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))
Exploiting Wednesday’s gap fill and extending higher Thursday through 1.0950 was partially rejected by gapping down  Friday back under 1.0950 and extending down sharply.

Gold Feb Contract (GC, ETF: (GLD))
Flat-to-lower ahead of Friday’s open was able to hold the 1114.00 pullback limit again, but shouldn’t further delay extending the rally if its momentum remains intact.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s dip didn’t extend down Friday, but still must recover above 14.35-14.40 to resume the rally.

30-year Treasury Mar Contract (US, ETF: (TLT))
Retesting the prior high now allows the rally to peak, whether immediately or after extending to test 162-26. Interestingly, the strength accompanies stock market strength, without a “flight-to-safety” catalyst.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s early strength attacked the 34.80 bounce target that had been met Thursday. Its reaction down into negative territory stopped short of testing the 32.50 pullback limit, keeping alive potential for extending to 37.20.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Recovering Thursday from its dip had kept alive the basing pattern, yet again, by closing back above 2.14. Friday’s gap up to 2.30 helps to signal the bottom is done forming, but a second consecutive higher close Monday would confirm a new upleg is underway. Meanwhile, a test of “lower prior highs” at 2.19 would temper the excessive optimism.

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 firm open initially exploited Wednesday’s constructive session, which had recovered the open’s gap up after filling the gap below back to Tuesday’s close. Closing above 1.0950 would confirm fresh highs are in-play.

Gold Feb Contract (GC, ETF: (GLD))
Initial strength Thursday was reversed down sharply to retest the 1114.00 pullback limit, which held to maintain the potential for extending higher to 1131.50.

Silver Mar Contract (SI, ETF: (SLV))
Spiking down Thursday morning held 14.20 support to prevent reversing the trend back down, but 14.40 must still be recovered to resume the rally.

30-year Treasury Mar Contract (US, ETF: (TLT))
Testing 160-20 resistance overnight didn’t extend higher intraday, but neither was it reversed down as potential remains alive for resuming or at least extending the rally to 162-28.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dueling headlines between Russia and Opec members triggered early volatility Thursday, which eventually resolved up to test the 34.80  corrective bounce target by 2 cents. Its reaction down held the 32.50 pullback limit that keeps alive potential for extending to 37.20.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was not greeted from a position of strength. But its knee-jerk reaction down was recovered to attack positive territory, and closing above 2.14 keeps alive the basing pattern and its potential for launching a new upleg.

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 Wednesday to test the 1.0900 bounce limit didn’t take off the table a deeper dip to 1.0750. But recovering from an intraday dip does require sellers to be obviously in control Thursday morning to avoid launching a rally leg.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday’s attack on 1122.00 wasn’t repeated Wednesday. And the breakout wasn’t confirmed by a second consecutive higher close. But the 1114.00 pullback limit wasn’t threatened, so higher highs remain likely.

Silver Mar Contract (SI, ETF: (SLV))
Not rejecting Tuesday’s breakout keeps alive the likelihood for extending higher, albeit without any higher requirement being in-play.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s dip was premature for launching a downleg, so Wednesday’s weakness was absorbed and a retest of 160-20/160-28 remains likely.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Wednesday held 30.45-30.95 as support before recovering into positive territory above Friday’s 32.40 prior highs. The next higher objective is 34.80.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
[Rolling forward to Mar contract]. Probing slightly higher overnight and at the open did not extend higher intraday. EIA is reporting Thursday but is not being greeted from a position of strength.

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 flat open barely firmed through the session to range narrowly around Monday’s high. Any initial weakness remains likely to extend down to 1.0750-1.0785.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday finally produced the long-required third higher close by gapping up and extending higher intraday to test 1122.00. A pullback has room down to 1114.00 to maintain the rally’s momentum targeting 1131.50. A second consecutive higher close Wednesday would create a new requirement for an additional higher close.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Tuesday and extending higher intraday confirmed that 14.10 is now support and the base that formed around it up to 14.35 is breaking higher.

30-year Treasury Mar Contract (US, ETF: (TLT))
Rallying to the 160-26 corrective bounce limit Monday night was retraced to test unchanged Tuesday. It was still premature for launching a new downleg, which was avoided by ranging choppily sideways despite a broad stock market recovery.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh reaction lows overnight to 29.25 were recovered to greet Tuesday’s open back at 30.45-30.95 resistance. Its recovery again triggered a rally up to 32.00, but this time with greater potential for extending higher to the 34.80 objective. The reaction to Tuesday’s API report should be duplicated Wednesday morning at the EIA report.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Probing 2 cents above the minimum 2.20 buy signal was retraced before Tuesday’s open, and not repeated intraday. But neither was it rejected, which still suggests post-open strength can extend higher intraday.

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 slightly Monday without yet probing back into the 1.0750-1.0785 range suggests that buyers are impatient. The “ineffectual optimism” is potentially bearish from a contrarian perspective, but should attract new sponsorship Tuesday to extend the bounce any higher if the decline remains intact.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up above 1100.00 did what Friday’s session could have, which suggests that buyers are patient. That’s potentially bullish from a contrarian perspective, but it doesn’t allow any further hesitation beyond Tuesday’s open to extend higher and to produce the outstanding minimum required third higher close — probably more than a third higher close, considering the extended interim pullback.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up from Friday’s recovery to 14.10 now makes 14.10 support. It also allows no hesitation or at least only brief pullback before extending higher Tuesday to confirm Monday’s breakout. Otherwise, the next dip would be unusually likely to trend down below the current basing range.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping up Monday only ranged around 159-26 without either extending higher or reacting down. The pattern’s “ineffectual optimism” suggests that Friday’s pullback low will be retested before a more substantial rally would become likely.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending back down Sunday night prevented confirming Friday’s surge as a breakout, while failing to recover back above the 30.95 resistance that had triggered Friday’s surge.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Initially gapping down Monday attacked last week’s lows down to 2.08 before recovering up to 2.17. But 2.21 must be recovered to launch a rally leg.