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))
Gappingup above Monday”s 1.0965 highs tested 1.1040 before reversing back down into into Tuesday”s range to 1.0900. Closing above 1.0925 would be likely to retest Tuesday”s highs up to 1.1075. Under 1.0900 would suggest the upside momentum had lapsed, and under 1.0855 would reverse momentum down.

Gold Apr Contract (GC, ETF: (GLD))
Higher highs Tuesday morningup to 1194.50 continued to confirm the 1197.00 target remains in-play. And extending higher without any meaningful retracement also suggests the target”s test launch at least a corrective dip.

Silver May Contract (SI, ETF: (SLV))
Tuesday”s high held a touch of Monday”s 17.00 high, which did not include any trending effort, suggesting a greater vulnerability to some sort of corrective dip of some sort.

30-year Treasury Jun Contract (US, ETF: (TLT))
This leg”s minimum objective beginning at 164-26 was met Tuesday morning. Back under 164-00 would target 163-16 and probably also 162-00. Meanwhile, there is room above for noise up to 165-08. Closing above 165-14 would trigger a new upleg.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs overnight up to 48.55 further suggested Monday”s bullish setup targeting 49.55 is valid. Its reaction down Tuesday held “lower prior highs” down to the 47.20 area. Further upside probably won”t tolerate dipping any deeper first.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Firming overnight to test 2.77 resistance before Tuesday”s open was extended several pennies higher. The ongoing range can”t tolerate a fresh low at this point, which would be likelier to become a new downleg. And not yet extending Tuesday”s bounce Wednesday to close back above 2.84 would greet Thursday”s EIA report from a position of weakness — or, at least, not 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))
Gapping up Monday and extending through 1.0855 resistance all but ensures also retesting last Wednesday”s “flash crash” extreme, presumably to 1.1075 so long as Tuesday”s close doesn”t settle back under 1.0855.

Gold Apr Contract (GC, ETF: (GLD))
Monday”s weaker open nonetheless recovered into positive territory, still targeting 1197.00, although closing back under Monday”s 1181.20 post-open low would trigger a corrective dip, first.

Silver May Contract (SI, ETF: (SLV))
Gapping down slightly Monday didn”t extend, but its recovery only ranged narrowly around unchanged. Any deeper pullback would likely test support down to “lower prior highs” at.16.45-16.60.

30-year Treasury Jun Contract (US, ETF: (TLT))
Initially probing slightly higher highs Monday morning up to 164-16 left potential oustanding up to 164-28. A dip into negative territroy was recovered to range narrowly around unchanged through the afternoon. Closing back under 163-02 would signal a deeper correction underway.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
I announced in the chaRTroom at noon that retracing 61.8% of Monday”s opening dip back up through 46.60-46.75 — instead of extending down to reject Friday”s bounce — was suggesting higher highs in-play. My objective is 49.55 so long as 46.60 now holds as support.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Friday”s dip fill the gap back to Thursday”s close and to test 2.77 support was then gapped down Monday to fill a week-old gap back down to 2.71. That must be the pullback”s end to avoid fresh lows that might even become a new downleg. The accumulative pattern is remains intact, but its timing needs to rally through Tuesday to greet this week”s EIA report 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… ANNOUNCEMENT: This daily blog post will soon expand to include current patterns and parameters covering the 20-year bond, gasoline, and more currencies (those which we currently review during the daily Tour and Wrap) — also, annotated charts! Please send me any other requests.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Friday”s gap up probed Wednesday”s intraday high up to 1.0895, but reacted back down under 1.0855 resistance. Almost any delay in extending higher out of the weekend would be likely to retest 1.0590 and potentially lower.

Gold Apr Contract (GC, ETF: (GLD))
After holding Thursday”s dip to the 1161.00 buy signal, a second consecutive higher confirming close was produced easily by Friday”s session-long rally to test 1187.00. Sunday night / Monday will be interesting, already being within $10 of the rally”s 1197.00 target, with the confirmed buy signal requiring at least (or only) one more eventual higher close, and almost $50 off of the week”s lows.

Silver May Contract (SI, ETF: (SLV))
Already outperforming Gold, Friday”s session-long rally confirmed Thursday”s breakout, targeting 17.25.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday”s reaction down from Wednesday night”s 164-07 high held its 163-00 pullback limit, although a lower low would have been allowed. Taht wasn”t necessarily too much impatient optimism from a contrarian perspective, although gapping up already Friday and probing fresh highs up to 164-12 does urge caution. No sell signal is triggered on same day as a new high, and extending higher would next target 164-26 area.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The pullback from Wednesday”s late surge had retraced to its breakout point Thursday, whose retest overnight launched a surge back to Wednesday”s intraday high. Friday”s open gapped up, which is not appropriate for resuming a corrected breakout. The bounce might extend further, through 47.50 to test 49.55, but back under 45.85 would signal another downleg already underway.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
After reacting negatively to Thursday EIA report, the overnight rally gapped up to quickly fill the gap back to Wednesday”s 2.92 close. Too quickly. The balance of the morning reversed down to probe under Thursday”s low testing 2.77 support. Any further delay in resuming the rally would make a retest of recent lows 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))
The post-close surge that exceeded Wednesday”s already sizable reaction to FOMC was retraced entirely overnight, along with the FOMC reaction. Opening back at what had been 1.0650 resistance and fluctuating around could extend lower to 1.0590 and 1.0445.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday”s post-close surge to 1177.00 was retraced back down to test 1161.00, which held as support to signal a breakout now targeting 1197.00.

Silver May Contract (SI, ETF: (SLV))
Wednesday”s post-close surge was conslidated overnight, but not reversed back down Thursday. In fact, it extended higher to close at 16.10 resistance, putting into play potential to 17.25.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh highs overnight up to 164-07 were retraced intraday to test 163-00 support, having potential down to 161-28 before suggesting the trend may be reversing down. Sell signals aren”t triggered the same day as new highs are printed.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
.Wednesday”s late surge through its 46.60 buy signal was already suspicious, and more so after initially extending slightly higher to test 47.45 was retraced enough to wipe out Wednesday”s gains. Thursday essentially ranged around Tuesday”s close, likely to resume the decline so long as 46.60 isn”t recovered again.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The negative reaction to Thursday”s EIA held 2.77 support, so that closing back above 2.84 should launch a new upleg. Meanwhile, there continues to be room for gapping and filling back to support if a base is forming.

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))
Tuesday”s low had filled the gap down to Monday”s close, neutralizing its attraction. But the upside never triggered momentum extending higher above 1.0650. The reaction to Wednesday”s FOMC took care of that, surging to attack the 1.0855 target.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday”s close was above 1148.00, but still short of the 1154.00 buy signal. That didn”t prevent the FOMC reaction from surging sharply to 1172.50. Its reaction down tested 1161.00, which must hold to maintain the reversal.

Silver May Contract (SI, ETF: (SLV))
Early weakness Wednesday still avoided probing under last week”s low, holding above Thursday”s gap that had been filled already. The FOMC reaction surged above the past week”s highs up to 16.00 and put into play a test of 16.30 so long as 15.65 now holds as support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Room for a pullback down to 161-00 was tested to within a quarter-point prior to Wednesday afternoon”s FOMC news. The reaction surged to fresh highs at 163-01, now needing to hols 162-14 as support to maintain the rally”s momentum targeting 164-25.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight extended into Wednesday”s session down to within a nickel of 42.00.. Narrow ranging reacted up sharply to within a nickel of 45.00 in reaction to the FOMC news. That tested the 44.30 buy signal, which would be confirmed by a second consecutive higher close Thursday, and meanwhile suspicious.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Tuesday”s first close above the 2.84 confirmation could have tested 2.77 support, but instead extended higher already to fresh relative highs at 2.94. Impatient optimism behind the improvement does keep the door open to a negative knee-jerk reaction down. But consecutive higher closes above resistance suggests that Thursday”s EIA report is being greeted from a position of strength, which would be likely to recover and resume the rally.