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))
Wednesday’s drop neutralized the outstanding attraction below, and held its test to avoid putting lower targets into play. Already gapping up Thursday risks leaving another gap outstanding below, but that didn’t prevent trending back up to attack the 1.0540 prior highs intraday. A second consecutive higher close Friday would confirm a bottom is in.

Gold Feb Contract (GC, ETF: (GLD))
Monday night’s test of the 1147.00-1149.00 bounce limit was retested overnight, gapping up Thursday. The interim consolidation formed “lower prior highs” at 1142.50, and breaking lower would reinstate the attraction down to 1118.00. Meanwhile, fresh highs have extended to test 1160.50, and can extend to 1167.00 unless a reaction down were to close under 1147.00.

Silver Mar Contract (SI, ETF: (SLV))
Overnight strength attacked the 16.20 buy signal which was then probed intraday, suggesting that no “unfinished business below” remains outstanding.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s open immediately exceeded Wednesday’s bounce to the 149-24 buy signal. Eventually probing above it intraday to 150-12 was reversed back down to 149-24, undermining a close above it. Nevertheless, a second consecutive higher close would target 151-12.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s post-close reaction to API and Thursday morning’s reaction to EIA maintained enough pressure to inhibit the rally from resuming, but not enough to reverse the trend down. Reversing down is unlikely before at leas retesting the three-week old Sunday night gap up.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Was Wednesday’s surge above 3.75 to 3.90 the result of rolling the front-month from Jan to Feb? Gapping down Thursday is consistent with that possibility, as was trending back down to 3.75. But closing under 3.62 is the deciding factor, and its break should then trend down sharply.

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))
Overnight weakness fulfilled the requirement to fill the gap back down to 1.0435. Not closing above it Wednesday would be likely also to test the gap open at 1.0405 before a recovery would be credible. There is otherwise no “unfinished business below.”

Gold Feb Contract (GC, ETF: (GLD))
Shallower overnight strength than the previous night was restrained by Wednesday’s open to spend the day fluctuating narrowly around unchanged, yet to test the range’s lower-end at 1118.00.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday fluctuated narrowly around unchanged instead of exploiting Tuesday’s gap up, suggesting the gap back down to Friday’s close will be filled before a credible rally leg can begin.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s dip recovered Wednesday from only attacking 148-04 whose break would have targeted a new low close, rallying up to 149-02 that has defined the past week’s resistance.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming slightly overnight was retraced before Wednesday’s open, but intraday firming kept price within the orbit of recent highs that still require being retested regardless of the next leg’s direction.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Dipping slightly overnight and at Wednesday’s open nevertheless recovered 3.75 and extended sharply higher to test at least 3.82. Unless rejected immediately Thursday for being only the mechanical product of contracts rolling forward, a more substantial upleg is now underway — leaving unfinished business below.

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 Tuesday didn’t resume the rally, which had already begun prematurely last week, and still needs to be corrected back down to 1.0435 before a reliable rally leg can begin.

Gold Feb Contract (GC, ETF: (GLD))
Rallying sharply overnight tested the 1147.00-1149.00 bounce limit up to 1151.00 before reversing down into Tuesday’s open, testing 1136.50 as support. That’s the upper-end of the range, and whether or not it’s tested, a test of the range’s 1118.00 lower-end remains in-play.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Tuesday left outstanding a gap back down to Friday’s close that will want to be filled before beginning a reliable rally leg. There is otherwise no unfinished business below since the outstanding gap at 15.75 was filled last week.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s weak open dropped down to probe under 149-12 support and to attack 149-04 whose breaks would signal a new low underway — and probably also a new low close which is needed before a bottom can begin forming.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s recovery from retesting its 52.50 buy signal was extended up to 54.00 Tuesday, with no excuse to further delay making the rally obvious if that is the pattern’s resolution.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up to test 3.75 resistance was the maximum allowable while still being likely to retest last week’s Island sooner, rather than later. Closing any higher would suggest a much larger rally leg underway, which would be a mixed signal after leaving the Island and a lower attraction at 3.18 outstanding.

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 complete retracement of Thursday’s premature intraday rally didn’t extend down overnight or Friday morning. But the gap back down to 1.0435 should still be filled before a durable rally begins.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s shallow strength held 1136.50 resistance. It was nevertheless in contrast to Silver’s weakness, increasing the vulnerability to a corrective bounce to 1147.00-1149.00 before fulfilling the 1118.00 target below..

Silver Mar Contract (SI, ETF: (SLV))
Friday’s open quickly dipped to retest Tuesday’s 15.75 gap down under all prior lows that had required being retested from above. Having neutralized the attraction below, a rally effort would be credible for extending higher. But an intraday probe of fresh lows can’t be dismissed.

30-year Treasury Mar Contract (US, ETF: (TLT))
Growing vulnerability to a brief false break higher was threatened at Friday’s open, although no recent intraday highs were tested by Friday’s 149-12 high. Back under 148-12 and 148-04 would signal momentum reversing down.

Crude Oil Jan Contract (CL, ETF: (USO, USL))
Gapping down Friday to retest the 52.50 buy signal was reversed back up throughout the session, but not yet reversed into positive territory, let alone reversed up sharply as the bullish scenario requires.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Thursday’s 3.62 pre-open high was probed Friday’s up to 3.72, still delaying the inevitable retest of Tuesday’s Island that had formed from Wednesday’s gap up.

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 higher overnight was mostly retraced before Thursday’s open, which extended higher again to and through the overnight high to attack 1.0545. The gap back down to Tuesday’s 1.0435 low close should still be filled before a durable rally can get underway.

Gold Feb Contract (GC, ETF: (GLD))
Thursday’s fluctuation around unchanged didn’t suggest any new buying sponsorship had arrived which would otherwise help to prevent extending the decline to its next lower objective at 1118.00. Meanwhile, a bounce must hold 1147.00-1149.00 to keep the lower objective in-play.

Silver Mar Contract (SI, ETF: (SLV))
Initially dipping Thursday morning only attacked Tuesday’s 15.75 opening gap down which requires a retest, before reversing into positive territory. Essentially all of the bounce was rejected, still needing to test the “unfinished business below” to help complete a bottom forming.

30-year Treasury Mar Contract (US, ETF: (TLT))
Slightly higher highs overnight at 149-11 were retraced into Thursday’s open and then extended down slightly intraday down to 148-12, as at least one more lower close remains outstanding before a durable bottom can form. Meanwhile, the potential for a more substantial corrective rally should be considered on a close above 149-22.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping Wednesday back down to the 52.50 buy signal and then deeper overnight and intraday. Recovering back above 53.00 was only nominal compared to the outperformance the pattern needs to produce immediately to indicate the buy signal’s retest had held.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Higher highs overnight at 3.62 were somewhat retraced into Thursday’s open, and then retested into the morning’s EIA report. While the reaction didn’t extend up, the pullback held 1-2 cents above 3.49 to avoid reversing momentum down.