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))
The reaction down from last week’s 1.1385 high was extended coming out of the weekend down to 1.1133. The high formed an Island, which would be retested upon recovering 1.1270.

Gold Feb Contract (GC, ETF: (GLD))
The holiday weekend was exited by reacting back down to 1191.50 that had preceded last week’s blow-off to 1264.00. Closing back above 1222.50 would target the gap back to last Wednesday’s 1240.00 open.

Silver Mar Contract (SI, ETF: (SLV))
Having held 15.80 resistance at Friday’s close, the reaction extended down to 15.15 coming out of the weekend. Tuesday consolidated the drop but left no new signal.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still lacking a catalyst for flight-to-safety, breaking under 167-18 support quickly extended to test last week’s “lower prior highs” at 166-10 and lower to 165-02. Any lower would trigger a much deeper decline — which suggests that this support’s test will launch a recovery back to Thursday’s 170-00 gap up.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming out of the weekend and surging early Tuesday up to 31.53 reversed back down back to 28.80, and closing any lower would target a retest of 26.40 down to 25.63.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Although the reaction to Thursday’s EIA report had already filled the gap back to its prior week’s 1.97 low close, and Friday didn’t extend lower, coming out of the holiday did break lower to 1.88.

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 to fresh highs had not extended higher intraday. Friday’s gap down formed an Island-type pattern, which is not an Island, since it is land-locked. So, momentum may now reverse down without interruption.

Gold Feb Contract (GC, ETF: (GLD))
Thursday’s blow-off high didn’t extend its overnight reaction down Friday. Regardless, a pullback would require retesting Thursday’s opening print before a durable top could be considered.

Silver Mar Contract (SI, ETF: (SLV))
Having held its 15.80 target Thursday despite probing above it intraday, Friday’s sideways action helps to confirm that a lot of buying pressure was satisfied. But its 15.65 pullback limit held as support to keep alive momentum for at least retesting Thursday’ intraday high.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still trending up in blow-off mode Thursday, Friday’s rally was no catalyst for extending higher in any flight-to-safety. Instead it allowed for testing “lower prior highs” so that another bounce can test Wednesday’s gap up and neutralize its attraction above. (I wonder what could be the catalyst for that?)

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 26.40 target was fulfilled Thursday. There remains room for noise below it to 25.63, which could be met on a retest since Friday’s gap up may be trying to begin forming a bottom.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of weakness enabled the negative reaction to fill the gap back down to the week-old low close. Holding its test Friday doesn’t help to prove a bottom is forming, which only a rally at this stage can do — or a recovery from fresh intraday lows.

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))
Fulfilling the pattern’s minimum objective at Tuesday’s new high close relieved the pattern of any higher requirements. That didn’t qualify as signaling a reversal, but price did react down Wednesday, testing its 1.1200 pullback limit.

Gold Feb Contract (GC, ETF: (GLD))
Overnight weakness was eventually recovered Wednesday, but the 1203.00 target wasn’t met. Its delay does suggest it might be probed, but closing above it would still need a second consecutive higher close to confirm any higher objective in-play.

Silver Mar Contract (SI, ETF: (SLV))
Overnight weakness was recovered essentially to unchanged Wednesday, but still not probing a fresh high that the pattern suggests will develop before a durable downleg.

30-year Treasury Mar Contract (US, ETF: (TLT))
A test of the 165-08/165-12 pullback limit’s lower-end Wednesday resolved up. And up, and up. New highs were probed aggressively up to 167-03 as the rally remained entirely intact.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The downleg targeting new lows is in its denial stage, as choppiness expands upon testing the prior low. A two-handle surge intraday was erased entirely, still likely to extend down.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping down under 2.07 Wednesday and extending to test 2.02 was the opposite of initial strength which would have signaled a rally. Thursday’s EIA report isn’t being greeted from a position of strength, but also not from weakness that might require a negative reaction or undermine a favorable reaction.

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 extending higher Monday night to gap up Tuesday put the session on-track to fulfill the required eventual third higher close from Wednesday’s confirmed breakout. A pullback has room below to test “lower prior highs” at 1.1230 without reversing momentum down.

Gold Feb Contract (GC, ETF: (GLD))
Reacting down from just below the rally’s 1203.00 target didn’t get very far before trending back up into Tuesday’s open. The intraday action ranged narrowly sideways.

Silver Mar Contract (SI, ETF: (SLV))
Testing the rally’s 15.45 target Monday didn’t extend any higher overnight. Ranging sideways through the day kept alive potential for probing higher, but makes higher highs more vulnerable to reacting down sharplyl.

30-year Treasury Mar Contract (US, ETF: (TLT))
Having blown through the rally’s original 162-24 target last week up to 164-07, and then probing that Monday up to 166-01, extending sharply higher Monday night to 167-09 isn’t terribly shocking. Or shouldn’t be. But the rally’s relentlessness is nonetheless impressive, as it repeatedly holds pullback limits, which is now 165-08/165-12. Under 164-28 would start to signal momentum reversing down.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Failing to hold the new 29.55 pullback limit Monday night broke lower Tuesday morning and extended down sharply into the afternoon to 27.75. Fresh lows under 27.56 are targeting 26.40, with room for noise around that down to 25.65.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Dipping Monday night to test 2.06 support rallied Tuesday morning to 2.13. But the balance of the session settled back down to the 2.10 pullback limit.

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))
Friday’s dip has stopped optimistically short of filling the gap back to Wednesday’s 1.1095 close, but Monday’s gap down came within 1 pip before reversing up into positive territory above 1.1200, potentially on the way to fulfilling the outstanding minimum higher close.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s post-close extension higher wasn’t retested Sunday night until nearing Monday’s open, and then it extended sharply through it to nearly fulfill upside potential at 1203.00 compensated for the delay. Now a pullback has room down to 1185.00-1186.00 before signaling the rally’s momentum has lapsed.

Silver Mar Contract (SI, ETF: (SLV))
Having held its pullback limit last week, the upside momentum remained intact for at least testing the bottoming pattern’s 15.45 target. Now pullbacks must hold tests of 15.30 to keep alive the upside momentum.

30-year Treasury Mar Contract (US, ETF: (TLT))
Plunging stocks triggered a flight-to-safety that surged through last week’s 164-07 high to test resistance at 165-28. Now holding 165-08/165-12 avoids signaling the rally’s resumption has failed (albeit pretty successful in the interim).

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Lower lows Sunday and Monday were still range-bound, although  last week’s test of the 29.42 pullback limit was attacked. But just closing under 29.55 would target fresh lows at 27.40..

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping up overnight and testing 2.17 was retraced to at least attack 2.10, near enough to “lower prior highs” that extending higher intraday Tuesday could confirm the recovery without leaving “unfinished business below” to inhibit further rallying.