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))
An overnight dip to 1.1380 support was recovered overnight and extended higher Thursday to test Wednesday’s 1.1475 opening high. All attractions below are neutralized, so trending back down again anyway would be bearish.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s post-close dip from 1284.00 to 1280.50 was recovered overnight to trend up Thursday morning to fresh highs testing 1295.00, keeping alive momentum to the 1319.50 target.

Silver Mar Contract (SI, ETF: (SLV))
Still extending higher beyond Tuesday’s minimum required third higher close tested 15.80 Thursday, avoiding a sell signal on the same day as printing a new high.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s confirmed breakout extended higher overnight and then sharply higher intraday Thursday to 148-14, up +1-3/4 point on the day and easily fulfilling the minimum requirement for at least an eventual third higher close. Friday morning’s Employment Situation report is being greeted from a position of strength, which doesn’t preclude a knee-jerk reaction down, but makes it likely to recover.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still hovering around the 47.00 buy signal Thursday isn’t any more credible for breaking higher prior to a corrective dip first testing the 43.35-44.15 pullback limit. EIA is delayed until Friday this week for the holiday, and it is not being greeted from either a position of weakness or strength.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s fresh low down to 2.88 was still testing prior intraday lows to avoid greeting Friday’s delayed EIA report from a position strength. But closing above 3.15 would help to seal a bottom, or at least to start forming a bottom that launches another 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))
Still overlapping the 1.1500 buy signal into year-end has resolved by gapping down into the new year. No sell signal is active, and the buy signal remains unchanged.

Gold Feb Contract (GC, ETF: (GLD))
Fresh highs overnight made another isolation of the 1284.00 target unlikely, which also makes the pattern likely to extend to its next higher target at 1319.50 so long as 1284.00‘s recovery now holds — which was being tested as support at the close.

Silver Mar Contract (SI, ETF: (SLV))
Flat-to-lower ranging overnight doesn’t require resolving up, but there is no active sell signal. Resolving up anyway would confirm the rally’s momentum remains intact.

30-year Treasury Mar Contract (US, ETF: (TLT))
Rallying into the new year has confirmed Monday’s breakout from a multi-session range, now requiring at least an eventual third higher close before a reversal down can be credible.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another night of weakness narrowly avoided probing into the preferable 43.35-44.15 pullback limit before rallying through the 47.00 buy signal. Wednesday morning did probe it by almost 80 cents, at least proving the pattern’s pent-up buying pressure. Actually triggering the buy signal would still require a second consecutive higher close to confirm, and to avoid testing the preferable 43.35-44.15 pullback limit.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
An overnight retest of Monday’s fresh pullback low to another low at 2.90 has stretched the rubber band to the point of all but requiring a snap back up to avoid extending down much deeper.

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))
Still testing the 1.1500 buy signal Monday instead of extending higher doesn’t qualify as triggering it. But it also doesn’t reject the test, keeping it alive and credible for any new firming to extend higher intraday.

Gold Feb Contract (GC, ETF: (GLD))
Another overnight probe of fresh highs retested the 1284.00 target that had been met already before Friday’s open, but not tested intraday. Monday also isolated its test of 1284.00 to the overnight. Still not rejecting the target’s test(s) suggests the rally intends to extend higher, next targeting 1319.50.

Silver Mar Contract (SI, ETF: (SLV))
Fresh highs Sunday night weren’t rejected Monday, regardless of Friday already having fulfilled the confirmed breakout’s minimum requirement for at least an eventual third higher close.

30-year Treasury Mar Contract (US, ETF: (TLT))
Finally breaking higher Monday morning is trying to resume the 145-08 buy signal that was first probed Thursday. Already extending to 146-09, It gets every benefit of the doubt for launching a new upleg, so long as pullbacks now hold 145-08 as support.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Greeting the new week already trying to firm back to the 47.00 buy signal is less optimal than first completing a pullback to 43.35-44.15. The recovery attempt failed, still likelier to complete the pullback first.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Despite already fulfilling the decline’s 3.26 target last week, and retesting it into the weekend, Sunday night’s open gapped down and extended to fresh lows. A bottoming pattern remains 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))
Rejecting Wednesday’s close under prior lows by gapping up back above them Thursday, was improved by also closing above the 1.1500 buy signal. A second consecutive higher close Friday would confirm, but it was still being tested as support.

Gold Feb Contract (GC, ETF: (GLD))
Fresh highs overnight fulfilled the 1284.00 target. A new trend extreme prohibits the same session from triggering a reversal signal. Now the rally can extend to 1319.50 so long as pullbacks hold 1273.50 as support.

Silver Mar Contract (SI, ETF: (SLV))
Already probing higher overnight and maintained through Friday’s close fulfills the minimum requirement of Wednesday’s confirmed breakout for at least an eventual third higher close. Upside momentum remains intact so long as pullbacks now hold any test of 15.30 as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s close back above the 145-08 buy signal didn’t extend higher intraday, or overnight, and desperately needs a second consecutive higher close on Friday to confirm the consolidation is resolving in a new upleg. Otherwise, closing back under 144-22 would trigger a downleg.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging continued hovering optimistically above the 43.35-44.15 pullback limit whose test would be likely to launch a bigger recovery leg.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Two consecutive higher sessions since testing the decline’s 3.26 target were retraced entirely Friday at Wednesday’s intraday low. A basing/bottoming pattern is free to begin forming at any time, sooner rather than later to avoid letting the reversal extend.

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 extended dip back under a week of prior lows was rejected by Thursday’s open gapping back up above those lows to 1.1450. Extending higher closed above the 1.1500 buy signal, now needing a second consecutive higher close Friday to confirm.

Gold Feb Contract (GC, ETF: (GLD))
Gapping back down Thursday within Wednesday’s range doesn’t invalidate the ongoing rally, but it does add a degree of urgency to not only meeting the 1284.00 target but also exceeding it.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up and probing higher Thursday helps to confirm Wednesday’s breakout, which would require an eventual third higher close.

30-year Treasury Mar Contract (US, ETF: (TLT))
There was only a little more room for weakness under Wednesday’s low, which overnight action tested before Thursday’s gap up to and through the 145-08 buy signal. A second consecutive higher close Friday would resume the rally.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s surge wasn’t going to trigger a reversal signal, but a dip down to 44.15 or 43.25 could start forming a reversal setup. Thursday’s low came within 10-15 cents of the pullback target’s upper-end.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Wednesday’s recovery from having fulfilled the 3.27 target (basis Feb, 3.33 basis Jan) was extended Thursday, which helps to confirm the target does end the decline, and that a bottom can now begin forming.