0605 would start reversing the trend back down.

Gold Feb Contract (GC, ETF: (GLD))
Surging higher overnight extended higher Thursday to test 1207.00. The second consecutive higher close above a multi-session range now requires at least an eventual third higher close. That should visit 1212.00 or higher, before any durable decline would be credible.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s strength barely pierced last week’s 16.95 high, and didn’t close above it. That’s not bullish, and leaning bearish when compared to Gold surging. Back under 16.75 would now start to signal a deeper pullback underway targeting 16.15.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh highs overnight attacked 154-00 but held the 153-20/153-26 bounce limit intraday. Closing any higher would have dismissed almost any further near-term downside potential. Dipping deeper into the close filled the gap back down to Wednesday’s 152-24 close, and closed under prior lows to keep in-play a topping pattern.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing higher overnight to attack 53.25 was probed briefly intraday to prevent launching a new downleg. But the balance of the session did only range sideways instead of further extending Wednesday’s rally, making another downleg likely.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up Thursday reacted favorably to the morning’s EIA report, and pierced above 3.40. But that didn’t change whether the new had been greeted from a position of weakness, which prevented closing above 3.40, making a dip back down to 3.18 or 3.10 likely.

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))
Initially gapping down Wednesday extended lower to test 1.0505-1.0525 support down to 1.0480 whose break would have targeted lower lows. But the morning finished wildly, surging back up to Tuesday’s 1.0585 close and higher to 1.0650. Momentum didn’t reverse up, and another test of 1.0505-1.0525 can’t be dismissed.

Gold Feb Contract (GC, ETF: (GLD))
Probing higher overnight to fresh highs testing 1191.00 was reversed down intraday Wednesday to attack 1174.50 down to 1177.00. The reversal was still recovered to fresh highs attacking 1200.00 which now allows room back down to 1180.50 before reversing momentum down.

Silver Mar Contract (SI, ETF: (SLV))
Dipping Wednesday to 16.60 held instead of breaking, which prevented putting into play a test of 16.15. The dip was largely recovered, although not entirely back up to 16.95, so not yet dismissing another downdraft.

30-year Treasury Mar Contract (US, ETF: (TLT))
A fresh high was likely regardless of the pattern’s ultimate resolution, which Wednesday morning’s surge fulfilled up to 153-06/153-12. Closing back under  152-16/152-20 would now reverse the trend back down.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Wednesday wasn’t likely to extend higher, not until an initially negative knee-jerk reaction down on the EIA report filled the gap back to Tuesday’s 50.90 close. The balance of the morning rallied sharply, back up to Monday’s opening sell signal at 52.70. The pattern resembles a Pivot Reversal which can reverse up for multiple sessions unless rejected at Thursday’s open.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
.Narrow sideways ranging didn’t extend Tuesday’s bounce, let alone trigger the 3.40 buy signal. Thursday’s EIA report is being greeted from a position of weakness.

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 fluctuation around 1.0605 leaves no reason to further delay breaking back under 1.0505-1.0525 to resume the decline, targeting at least the 1.0435 area.

Gold Feb Contract (GC, ETF: (GLD))
Probing fresh highs Tuesday was retraced to close flat-to-lower at or under 1184.20, but not back under 1180.50 to resume the decline. Its break Wednesday would still be credible, especially if confirmed under 1174.50. Closing above 1187.50 would launch a new rally leg.

Silver Mar Contract (SI, ETF: (SLV))
Retracing Tuesday’s fresh highs at 16.95 back under 16.67 would again target 16.15, and potentially deeper to compensate for the detour. Closing above 16.95 could marginalize sellers for a much larger rally.

30-year Treasury Mar Contract (US, ETF: (TLT))
Opening weaker Tuesday slid lower intraday, failing to confirm or validate Monday’s gap up that had failed already to extend higher intraday. Back under 152-02 and 151-24 would launch a new downleg targeting 151-12 and lower. Closing above 152-30 would instead resume the rally.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s break under the 52.70 sell signal was extended down almost immediately at Tuesday’s open to test 50.85. The second consecutive lower close isn’t a breakout, but does make at least a fresh intraday low likely

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Rallying overnight gapped back up Tuesday above 3.19 and extended higher intraday to 3.27, still short of the 3.40 buy signal. An attraction to filling the gap back down to Monday’s 3.10 close will inhibit the buy signal from triggering.

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))
Firming Monday back up to 1.0605 resistance must reverse down into a deeper downleg to avoid fresh highs. Back under 1.0505-1.0525 would signal the reversal down is underway.

Gold Feb Contract (GC, ETF: (GLD))
Gapping back up Monday to the 1180.50 sell signal that had triggered Friday was later recovered to probe the 1184.40 target that had been fulfilled already Thursday. Still testing it through the close prevented reversing momentum up, and back under 1180.50 would be as credible for launching a new downleg.

Silver Mar Contract (SI, ETF: (SLV))
Monday’s bounce attacked Thursday’s high up to the 16.75 area, which isn’t allowed to close any higher Tuesday if a pullback to 16.15 remains in-play.

30-year Treasury Mar Contract (US, ETF: (TLT))
Sunday night’s rally gapped up Monday to attack Friday morning’s high up to what had been its 152-26 pullback limit. Holding it and not closing above 152-30 maintains the potential for another downleg much deeper under the 151-17 interim low.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Monday to the 52.70 sell signal extended intraday to test 52.15. A second consecutive lower close Tuesday would confirm a deeper detour likely before retesting last Friday’s gap up.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Monday’s gap down to the decline’s 3.19 target that Thursday had tested already was extended intraday to test 3.11. The buy signal may be lowered from 3.40, but not until after first forming a reversal setup Tuesday.