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 Dec Contract (EC, ETF: (FXE, UUP))
Gapping up Tuesday tested 1.090 resistance, but didn’t signal the trend reversing up. Initial strength Wednesday would be credible for resuming the rally, but the pullback targeting 1.0750-1.0785 otherwise remains in-play.

Gold Feb Contract (GC, ETF: (GLD))
Gapping down Tuesday followed Monday’s close at or above 1074.00, which was the least reliable confirmation of Friday’s recovery being durable. Closing above 1077.70 would have been optimal, so recovering to close above it Tuesday, or extending immediately above it Wednesday, would be likely to extend sharply higher intraday.

Silver Mar Contract (SI, ETF: (SLV))
Gapping down sharply Tuesday to test 14.10 support left outstanding a gap above back up to Monday’s close. Filling it and extending above 14.35 would be likely to trend in that direction intraday.

30-year Treasury Jan Contract (US, ETF: (TLT))
Early strength Tuesday barely filled the gap back to Thursday’s 155-30 close before reacting down sharply intraday to 154-22. But the bounce remains likely to test 156-12 so long as 154-14 holds as support.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Tuesday was reversed back into positive territory, trying to avoid a second consecutive lower close that would have confirmed Monday’s breakout from a multi-session range. The session struggled at unchanged, not quite confirming the breakout, but not a reliable rejection either.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Fresh lows overnight at 2.01 weren’t retested post-open Tuesday, but the session struggled in negative territory to essentially confirm Monday’s breakout from a multi-session range, and to require at least a third eventual lower close before a recovery would be credible.

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))
The correction of Thursday’s surge extended a little deeper Monday to attack 1.080, still having room down to 1.0750-1.0785 before resuming the rally.

Gold Feb Contract (GC, ETF: (GLD))
Monday’s pullback did not invalidate Friday’s rally, holding 1074.00 as support. Rallying early Tuesday would be credible for extending higher intraday.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s rally wasn’t extended Monday, but neither was it rejected, confirming that a bottom has formed. Rallying early Tuesday would be credible for extending higher intraday.

30-year Treasury Jan Contract (US, ETF: (TLT))
Friday’s overly-aggressive bounce was duplicated Monday, already retesting last Wednesday’s range. Potential to probe fresh highs up to 156-12 remains intact, and no less likely, but not required if pullbacks can’t hold 154-14 as support.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Last week’s retest of the $41 base down to $40 had yet to reverse up. Monday’s gap down exploited that delay, and extended down sharply to fresh lows at 37.50. A buy signal cannot be generated for Tuesday, but a second consecutive lower close would confirm a new downleg underway.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Monday’s open gapped down to and through last week’s 2.13 low, and later extended down to fresh lows at 2.06.

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))
Friday’s dip still has room down to  1.0770 as a normal correction of Thursday’s surge, without reversing the trend down.

Gold Feb Contract (GC, ETF: (GLD))
Gold’s gap up from 1062.00 Friday was retested from 1071.00 after the payrolls report, but it was recovered and extended to test 1083.00. A second consecutive higher close Monday would confirm the trend has reversed up.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Friday above the 14.10 buy signal extended sharply higher intraday to test 14.60. A second consecutive higher close Monday would confirm a new rally leg is underway.

30-year Treasury Jan Contract (US, ETF: (TLT))
Friday’s initial weakness stopped 4 ticks short of fully utilizing the room for extending Thursday’s plunge down to 151-08. Its reaction to payrolls reversed up sharply to test 154-00. That was a lot fast than anticipated, so a corrective dip to 152-18 wouldn’t be surprising before recovering 154-14 on the way to 156-12.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Official news from OPEC triggered a gap down that spent Friday ranging choppily around Wednesday’s lows. Holding the test and closing above Thursday’s 41.75 high would now launch a new rally leg.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Narrow sideways ranging Friday followed Thursday’s EIA reaction which wasn’t 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))
Recent tests of prior lows and Wednesday’s bullish pivot reversal created very fertile ground for Thursday’s ECB monetary moves. Recovering 1.0650 on the way to 1.0945 may be a one-day wonder, but a pullback has room to 1.0750 without reversing the trend back down.

Gold Feb Contract (GC, ETF: (GLD))
Thursday’s reaction to the ECB statement was relatively muted for being at its trend lows but having neutralized all attractions below. So the test of 1061.50 reversed back down to 1053.00. The afternoon did recover to end the day retesting 1061.50, more credibly, but still needing follow-through Thursday.

Silver Mar Contract (SI, ETF: (SLV))
The reaction to Thursday’s ECB events surged to 14.10 resistance, whose recovery would trigger a buy signal needing only a second consecutive higher close to confirm a new rally leg underway. Its intraday reaction down was recovered entirely, so there’s little excuse to delay rallying Friday.

30-year Treasury Jan Contract (US, ETF: (TLT))
Wednesday’s close actually produced a higher close, barely confirming the prior session’s breakout. That’s dubious, at best, considering Thursday’s 4-1/4 point plunge. Support is at 151-08 and not likely to be reversed up immediately.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s breakout was retraced Thursday to probe back above the basing pattern’s 41.35, and not confirmed. That is the second step to forming a bottom, the next step now being to extend back up aggressively through the basing pattern. Any shallower strength, or simply weakening, would not be bullish.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was not greeted from a position of strength. But the morning’s fresh low at 2.13 was at least retraced back into Wednesday’s range instead of confirming its breakout.

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))
Tuesday’s gap up was retraced Wednesday as the recent lows were probed intraday. But once again, they held their test instead of breaking lower. Closing back above 1.0600 would be the minimum requirement to signal a bottom has formed.

Gold Feb Contract (GC, ETF: (GLD))
Last Friday’s 1054.50 gap down had required a retest from above, and it was filled Wednesday. The 1049.00 low was tested, too. Closing back above 1054.50 would have sealed a bottom, but it was still being overlapped. There is on lower objective, so any initial rally Thursday would be likely to extend higher intraday.

Silver Mar Contract (SI, ETF: (SLV))
Although there was no unfinished business below, Wednesday probed under prior lows. Closing back above the original 13.97 gap down was all but required to prevent a new downelg from launching.

30-year Treasury Jan Contract (US, ETF: (TLT))
Tuesday’s 2-point surge wasn’t extended higher Wednesday, which fails to confirm it as a breakout. A fresh ihgh up to 156-12 is likely, regardless of its resolution.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Long having passed the upside potential from the recent basing, even the most bullish pattern required probing fresh lows. Wednesday’s mixture of headlines triggered that probe, so that avoiding a second consecutive lower close Thursday would fail to confirm a breakout.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Fresh lows Wednesday constitute a breakout from a multi-session consecutive range, and confirmation from a second consecutive lower close would require there eventually to be a third.