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))
The 2-1/2 day descending triangle pattern produced a gap down Tuesday. Its reaction back up into positive territory at 1.2175 was rejected back to the open”s lows. So long as Tuesday”s intraday high isn”t recovered, the break is targeting 1.1125.

Gold Apr Contract (GC, ETF: (GLD))
A sudden plunge Monday night momentarily pierced the 1195.00 objective before reversing back up as sharply to open Tuesday in positive territory above 1204.00. Testing the 1212.00 buy signal so quickly wasn”t likely to extend higher, and didn”t, instead reversing back down into negative territory attacking 1201.00..Lower lows should touch at least 1198.50, if not also pierce 1194.00.

Silver May Contract (SI, ETF: (SLV))
Monday”s night”s fresh low at 16.07 was recovered to probe positive territory Tuesday up to 16.58, but that was rejected by a return to fresh intraday lows attacking 16.15. Bounces should hold 16.40-16.45 if new lows remain in-play.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday”s gap down tested the 159-12 sell signal, bounced back to 159-24, and resolved down to a fresh low testing 158-27. That”s piercing under the lower-end of the two-week old low basis Jun, while also testing the upper-end of the same time frame”s consolidation basis Mar. Either is a candidate for forming a bottom, but must recover at least 160-00 to even begin signaling that momentum is reversing up. That level might be lowered after Wednesday.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday”s bounce remained firm Tuesday, but didn”t extend higher to make a recovery any likelier.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Fresh lows Monday night weren”t retested by Tuesday”s slightly lower lows. Regardless, the nearest buy signal at 2.77 would still be credible if triggered.

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))
Monday”s gap up got no further than did Friday”s gap up, before reversing to spend the session ranging around unchanged, as did Friday”s gap up.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night”s 1223.00 high probed Thu-Fri highs to threaten a breakout from an ascending triangle pattern, but the session resolved down back to Thu-Fri 1206.00 lows. Post-close action probed lower to test 1204.50, likely on the way to 1195.00 or lower.

Silver May Contract (SI, ETF: (SLV))
Monday”s narrow range started breaking lower post-close, but not with sufficient force to be assured another downleg has begun.

30-year Treasury Jun Contract (US, ETF: (TLT))
The ~161-00 pullback limit finally broke lower, extending down to test the low”s 159-24 pullback limit. It was probed a little more deeply after the close. Closing above 160-24 would help to avoid extending back down to retest prior lows.

Crude Oil Apr Contract (CL, ETF: (USO, USL) 3x UWTI-long, DWTI-short))
Thursday”s breakout under 49.00 wasn”t confirmed Friday, and now Monday has extended the reaction up to test 51.00. But unless that were continued into a surge above 51.25, another break under 49.00 remains likely to launch a more obvious downleg targeting new lows (albeit temporary new lows).

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Rather than attack the 2.77 buy signal, Monday dipped back down to last week”s lows. It didn”t close lower, so the buy signal remains credible if triggered.

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))
Friday”s gap up couldn”t avoid dipping under Thursday”s low. But the dip was recovered back into positive territory. That is the basis of a bullish “Pivot Reversal” which would reverse the trend up sharply and quickly, if the close were above the morning”s high. It was essentially unchanged.

Gold Apr Contract (GC, ETF: (GLD))
Bouncing back up to Thursday”s upper-end at 1219.00 without first continuing its retracement wasn”t likely to resume the rally attempt, which was already premature. Rallying immediately Monday is unlikely, but it is probably the only way to avoid dipping to 1204.00. and 1197.50, if not also to 1185.00.

Silver May Contract (SI, ETF: (SLV))
Gapping down slightly Friday didn”t extend. But neither did the quick reversal into positive territory, as the balance of the session fluctuated around the 16.55 prior highs.

30-year Treasury Jun Contract (US, ETF: (TLT))
As a corrective bounce target, March”s 146-14/147-00 equates to June”s 162-20/163-04. As a pullback limit, 146-14 equates to 160-02. Regardless, both pullback limits were tested Friday. Whether or not probing any lower first on Monday, the rally can now resume before the close.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
Thursday”s breakout under the 49.00-50.50 consolidation. In fact, it gapped up slightly and eventually probed a little higher intraday. That prevented confirming Thursday”s break, while being too shallow to reverse the trend up..

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The negative knee-jerk reaction to Thursday”s EIA report spent Friday consolidating. Delaying a recovery suggests the reaction wasn”t so knee-jerk. But that doesn”t make the pattern bearish, and back above 2.77 would trigger a buy signal targeting fresh highs.

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))
Thursday”s opening plunge plunged further into mid-morning. A second consecutive lower close would confirm a new downleg underway. Probing lower intraday and closing positive would enable a bottom to begin forming. But a premature recovery attempt that doesn”t first probe negative territory would not be bullish.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday night”s rally up to 1220.00 wasn”t any likelier than Tuesday”s gap up to extend higher, still being premature for a bottom. The balance of the session did trend back down to 1206.00, where any lower would have put into play 1185.00. Actually testing 1185.00 can”t be discounted, but a test of the 1200.00 area would be credible.

Silver May Contract (SI, ETF: (SLV))
Thursday”s gap up to 16.80 wasn”t any likelier to extend, and in fact only dipped back under Tuesday”s 16.66 prior high, which was also the prior week”s prior highs.

30-year Treasury Mar Contract (US, ETF: (TLT))
The 147-00 bounce target”s upper-end was probed Thursday. Closing higher would have suggested the temporary bounce either will be much greater, or that isn”t temporary, at all. Closing essentially flat requires holding 146-14 as support to maintain the bounce potential.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
Wednesday”s surge to attack the 51.25 buy signal needed to extend higher without delay to be credible, preferably gapping up above 52.65. Thursday”s open gapped down. An intraday recovery attempt resolved down to fresh lows at 47.70. A late bounce was resisted by what has been 49.00 support. New lows are in-play unless at least 51.25 were recovered aggressively.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Already testing the 2.80 pullback limit ahead of Thursday”s EIA report didn”t prevent extending don to 2.69. The report wasn”t being greeted from a position of strength, but at least a lot of selling pressure had been expended already. So, any indication that the reaction is being rejcted — e,g, immediately recovering 2.77 Friday morning — would have potential for extending sharply higher intraday.

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))
Firming into Wednesday”s open didn”t extend higher intraday, but it did avoid resuming the decline for a second consecutive session. Early strength Thursday would be credible for extending higher intraday.

Gold Apr Contract (GC, ETF: (GLD))
Recovering repeatedly back above 1197.50 from tests of the decline”s 1191.50 target has been signaling the decline has ended. Trying to reverse up prematurely back above 1212.00 would only make a fresh low at 1185.00 likely. Tuesday night”s bounce did attack 1212.00 but dipped back down to within $1 of Tuesday”s close 1199.50 to temper the enthusiasm.

Silver Mar Contract (SI, ETF: (SLV))
Already gapping up Wednesday was premature for reversing even near-term momentum back up, and it left a gap outstanding back to Tuesday”s close that should be filled.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh highs Tuesday night attacked the corrective bounce target”s 147-00 upper-end to within a quarter-point. It was eventually retested Wednesday afternoon, absorbing a couple of intraday dips to suggest the bounce isn”t just a temporary correction.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
Wednesday”s EIA report triggered a blip-down under the 49.00-50.50 rock and hard place that quickly reacted back up into the narrow range. Its upper-end was probed. Surging back above 51.25-52.65 would be credible for resuming the rally, but that”s probably the only way to avoid a new downleg to new lows first.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Until closing above Tuesday afternoon”s high, pullbacks have room down to the 2.80 area before suggesting that a bigger rally leg might not be developing.