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 narrow sideways ranging twice tested the 1.1050 bounce target, the second time while RSIs diverged negatively. Any higher for any longer would target 1.1140, but the bounce is meanwhile vulnerable to being reversed back down.

Gold Apr Contract (GC, ETF: (GLD))
Reacting down from another attack on the 1277.50-1288.00 target area didn’t reverse the trend down, leaving potential for a more substantial test of the target area.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s delayed trending down from having neutralized the attraction up to 15.70 does make fresh highs more difficult. But trending back down already is unlikely.

30-year Treasury Jun Contract (US, ETF: (TLT))
Recovering the 162-20 buy signal Monday night extended to gap up sharply Tuesday at 163-24 and then extended sharply higher intraday to test the 164-26 origin of last Tuesday’s plunge. Not first backing-and-filling Tuesday morning does undermine Wednesday’s upside momentum.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting Monday’s late 38.11 high up to 38.39 resolved down to gradually attack 36.40 support didn’t reverse the trend down, but it is being threatened.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Still testing 1.70 resistance Tuesday instead of decisively recovering it and 1.80 to launch a substantial corrective bounce.

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 Monday wasn’t the appropriate resumption of the decline, despite Friday essentially having fulfilled the 1.0500 bounce target. Reversing back into positive territory now enables a probe under Monday’s low to extend down sharply.

Gold Apr Contract (GC, ETF: (GLD))
Friday’s test of the 1277.50-1288.00 target area’s lower-end leaves open potential for a more significant test, especially since Monday’s weakness didn’t extend.

Silver May Contract (SI, ETF: (SLV))
Friday’s fulfillment of the 15.70 gap outstanding above need not reverse down immediately, and may even try extending the rally next, as Monday’s weakness was shallow.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat ranging Monday didn’t threaten the 162-20 buy signal, but neither did it threaten to resume the decline that we’re assuming has ended.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The rally showed little sign of stopping Monday, and it actually accelerated to test 38.11. Back under 34.75 would signal momentum reversing down, with no shallower of an ultimate target than to retest the lows.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Probing intraday above the 1.70 buy signal Monday stopped sh0rt of attacking the 1.80 signal whose combined recoveries would launch a correction of the multi-week downtrend.

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 up and extension above the 1.0900 buy signal was extended higher Friday, to within just several pips of its 1.1050 objective.

Gold Apr Contract (GC, ETF: (GLD))
The lower-end of the 1274.00-1288.00 noise range above the 1265.00 target was tested Friday, opening the door to a reversal setup forming.

Silver May Contract (SI, ETF: (SLV))
Friday’s surge finally neutralized the longstanding attraction above at the 15.70 gap up above what was all prior highs at the time, and also filled an interim gap close. It’s also a breakout to fresh relative highs, but a second consecutive higher close to confirm is unlikely on Mondays. Back under 15.55 would signal the surge had failed.

30-year Treasury Jun Contract (US, ETF: (TLT))
Reacting down twice Friday — both before and after the Employment Situation report — tested fresh lows around 161-24 support that had defined the week’s earlier low. The drop’s origin after closing above 164-14 suggests the dip is only temporary. Closing back above 162-20 would signal the trend reversing up.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The daily probe of slightly higher highs was accelerated Friday by a surge to attack 36.00 which allows raising the sell signal to 33.95.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Fresh lows overnight and Friday followed Thursday’s poor EIA reaction for having greeted the news from a position of weakness. Recovering the lows through the close didn’t alter what is still an ongonig series  of lower lows and lower highs, whose buy signal is triggered above 1.70.

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))
Repeated testing of the decline’s 1.0865 support finally reacted up Thursday to trigger the 1.0900 buy signal targeting 1.1050.

Gold Apr Contract (GC, ETF: (GLD))
Surging through 1242.00 and then above 1248.00 Thursday was extended to test 1261.00, still targeting fresh highs up to 1265.00.

Silver May Contract (SI, ETF: (SLV))
Extending its recent recovery Thursday tested the 15.15 buy signal whose recovery puts into play a test of the 15.70 gap above.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday failed to confirm Tuesday’s deep drop by ranging narrowly around 162-14, allowing Thursday’s surge to test 163-14 whose recovery would signal the drop had ended, and also 163-24 whose recovery would signal a new upleg underway. Both tests reacted down initially.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing slightly higher again Thursday above 35.00 still continued overlapping prior highs, leaving the door open to triggering the sell signal that was raised Wednesday to 33.00.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength. Fresh lows overnight Its favorable knee-jerk reaction to the news momentarily probed positive territory before dipping back down to test the open’s gap. That neutralizes the gap’s attraction below, and allows a recovery above 1.70 to seal a bottom.

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))
Still fluctuating Wednesday around the decline’s 1.0865 likely support, with potential for closing back above 1.0900 to target at least a corrective bounce to 1.1050.

Gold Apr Contract (GC, ETF: (GLD))
Bouncing Wednesday back to 1242.00 neither rejected it nor closed above it, so there’s still room up to 1249.00 before signaling a retest of prior highs up to 1265.00.

Silver May Contract (SI, ETF: (SLV))
Firming Wednesday recovered back up to Tuesday morning’s highs, still needing to recover 15.15 to target 15.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
Ranging narrowly Wednesday around 162-14 didn’t extend Tuesday’s drop to confirm it, but recovering 163-14 would still signal the decline had ended, and back above 163-24 would reverse momentum back up.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fluctuating wildly around unchanged Wednesday did probe a fresh high that allows raising the sell signal 50 cents to 33.00. That doesn’t prevent breaking higher from the Symmetrical Triangle pattern that has formed, but the likelier resolution is still down.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Tuesday’s late surge that never extended higher was retraced entirely overnight, but no changes were made to the pattern that would still trigger a rally above 1.80.