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))
Gapping down Wednesday was recovered at least to fill the gap back to Monday’s 1.1500 close, but reversing down slid to fresh lows, testing a last sleeper support under 1.1430.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up Wednesday and extending to fresh highs above 1282.00 was retraced to test unchanged at 1272.50. Holding its test would keep alive upside momentum.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s open compensated for the larger delay in extending higher by gapping up above all ~14.90 prior highs and trending up sharply to 15.25.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh highs overnight retested Thursday’s 146-00 high before it became clear there was no near-term need for a flight-to-safety. A deeper retracement formed Wednesday morning after gapping down and sliding to 144-26. Closing any lower would suggest a top is forming.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
While no bottom can be durable at this stage of the patter, Wednesday’s gap up extended sharply higher through the morning to test Friday’s 42.65 higher prior lows. Regardless of the bounce, Thursday’s EIA report is not being greeted from a position of strength.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Overnight lows fulfilled the 3.33 target before bouncing Wednesday into positive territory testing 3.58. Thursday’s EIA report is not being 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 Mar Contract (EC, ETF: (FXE, UUP))
Rallying Sunday night through Monday morning helped to confirm Friday’s extra dip had neutralized the attraction below. Closing above 1.1470 and 1.1500 helps to confirm a rally leg is underway.

Gold Feb Contract (GC, ETF: (GLD))
Gapping open Sunday night back above 1261.50 rejected Friday’s selling pressure, trending up intraday to fresh highs above 1271.00, targeting 1283.50 and 1319.50 if confirmed by a second consecutive higher close.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s close under 14.71 wasn’t substantial, and neither was Sunday night’s gap open back above it. Firming intraday back up to 14.83 resistance triggered no new signal.

30-year Treasury Mar Contract (US, ETF: (TLT))
Already firming into Monday’s open had begun probing above the 145-08 buy signal. But the balance of the session only fluctuated around it, requiring a second consecutive higher close above it to have confidence in a new upleg being underway.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging Sunday night was still contained within Friday’s range, but that gave way Monday as the decline resumed to new lows. There is probably no lower requirement, but almost any surge would be credible for beginning to form a low.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Despite having recovered an extra swing to resume forming an Ascending Triangle, Sunday night’s gap down extended to already break the pattern’s support and resume the anticipated decline, with potential down to 3.33.

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 rally high attracted no new sponsorship, allowing Friday’s gap down to extend lower and fill the gap back to Tuesday’s 1.1450 close.

Gold Feb Contract (GC, ETF: (GLD))
.Gapping down Friday back under Thursday morning’s high extended lower until filling the gap back down to Wednesday’s 1257.00 close. Resuming the rally Monday would be appropriate.

Silver Mar Contract (SI, ETF: (SLV))
Filling the gap Thursday back up to the 14.83 area had not gained traction before dipping again into Friday afternoon. Closing lower on Monday would be credible for reversing the trend down.

30-year Treasury Mar Contract (US, ETF: (TLT))
A shallow overnight pullback nevertheless recovered to open unchanged Friday, but still resolved down under the 144-28 pullback limit. Back above 145-04 would resume the rally, to produce its requires eventual third higher close.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down to fresh low Friday recovered into positive territory, but only to fluctuate narrowly around unchanged. Simply by not extending the rally, closing back above 47.00 can signal a substantial bounce underway.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Recent lows may be forming an Ascending Triangle, after all, as Friday bounced back up to the pattern’s 3.83 resistance and created another higher low in the interim. A break higher would likely be aggressive, but short-lived, reversing down to fresh lows from a test of 4.11.

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 surge had retraced to settle at a test of 1.1470, keeping alive the recovery’s momentum. Surging to a fresh high overnight was retraced again Thursday morning, but left outstanding its opening gap above all prior highs wanting to be retested. And it was retested going into the close, still suggesting momentum remains intact.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s post-close FOMC reaction had tested the newly adjusted sell signal, but recovered overnight to probe fresh highs Thursday morning up to 1266.00. Its correction recovered fresh highs attacking 1270.00. The trend remains up so long as 1247.80 now holds as support, next targeting 1284.00 and potentially 1319.50. Triggering the sell signal would likely unfold quickly to the downside.

Silver Mar Contract (SI, ETF: (SLV))
Reacting down to Wednesday’s post-close FOMC had retraced the intraday recovery from 14.71. Its overnight recovery retested the previously outstanding gap back up to 14.83 and its prior tests’ 14.90 highs. Closing back under 14.71 would reverse the trend back down.

30-year Treasury Mar Contract (US, ETF: (TLT))
The confirmed breakout extended higher overnight without delay, probing the rally’s highest levels at 146-00 before dipping back to unchanged around 144-30. A pullback has room down to 144-28 before threatening the uptrend’s momentum, under down to 144-12 before reversing the trend down. Meanwhile, at least an eventual third higher close is required before a trend reversal would be credible.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s gap down under 47.00 probed fresh trend low under 45.70, closing under the 46.45 prior low and resume the decline’s momentum. The nearest buy signal remains above 48.70.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Firming Thursday back up to 4.83 created potential for blip-up to 4.01-4.11 that stretches the rubber band before snapping back down to fresh lows potentially targeting 3.33. But the session resolved back down toward Wednesday’s lows, still vulnerable to extending down.

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))
No further delay was needed before trending up through 1.1470 since Tuesday had confirmed Monday’s bounce. Wednesday’s open at 1.1470 did trend sharply higher to 1.1530 until FOMC news triggered a drop back down to 1.1470.

Gold Feb Contract (GC, ETF: (GLD))
Retesting 1255.00 overnight didn’t hold this time, and Wednesday morning trended up to fresh highs testing 1262.00. The FOMC reaction plunged down to 1248.00, which is the newly adjusted sell signal.

Silver Mar Contract (SI, ETF: (SLV))
Still testing 14.71 at the open, Wednesday morning firmed to fill the gap back up to the 14.83 high close. Its post-close reaction to FOMC fell back down to 14.71.

30-year Treasury Mar Contract (US, ETF: (TLT))
Already greeting Wednesday’s FOMC events from a position of strength, the morning trended up to fresh highs. Its reaction extended to probe 145-00, confirming Tuesday’s breakout to require at least an eventual third higher close.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s bounce held its limit, while also not confirming Tuesday’s plunge as being a breakout. A bottom and recovery are now free to form, so extending to a fresh low close Thursday would be bearish.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce that filled the gap back up to Friday’s 4.81 close had only neutralized attractions above, enabling Wednesday to reverse back down and attack fresh pullback lows. While basing is still likely, it could include dips to 4.33.