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))
Monday night’s test of 1.0865 support was recovered, as was Tuesday morning’s lower low, which continues suggesting that a bounce targeting 1.1050 may be forming.

Gold Apr Contract (GC, ETF: (GLD))
Testing 1248.00 up to 1251.00 Tuesday was reversed down sharply to retest the 1227.50 buy signal. A second consecutive higher close above 1242.00 would have targeted a retest of prior highs up to 1265.00. Closing back above 1242.00 again would still be credible for extending higher.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s initial strength held at the 15.15 buy signal, and reversed down in reaction to the morning’s econ reports, still needing a close above to target 15.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
Failing to gap up for a second consecutive session gave Friday’s gap down more credibility for extending lower to retest the prior week’s 163-14 low, and it was probed down to 162-04. Bounces must recover above 163-00 to suggest the decline is ended.

Closing back above 163-14 would signal the decline’s momentum had lapsed. Closing above 163-24 would signal another rally leg is underway.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting Friday’s ~34.65 high didn’t extend, but it wasn’t probed to justify raising the sell signal up from 32.50.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Not gapping up prevented exploiting one bullish setup, but a late surge opened another that must still close above 1.80 to signal momentum reversing 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))
The ongoing decline started the week by gapping down and extending lower. Testing 1.0865 at its low may allow at least a corrective bounce to test 1.1000, since that’s a 61.8% retracement of the Dec-Jan consolidation. Extending lower anyway would be vulnerable to sliding more sharply.

Gold Apr Contract (GC, ETF: (GLD))
Gapping up Monday to 1227.50 extended through the buy signal but stopped short of reaching its 1242.00 objective, whose recovery would all but target a retest of the 1265.00 prior high.

Silver May Contract (SI, ETF: (SLV))
Flat-to-lower ranging Monday didn’t help to end the extended reaction down, which must still recover 15.15 to suggest a retest of the recent highs is underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Sunday night’s probing above Friday’s gap-down highs weren’t maintained into Monday’s open, suggesting a narrowly ranging session. Gapping up Tuesday would still qualify for rejecting the dip and resuming the recovery.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping overnight to test 32.50 held the signal but only bounced back into the range, so closing under 32.50 would still qualify for resuming the decline targeting a retest of the lows.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Like Friday, Monday avoided gapping up and forming an Island Reversal pattern, instead gapping down and extending lower. The 3-session setup of unconfirmed breaks suggests that Tuesday won’t confirm Monday’s break as being durable.

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 pause in the ongoing decline was compensated by gapping down and extending relatively sharply lower. No immediate bounce would be credible for extending higher intraday.

Gold Apr Contract (GC, ETF: (GLD))
Bouncing to 1242.00 resistance Thursday had failed to signal another upleg underway. Friday’s lower low now allows closing above 1227.50 to trigger a new upleg.

Silver Mar Contract (SI, ETF: (SLV))
Only overlapping 15.15 support Thursday didn’t indicate whether its test had held, but Friday’s slide indicated it had not. Closing back above 15.15 would put back into play a test of 15.70.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down  Friday retraced 61.9% of Tuesday’s false break lower. That’s natural support, and constructive to the rally effort if Monday’s open were to gap up above Friday’s high to 166-12 and trend higher intraday.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending even higher overnight after testing the 32.70 bounce limit was able to probe fresh highs Friday up to 34.70. Reversing that back into negative territory suggests a bigger top is forming, and back under 32.55 would resume the decline.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Not gapping up Friday prevented Thursday’s pattern from becoming an Island Reversal. Probing fresh lows intraday was recovered back into Thursday’s range. Gapping up Monday would still qualify, but there is no other reversal setup.

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))
Relatively narrow ranging Thursday avoided printing a lower low, but also avoided a higher high that could have begun invalidating the ongoing downtrend.

Gold Apr Contract (GC, ETF: (GLD))
Extending Wednesday’s reaction down Thursday morning attacked the original 1222.60 inflection point as support, and bounced to test 1942.00 whose recovery would target a retest of the 1264.00 high.

Silver Apr Contract (SI, ETF: (SLV))
Probing under the 15.15 pullback limit eventually held and reacted back up to 15.15, but not decisively recovering it resume rallying to the 15.70 objective.

30-year Treasury Mar Contract (US, ETF: (TLT))
Extending down a little deeper overnight and Thursday morning was nevertheless recovered to attack 168-00, still targeting 170-00.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 32.40 bounce limit touch produced a reaction down to 31.50. It has so far held, keeping alive potential for the corrective bounce to also touch 32.70 before resuming the decline back to recent lows.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Having failed to produce the third stage of a bottoming pattern that became possible after Monday’s close, Thursday’s EIA report wasn’t greeted from a position of strength. Its gap down under all prior lows extended down even further before recovering back to the open. Gapping up Friday back above 1.82 could form a near-term Island Reversal pattern targeting 2.00.

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 slightly Wednesday was recovered to probe positive territory slightly, while still maintaining the downtrend’s ongoing series of lower lows and lower highs.

Gold Apr Contract (GC, ETF: (GLD))
Clearly rejecting Monday’s close under 1216.60 and barely recovering the 1222.60 buy signal at Tuesday’s close was well-rewarded overnight and through Wednesday’s open by fulfilling the 1242.00 and 1248.00 targets up to 1254.30, Reacting down probed 1240.00 support, threatening momentum to also test the recent 1263.90 high.

Silver Mar Contract (SI, ETF: (SLV))
Surging overnight stopped a dime short of fulfilling a retest of the recent open’s gap at 15.70, whose test is likely before a downleg would be credible. Its reaction down probed under the 15.37 open as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s recovery extended higher overnight to gap up Wednesday at 167-17. The extension up to 168-25 was retraced to test Tuesday’s 167-04 highs as support, still targeting a test of the recent opening high’s 169-31 gap.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sliding overnight to test 30.60 support created room for a corrective bounce up to 31.50 while still targeting a retest of the lows. Exceeding it intraday created potential to 32.40, but closing back under 31.15 would reinstate the downside target.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The second session of a two-day setup opened flat to leave no “unfinished business” below, so that closing above Tuesday morning’s 1.88 high would signal a bottom is reversing back up.