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))
Gapping down Tuesday didn’t exploit the pattern’s ongoing vulnerability to plunging, but neither has the series of lower lows and lower highs been disrupted.

Gold Apr Contract (GC, ETF: (GLD))
Monday’s close under 1216.60 was isolated by gapping up Tuesday back above it. But only back to 1222.60 whose recovery is still needed to trigger the 1242.00 and 1248.00 targets.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Tuesday helped to isolate Monday’s dip as holding its test of 15.15 support so the outstanding gap above at 15.70 could be filled.

30-year Treasury Mar Contract (US, ETF: (TLT))
Sliding sharply to test 165-00 at Tuesday’s open was not credible for this stage of the pattern. I noted during the pre-market Tour that proving it was an anomaly required only attacking unchanged. Unchanged was recovered by a surge well into positive territory, offering further confirmation that a test of 170-00 remains in-play.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
An early-morning bounce Tuesday was rejected by a deeper slide through the morning, further confirming that a retest of the decline’s original target and the gap back to its 28.80 low close remain in-play.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
The pattern’s only bullish setup immediately available for Tuesday was to gap up and close positive, with an interim probe of fresh lows. In fact, Tuesday’s open did gap up and immediately reverse down to new lows. A recovery wasn’t indicated, but forming the setup over two sessions could still qualify.

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’s open exploited the pattern’s vulnerability to plunging by gapping down after having trended down overnight. Gaps are leaving “unfinished business above” outstanding, and inihbiting the decline from extending much first..

Gold Apr Contract (GC, ETF: (GLD))
Falling Sunday night back under 1222.50 without recovering Monday is signaling the rally’s momentum has lapsed. Closing under 1216.50, too, would likely target 1195.00. Closing back above 1222.50 would resume the rally to 1942.00 and 1949.

Silver Mar Contract (SI, ETF: (SLV))
Gapping down Monday keeps alive potential for recovering to rtest last week’s high around 15.25.

30-year Treasury Mar Contract (US, ETF: (TLT))
Only a suspicious shallow dip accompanied stock futures soaring overnight. The weakness is suspicious because it almost qualifies as relative outperformance NOT during a filght-to quality.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight strength depesited Monday’s open more than $2 higher. It did not extend any higher intraday, which shouldn’t be productive anyway if a retst of the lows remains in-play.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
.No new strength Monday prevented the pattern from trending.At least another morning would be required.

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 being vulnerable to collapse while no new rally leg is likely, Friday traded flat-to-higher. Almost any immediate weakness would be likely to extend down sharply.

Gold Apr Contract (GC, ETF: (GLD))
Thursday’s rally had extended post-close to fulfill its 1240.00 objective. Reacting down from there overnight held the 1222.50 buy signal as support. Back under 1216.50 would signal momentum reversing down. Otherwise, there remains potential up to 1241.00 and 1248.00.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s narrow ranging prevented filling the gap outstanding above, which suggests that a downleg isn’t ready to begin.

30-year Treasury Mar Contract (US, ETF: (TLT))
Closing above Tuesday’s ~166-00 high Thursday extended Friday to 167-04 before dipping to 166-04. A second consecutive higher close Friday confirms the gap back up to 169-31 is in-play.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s dip extended down from Thursday’s retest of Tuesday’s 31.15 prior high, still targeting a retest of the decline’s 26.40 target and the gap outstanding there, probably down to 25.63.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping down Friday and trending lower intraday to new lows under 1.80 prevented a durable rally from forming, and created potential to 1.75 or 1.55.

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 Thursday was retraced back into Wednesday’s range, but no higher as the vulnerability remains greater to extend down if not also to capitulate.

Gold Feb Contract (GC, ETF: (GLD))
Overnight weakness was recovered for a firm open Thursday that extended higher intraday through the 1222.50 signal to test 1226.50 resistance, whose recovery would target 1240.00.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s outside day was relative subdued, but it was positive, and any early strength would be credible for extending higher intraday.

30-year Treasury Mar Contract (US, ETF: (TLT))
Despite not gapping up to isolate Wednesday’s probe under 164-30, Thursday did trend up to recover Tuesday’s 165-21 close and 165-30 resistance, suggesting the 169-31 week-old gap above will next be retested.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting Tuesday’s pre-open high at 31.15 up to almost 32.00 Thursday was reversed back to unchanged, still likelier to retest the decline’s 26.50 target and fill the low close’s gap, while also testing 25.63.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Bouncing to test “higher prior lows” at 1.95 allowed filling the gap below at 1.91, but Thursday’s open gapped down to fresh lows and trended lower. There is high potential for another consecutive lower close..

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 ranging narrowly after the recent support break is running out of time to launch a credible recovery, let alone to avoid a capitulating plunge.

Gold Feb Contract (GC, ETF: (GLD))
Extended narrow ranging through Wednesday should launch at least a blip-up to retest the opening gap outstanding above 1240.00.

Silver Mar Contract (SI, ETF: (SLV))
Ranging narrowly has extended for long enough that breaking abruptly either way would likely be short-lived and reversed more substantially in the opposite direction.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still no catalyst for a flight-to-safety, so the long bond fell further Wednesday. Breaking under the 165-12 area is problematic to a near-term recovery — unless gapping up Thursday can isolate Wednesday’s dip.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming back up to attack Tuesday’s 31.50 pre-open high is still considered only a correction before retesting 26.40 down to 25.63.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Now that “higher prior lows” at 1.95 have been tested as resistance, a dip can fill the gap back to Tuesdays’ 1.91 open and neutralize the attraction below.