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))
Probing above the 1.0900 bounce limit must be rejected without further delay to maintain near-term potential down to 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s probe back above Tuesday’s high was rejected by Thursday’s reversal back under Wednesday’s low. Back above 1089.00 would still reinstate the rally, but a deeper pullback is otherwise in-play.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s surge above 14.10 was rejected by Thursday’s gap down. Trending down through the morning did fill the gap back to Tuesday’s low, which is still constructive to forming a bottom, but doesn’t qualify as a buy signal.

30-year Treasury Mar Contract (US, ETF: (TLT))
Not-necessarily-stable but not-plunging stocks removed the near-term catalyst for extending the bond rally, which remains intact so long as 157-04 holds as support..

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
After Wednesday’s inside day ignored stocks plunging, Thursday’s inside day ignored stocks volatility. The decoupling seems glaring.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Not greeting Thursday’s EIA report from a position of strength made the pullback likely to exploit all of its room for a pullback to 2.14, which was tested after the news.

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 Wednesday was retraced back up toward 1.090 like Tuesday’s gap down. That’s not the bounce limit, but chipping away at its resistance may begin undermining the downside attraction to 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s gap down under Tuesday’s test of 1084.00 support did not extend down before bouncing back above Tuesday’s 1089.00 high. Closing above it would have signaled momentum reversing up, but the high was still being tested. Extending higher Thursday without delay overnight and/or post-open would be credible for extending higher intraday.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s gap down had not trended down intraday, keeping alive the potential for rejecting the gap by reversing up immediately, which Wednesday did on the way up to 14.10. A second consecutive higher close above 14-10. Thursday would signal the trend is reversing up.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Wednesday still recovered in another flight-to-safety. Potential up to 158-10 and higher was exceeded significantly to 159-04 while producing a second consecutive higher close confirming Tuesday’s breakout. Upside momentum remains intact and next targeting 160-08 so long as 158-06 now holds as support.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up again was reversed back down post-open Wednesday. Interestingly, stocks continued falling — in fact, plunging — while Crude Oil ranged narrowly sideways at or above Tuesday’s close. Are they decoupling? Must a Crude Oil bounce trigger more than a blip-up in stocks? Could the next Crude Oil upleg be from saber rattling, and could that overcome the supply issues — which have been substantially discounted?

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Firming Wednesday did not recover through 2.32 resistance ahead of Thursday’s EIA report. Holding any gains after the report would be likely anyway to 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 down Tuesday may be fulfilling the likely retest of 1.0750-1.0785, the original pullback target, which is likelier to break lower given the chance.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s shallow brief pullback wasn’t able to fulfill the rally’s pullback, but Monday’s narrow ranging didn’t either, so Tuesday’s open gapped down into to the 1084.00 lower-end of last Wednesday’s range. Any lower would reverse the trend down, but closing above 1098.00 would resume the rally..

Silver Mar Contract (SI, ETF: (SLV))
Gapping down Tuesday ranged around 13.77 support, not extending down intraday, but also not rejecting it, which makes fresh lows under 13.65 likely. A recovery attempt would be credible only if closing above 14.10.

30-year Treasury Mar Contract (US, ETF: (TLT))
Despite gapping down Tuesday to test 155-00, a reversal up to 157-18 retested the 156-30/157-04 objective that had held Sunday night and which still required an intraday retest. So long as 157-04 holds as support, the next higher resistance is 157-22 and 158-10, but no requirement to test either.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up  Tuesday and extending higher to test 32.20 was attracted back down to fill its gap back to Monday’s close under 31.45, but extended down sharply to probe under overnight lows and test 30.00. Closing back above 31.35 is the minimum requirement to signal the decline is ending.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Tuesday’s open gapped down for a second consecutive session to 2.33 and extended down intraday to 2.27. Any lower would next visit 2.14, but otherwise the gap back to Monday’s 2.40 close should attract price higher.

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))
Probing above Friday’s high Sunday night was retraced back into Friday’s range Monday, but not reversed down, although that remains the likely resolution.

Gold Feb Contract (GC, ETF: (GLD))
Overnight strength was retraced back into Friday’s range as Friday’s pullback low remains likely to be retested as deeply as 1091.00 before extending the rally.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Monday was reversed entirely to probe back under Friday’s late plunge low, which isn’t necessarily bearish, and makes a recovery above 14.10 that much more bullish.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh highs overnight fulfilled the 156-30/157-04 bounce limit before reversing to gap down at Monday’s open. Shallow follow-through was recovered only enough to fill the gap back to Friday’s close. That cautious optimism near the upside attraction makes a retest likely of the overnight highs.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting down from Friday’s 33.55 bounce limit test extended sharply lower Monday to fresh lows attacking the next lower support at 30.80. Closing under 31.35 keeps alive the momentum down.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Friday’s breakout wasn’t confirmed by a second consecutive higher close Monday. But gapping down created a gap back to Friday’s ~2.48 close that must be filled eventually, making the dip likely to be recovered. The pullback has room to 2.31 before suggesting anything deeper underway. Closing above 2.44 would be likely to extend the rally.

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 filled two gaps above, the corrective bounce was likely to fail. But gapping down Friday was too abrupt to be credible for being able to extend intraday. The consolidation is now free to resume the decline.

Gold Feb Contract (GC, ETF: (GLD))
Gapping down Friday filled the gap back to Wednesday’s close and its tested 1092.00 “lower prior highs”, which could be probed more deeply while “unfinished business above” remains outstanding.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s bounce back up to 14.35 resistance was late to begin and not a breakout, making it easier for gapping down Friday back under 14.10. There is no requirement to probe any lower while bottoming.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s overnight high that was the flight-to-safety’s peak can  still be retested up to 156-30 and form a durable top to the recent bounce. All the more so, since Friday’s knee-jerk reaction down to 154-14 after Payrolls was recovered up to 156-16.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another test of 33.55 resistance Friday was retraced back down toward Wednesday’s lows, still likely to probe under 32.00 before a recovery would be credible.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Having probed recent highs intraday Thursday without closing higher, a close above recent highs Friday was required to avoid at least a corrective dip down to 2.14. Friday’s fresh highs up to 2.45 qualified as a breakout.