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))
Wednesday’s opening bobble at least didn’t extend the test of 1.1010 resistance, whose test should not further delay launching a downleg if the 1.0750-1.0785 pullback target remains in-play.

Gold Feb Contract (GC, ETF: (GLD))
Sliding sharply at Wednesday’s open probed into the 1057.00-1061.50 support whose break would target 1039.00-1041.00. Even that extra leg to fresh lows could still be part of a bigger bottoming pattern. Closing above 1074.00 and not under 1057.00 would be more assured of a bottom.

Silver Mar Contract (SI, ETF: (SLV))
Having failed Tuesday to reject Monday’s plunge, probing fresh lows Wednesday at 13.80. It must be rejected without delay to avoid probing new lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
A second consecutive lower close was avoided Wednesday despite probing fresh lows in the morning. So, Tuesday’s breakout was not confirmed, which would have required at least an eventual third lower close.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already having reacted poorly to a bearish Saudi production announcement, the reaction to Wednesday’s bearish EIA report was expected only to be emotional, and temporary. Testing 36.50, there is still room down to 36.00, but not really any reason to avoid rallying.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping down Wednesday created an Island ahead of Thursday’s EIA report. But so long as 2.14-2.23 were to hold as support, then the news is being greeted from a position of strength. Islands are made to be retested, whether or not on the way to higher highs.

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))
Monday’s bounce back up to last Tuesday’s highs was rejected in the same way, by gapping down. The pullback targeting 1.0750-1.0785 remains intact.

Gold Feb Contract (GC, ETF: (GLD))
Rallying overnight to 1074.00 resistance was in-line with having stopped the decline’s momentum, but must still close above 1077.70 to signal momentum reversing up.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s bounce helps to confirm that Monday’s dip to the base’s 61.8% retracement had held,  but only closing above 14.10 would signal momentum reversing up.

30-year Treasury Mar Contract (US, ETF: (TLT))
Having held Monday’s corrective bounce limit at 155-30, Tuesday’s reversal back under 154-30 was credible for launching a new downleg. Its break already extended to fresh lows at 153-08.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s pullback to the 36.75 buy signal had held, as confirmed by Tuesday’s gap up back above it attacking 38.00. Wednesday and Thursday’s breakout and consecutive confirmation still require at least an eventual third higher close.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Extending higher overnight to gap up Tuesday exceeded the 1.29 target by a dime, suggesting that the next higher objective at 1.50 is in-play so long as pullbacks now hold 2.28 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 Dec Contract (EC, ETF: (FXE, UUP))
Last Tuesday’s bonce had neutralized an upside attraction before reversing down aggressively Wednesday. Monday’s retest of last Tuesday’s high is redundant, so the corrective dip targeting 1.0750-1.0785 must be resumed immediately if valid.

Gold Feb Contract (GC, ETF: (GLD))
Closing Thursday back above 1074.00 had suggested the corrective dip was ending, but recovering 1077.70 was still needed to reverse the trend up. Monday’s dip to .

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s close above 14.35 was never confirmed before Monday’s gap down back under 14.10 that extended lower intraday to test 13.88. That’s essentially a 61.8% retracement of the base, so closing back above 14.10 Tuesday would trigger a new buy signal.

30-year Treasury Jan Contract (US, ETF: (TLT))
Filling the gap Thursday back up to 154-30 didn’t require resuming the decline, but room for extending the corrective bounce up to 155-29 was utilized entirely Monday. Closing back under 154-30 would start to signal a new downleg is underway, confirmed under 154-16.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s dip held support down to the 36.75 buy signal that was triggered and confirmed by last week’s two consecutive higher closes. The gap outstanding back to Thursday’s close can now attract price back up if a deeper correction back to 36.15 can be avoided.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Last week’s confirmed breakout at 1.98 and 2.04 resumed by gapping up Sunday night and extending higher intraday Monday to test 2.22. The third eventual higher close is now fulfilled. Extending higher requires pullbacks to hold 2.14 or 2.10

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 Dec Contract (EC, ETF: (FXE, UUP))
Thursday’s gap up didn’t reject Wednesday’s gap down, and the pullback targeting 1.0750-1.0785 remains intact.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up Thursday extended to close above 1074.00to suggest the reaction down had ended. But closing above 1077.70 is still needed to reverse the trend back up..

Silver Mar Contract (SI, ETF: (SLV))
Already having dipped relatively shallowly Wednesday, Thursday’s strength extended to close at a fresh high that suggests a new upleg is underway if confirmed by a second consecutive higher close.

30-year Treasury Jan Contract (US, ETF: (TLT))
Wednesday’s bounce from fresh lows extended just higher enough Thursday to fill the gap back to Tuesday’s close. Its attraction above had prevented Wednesday’s drop from extending, so neutralizing its attraction allows the decline to resume.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s gap up extended higher intraday to confirm Wednesday’s close above the 37.70-37.90 buy signal.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Already probing fresh recovery highs overnight, Thursday’s EIA report was 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 Dec Contract (EC, ETF: (FXE, UUP))
Filling the gap back to last Wednesday’s close wasn’t rejected immediately, Tuesday, but that delay was compensated by gapping down Wednesday to test 1.0900. The 1.0750-1.0785. pullback target remains in-play.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday’s closing test of the 1074.00 pullback limit wasn’t recovered Wednesday, as price broke lower into the morning. Now closing above 1077.70 is needed to resume the rally.

Silver Mar Contract (SI, ETF: (SLV))
Narrow ranging Tuesday didn’t undermine upward momentum, but neither did it refuel the upward momentum, which could benefit from dipping to trap shorts.

30-year Treasury Jan Contract (US, ETF: (TLT))
Attacking the 154-30 sell signal Tuesday resolved lower Wednesday to test the 153-30 prior low. Even in the most bullish scenario, a bounce back to 154-30 can’t be discounted before extending down more substantially.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up slightly and firming intraday tested the 36.79-36.85 buy signals that had held their test last Friday.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s pullback had stopped short of exploiting all of its room down to 1.85, but the rally resumed anyway on Wednesday, extending to test 1.91. A second consecutive higher close Thursday would confirm a new upleg has been launched.