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))
Monday”s narrow ranging made the next leg likely to begin abruptly, which the overnight drop did. But it also gapped down sharply to already test its next lower maximum objective at 1.0750. And that was probed under 1.0700, putting into play 1.0590, so long as 1.0790 isn”t recovered first.

Gold Apr Contract (GC, ETF: (GLD))
Sharply lower lows Monday night fulfilled the 1154.00 target that would have been decisive if met before the close, so the target was lowered. But Monday”s 1154.00 target was still met before Tuesday”s open, and its reaction up did probe positive treritory. So, after probing negative territory intraday, recovering to close positive Tuesday would signal a bottom had formed. The next lower target in-play is otherwise 1148,00.

Silver May Contract (SI, ETF: (SLV))
Deeper lows Monday overnight were retraced in time to open flat Tuesday. Another dip into negative territory attacked the overnight lows, but didn”t touch them, and the decline”s momentum remains intact.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday”s bounce from Friday”s low had held its 156-24 resistance, but Tuesday gapped up above 157-17 and extended to 158-25. Closing any higher would target 159-22, but backing-and-filling is now likeiler — especially if the broader market decline were to begin recovering.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday”s break under the 50.00 sell signal wasn”t confirmed Monday, which bounced to test 50.00 as resistance. But Tuesday”s gap down to attack 49.00 attacked and then exceeded Friday”s probe under 49.00, again signaling a new downleg underway.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Monday”s drop didn”t extend Tuesday, but neither was it rejected, as the session ranged narrowly without even threatening the 2.77 buy signal.

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))
Initial strength Sunday night was neutralized to range sideways Monday. There is no requirement to trend any lower, but the lack of volatility after Friday”s plunge does suggest the next leg will begin abruptly.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night”s bounce produced a gap up Monday to test 1174.00 resistance, but that melted away throughout the session to almost fill the gap back to Friday”s close. Closing above 1177.00 would signal a new upleg underway, but fresh lows otherwise remain likely.

Silver May Contract (SI, ETF: (SLV))
Neither of the overnight fluctuations into negative or positive territory was detectable Monday. Its post-open price action ranged narrowly, not extending Friday”s deep decline, but certainly not rejecting it.

30-year Treasury Jun Contract (US, ETF: (TLT))
Bounce potential to 156-28 was fulfilled at Monday”s high as part of sideways ranging from the open”s gap up. And it was not rejected to reverse momentum back down. Friday extremes tend to be retested, so at least filling the gap back to its 155-20 close is likely.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite extending lower to test 49.00, Friday”s close under 50.00 was retraced Monday. Without confirming the break, now a close under 49.00 is needed to confirm a retest of the lows under 44.00 is underway.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Upward momentum was lacking from testing the 2.77 buy signal without closing above it, and then testing the 2.84 confirmation without closing above it. Friday”s dip to attack 2.77 could have neutralized that, had 2.84 been recovered Monday. But the open gapped down to fill the low”s gap back to 2.71. The gap was probed instead of recovering, so a recovery requires triggering a new buy signal back above 2.77.

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))
The required third lower close was produced Friday. In a very big way. And since Friday lows are unusual in currencies, the next lower target in-play is 1.0750.

Gold Apr Contract (GC, ETF: (GLD))
We knew recovery attempts weren”t neutralizing the attraction below, but we underestimated how deep of a hole was being dug by the ongoing weak-handed buying. The 1194.00 target was met overnight, and bounced to 1197.00. The Employment Situation report triggered a plunge through the 1186.00-1188.00 extended target, which then extended throughout the day to 1163.00. Bounce potential is to 1177.00, but otherwise the next lower target is 1154.00.

Silver May Contract (SI, ETF: (SLV))
Friday”s drop extended the reversal to almost $1 from the recent ~16.80 high. The next lower target in-play is 15.35, and potentially 14.65, so long as 16.00 isn”t recovered.

30-year Treasury Jun Contract (US, ETF: (TLT))
The negative reaction to Friday”s Employment Situation report dropped sharply to within 1 tick of the 154-26 target identified after the open. Reacting up 1 point may have been more the function of a flight-to-safety while the stock market extended a deep decline. There”s no buy signal at this stage.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday”s break under the current 50.00. sell signal extended down test to the original 49.00 sell signal, which was holding through the afternoon. Delaying a new downleg to fresh lows is unlikely without gapping up sharply Monday.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Thursday”s close at the 2.84 confirmation gapped down Friday, to test the 2.77 buy signal as support.. That was recovered back up to 2.84. And through it, temporarily, ending the day still overlapping 2.84.

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))
Wednesday”s close under the descending triangle”s 1.1125 target to also test its next lower support at 1.1075 was then retraced back up to attack 1.1125 at Thursday”s open. Then came Draghi, whose comments sparked a momentary pierce of 1.1000. Being a second consecutive lower close from a multi-session trading range, at least a third eventual lower close is now required.

Gold Apr Contract (GC, ETF: (GLD))
An early test of 1206.00 resistance was reversed down sharply Thursday morning to probe back under 1197.50, still targeting 1194.00 if not also 1188.00, so long as 1201.50 and 1204.00 aren”t recovered.

Silver May Contract (SI, ETF: (SLV))
Thursday morning”s rally was retraced entirely, but only probed slightly negative territory. The vulnerability remains lower.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday”s opening dip to fresh lows reacted up quickly back into Wednesday”s range, but only to attack the 159-12 bounce limit before ranging narrowly around unchanged through the afternoon…. There is no unfinished business below outstanding ahead of Friday”s pre-open Employment Situation report, but that”s not a position of strength that would have been indicated above 159-24 and 160-00.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming overnight had extended Wednesday”s close above 51.25 to within a quarter of the 52.65 confirmation. The gap was quickly retraced but the balance of the session only fluctuated narrowly around unchanged. Back under 50.00 would start to signal  a new downleg underway.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Wednesday”s test of the 2.77 buy signal wasn”t decisive, requiring Thursday to confirm by closing above 2.84. A positive reaction to the EIA report tested it, similar to the prior day”s 2.77 test, neither rejecting it nor recovering it decisively.

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))
Tuesday night”s break lower extended down sharply through Wednesday”s open to quickly fulfill the next lower objective at 1.1125. And that was exceeded to test 1.1075 support. Bounces should hold 1.1125 as resistance to maintain the break”s momentum.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday morning”s slide down to 1198.00 neutralized one attraction below. The other at 1194.00 remains in-play — with potential to 1185.00 — unless 1206.00 is recovered first, and then extended above 1212.00.

Silver May Contract (SI, ETF: (SLV))
Monday night”s probe down to 16.07 was retested Wednesday, and had better be rejected through Thursday to avoid becoming a much deeper break to fresh lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh lows Wednesday already fulfilled the minimum third lower close that became required by Tuesday confirming Monday”s break. But the decline”s momentum remains intact so long as 158-12 isn”t recovered.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday”s choppiness ultimately resolved up. Having probed 51.25, there should be very little delay either to extending sharply higher through 52.65, or else to reacting down sharply back to prior lows.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Wednedsay”s bounce tested the 2.77 buy signal, but didn”t trigger it. That”s as strong of a position to greet Thursday”s EIA report, as it would have been to reject Sunday night”s fresh lows by already triggering the buy signal.