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))
Thursday’s premature bounce from attacking 1.0750-1.0785 was largely retraced by Friday’s immediate break lower. The target remains intact so long as 1.0900 isn’t recovered.

Gold Feb Contract (GC, ETF: (GLD))
Probing back above 1100.00 was too muted to signal that the pullback limit’s test on Thursday had necessarily held. But its break Thursday was not confirmed and potential to new highs remains intact.

Silver Mar Contract (SI, ETF: (SLV))
Surging Friday morning to probe above 14.35 also filled the highest outstanding gap. Its resistance held and pushed price back down to test 14.10 support. Extending higher early Monday would be credible for finally launching a rally from the basing pattern.

30-year Treasury Mar Contract (US, ETF: (TLT))
Dipping deeper fulfilled the minimum pullback objective of filling the gap outstanding from 159-06. The next lower attraction is 157-10, so long as 159-20 is not recovered first.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Immediately opening Friday to test the bounce’s 31.00 objective was extended higher to also test 32.00, with potential for extending ultimately to test 34.30, so long as 31.00 now holds as support.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Still ranging around 2.14 is forming a base that can launch a recovery of the high’s failed Ascending Triangle, which is always 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))
Dropping immediately Thursday tested the upper-end of the 1.0750-1.0785 target area. Rather than probe lower, let alone resume the decline, the balance of the session bounced to test 1.0900.

Gold Feb Contract (GC, ETF: (GLD))
Gapping down to the 1100.00 pullback limit and extending slightly under it Thursday required its recovery through the close to maintain the near-term upside momentum. Having failed that but not extending down intraday, gapping up above 1100.00 Friday would be credible for extending to fresh highs into the weekend.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday and Wednesday’s bounce up to 14.10 was retraced again Thursday down to 13.88, still not confirming the break higher while likely forming a sizable base. Bouncing to close back up at 14.00 does make it easier for Friday to extend higher.

30-year Treasury Mar Contract (US, ETF: (TLT))
Actually closing under 160-12 Thursday now suggests the flight-to-safety is done. The minimum pullback potential to 159-06 is already largely fulfilled. Meanwhile, closing back above 160-28 Friday would reinstate the flight-to-safety, and the next higher objective at 162-26.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Only probing positive territory Thursday is helping to form a bottom, and extending higher into the weekend Friday has become possible again for the first time in weeks. Closing above 31.00 would signal a bigger corrective bounce underway already.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Choppy knee-jerk reaction to Thursday’s EIA report held the 2.14 level, more as an attraction than as either support or resistance. Almost any early firming Friday would be credible for extending 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))
Wednesday’s weakness prevented closing above 1.0950, to maintain potential for reversing down to at least test 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Probing the two-week old prior high above 1109.00 didn’t extend higher, which would fulfill the outstanding third higher close that became required by confirming the two-week old breakout.

Silver Mar Contract (SI, ETF: (SLV))
Closing Wednesday above 14.10 could launch a new upleg by closing higher Thursday, too. The range otherwise persists.

30-year Treasury Mar Contract (US, ETF: (TLT))
Despite recovering intraday to probe the 161-09 overnight high by 9 ticks, the close was struggling to hold 160-12 as support whose break would all but seal a top.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending down sharply Wednesday to test 26.20 now has room up to 27.40 before suggesting a corrective bounce may be underway. Coverage rolls forward to Mar as the front-month, which trades now at a 1.75 premium to Feb. Also, EIA reports irregularly on Thursday due to the holiday-shortened week.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Narrow sideways ranging at or under 2.14 doesn’t greet Thursday’s EIA report from a position of strength, but a knee-jerk reaction down would be capable of recovering.

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 1.1000 filled the gap at 1.0850 before bouncing back above 1.0950, whose recovery undermines the attraction down to 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Gapping down slightly Tuesday did not suggest another attempt at probing 1089.00 resistance, or any of the peaks to its prior probes. Filling the gap back down to Thursday’s 1071.50 close can’t be discounted.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up and hovering in positive territory Tuesday might seem like “ineffectual optimism,” but it was pessimistic in comparison to the overnight highs that chipped away further at 14.10 resistance.

30-year Treasury Mar Contract (US, ETF: (TLT))
Weakness was limited Sunday night and Monday when there was no catalyst for a “flight-to-safety,” but Tuesday’s reaction was very responsive to the broader market weakness. Still, no higher high is required.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night and Monday choppiness was duplicated Tuesday as a bounce to 30.25 reacted down to attack Sunday night’s lows down to 28.50. Recovering back above 30.25 could now launch a multi-session rally.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Dipping Sunday night to 2.05 had reacted up short of 2.23, and Tuesday’s post-open test of 2.14 resistance reacted down intraday. Closing above 2.14 would now reverse momentum 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))
Recovering 1.090 undermines the 1.0750 retest. But only closing above 1.1000 would negate the eventual retest at all.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up sharply to probe above 1089.00 also ran into a gap. Filling it reacted down, which would still be bullish so long as 1089.00 holds as support. Back under 1084.00 would target a retest of Thursday’;s close.

Silver Mar Contract (SI, ETF: (SLV))
Surging Friday to once again chip away at 14.10 resistance which must still be recovered to launch a rallly.

30-year Treasury Mar Contract (US, ETF: (TLT))
Market turmoil triggered another round of flight-to-safety, which also can produce the eventual third higher close that required by the confirmed breakout.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The recent calm during stock market volatility may have decoupled Crude Oil from stocks, but that doesn’t prevent breaking lower in tandem.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Not bouncing from 2.14 has broken lower to suggest a deeper pullback underway that can’t bottom earlier than Tuesday.