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))
Having entrenched the uptrend Thursday with a confirmed breakout, Friday dipped back into Wednesday’s range, stopping optimistically short of filling the gap back to its close. Regardless, at least an eventual higher close is now required.

Gold Feb Contract (GC, ETF: (GLD))
Spiking up on payrolls to 1164.00 reacted down sharply into negative territory, its 1145.50 low stopping optimistically short of filling the gap back to Wednesday’s close before recovering back into the range.

Silver Mar Contract (SI, ETF: (SLV))
Spiking up on Friday’s payrolls was retraced as quickly to resume return to the 14.86 pullback limit that had held already Thursday, consolidating under it through the afternoon.

30-year Treasury Mar Contract (US, ETF: (TLT))
Spiking up to 163-22 on Friday’s payrolls remained encompassed by the prior surge, so it was only noise. But dropping to attack the 161-27 sell signal did react back up to attack the morning’s high.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Higher highs overnight had evaporated before Friday’s open, replaced intraday by the relatively narrow directionless ranging as was expected.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Firming after Thursday’s reaction to fresh lows, a bottoming pattern has almost fully formed, but 2.02 must hold tests as support.

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 out-sized strength didn’t prevent gapping up again Thursday and extending even higher to confirm the breakout. At least an eventual third higher close is now likely.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up Thursday didn’t trend much higher intraday, nor did it give back the opening gain, forming a potential Island. Gapping down back into Wednesday’s range — preferably under 1138.00 — would form the pattern, which would be likely to be retested.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s higher high tested 14.91 resistance without closing above it, so no higher targets are in-play. But momentum remains intact since the pullback limit held its test of 14.86.

30-year Treasury Mar Contract (US, ETF: (TLT))
Overnight weakness tested the 161-27 sell signal into Thursday’s open and firmed from there to continue ranging around the rally’s 162-26 target.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing the 29.42 pullback limit by 2 cents snapped back to gap up Thursday, and a post-open dip also snapped up to 33.60. But the 32.50 bounce limit held through the close as was expected.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of weakness allowed fresh lows for the move to form at 1.95. The pattern still has no buy signal, and its fresh low close doesn’t make a durable recovery yet likely.

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 up through 1.0950 resistance Wednesday confirmed the recovery above 1.0900 had ended the potential for retesting recent lows. Extending through downtrending resistance rallied sharply to 1.1156, testing “higher prior lows” at 1.1140. Upside momentum remains intact so long as 1.1065-1.1090 holds as support.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s break above the rally’s minimum 1131.50 target extended to test its maximum 1141.00 target above 146.00. Back under 1133.50 would signal the extension had failed to gain traction.

Silver Mar Contract (SI, ETF: (SLV))
Early strength Wednesday finally extended through the 14.35-14.40 resistance to launch the next upleg, already testing 14.80.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fulfilling the 162-26 target Tuesday didn’t prevent probing higher post-close, overnight, or Wednesday, all the way to 164-07. But testing 164-07 didn’t prevent reacting back down to 162-26, which suggests its higher highs are only more recent weak-handed buying pressure. But reversing the trend down still requires dropping under 161-26.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 29.45 pullback limit was tested overnight before Wednesday’s flat-to-higher open that extended higher intraday to attack 32.50. Closing any higher would signal a retest of 34.80 up to 37.20.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Overnight weakness was recovered Wednesday to firm intraday, but Thursday’s EIA report is still being greeted from a position of weakness.

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 up Tuesday held 1.9050 resistance whose recovery would launch a new rally leg. It reacted down to attack 1.090, whose break would resume the decline.

Gold Feb Contract (GC, ETF: (GLD))
Fresh highs Tuesday touched the 1131.50 target and reversed back down into negative territory. No second consecutive higher close confirmed higher targets are in-play. But the trend hasn’t reversed down, and closing only slightly lower Tuesday requires closing under 1114.00 to launch a new downleg.

Silver Mar Contract (SI, ETF: (SLV))
Monday’s test of 14.35-14.40 resistance wasn’t rejected then, and wasn’t rejected Tuesday, but still hasn’t extended higher to launch a new rally leg.

30-year Treasury Mar Contract (US, ETF: (TLT))
The 162-26 target was met early Tuesday, which now allows room down to 160-16 before starting to signal the trend reversing down — probably sharply.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap down under the 32.50 pullback limit wasn’t recovered at Tuesday’s open, probing lower lows down to 29.80. A bounce could test 31.65 while still maintaining the downside momentum.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Monday’s reaction down had been required by Friday’s gap up. Extending down deeper overnight was not required, let alone extending under the recent range’s prior lows. This is not a pattern that recovers durably, even if it tries recovering immediately.

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 up Monday retraced 61.8% of Friday’s drop up to 1.0922, essentially holding 1.0900 resistance to keep alive the potential for resuming the slide to 1.0785.

Gold Feb Contract (GC, ETF: (GLD))
Surging at Monday’s open to fresh highs above 1121.50-1122.00 came just in time to prevent Thursday and Friday’s test of 1114.00 support from breaking lower. The 1131.50 target remains in-play.

Silver Mar Contract (SI, ETF: (SLV))
Opening firm Monday probed above 14.35-14.40 whose recovery would resume the rally.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday’s pullback now allows a break under 160-00 to signal a deeper dip underway targeting 157-10. Extending higher would meanwhile continue to target 162-26.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 34.80 corrective bounce target that was touched Thursday wasn’t retested before Sunday night’s slide that extended down sharply Monday to 31.25. Gapping up Tuesday above 32.50 would reject the slide, but otherwise the corrective bounce has ended.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping up Friday had over-optimistically avoided dipping to test the range’s 2.18 “lower prior highs.” Gapping back down Monday avoided a second consecutive higher confirming close, but left outstanding the gap back to Friday’s 2.30 close to encourage a recovery.