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))
Several days of dull, shallow drifting lower were retraced Monday, which is to say that price firmed to attack 1.1370. Any higher Tuesday would be credible for surging to 1.1585. Otherwise, Monday”s firming was a last gasp before retesting lows under 1.1190.

Gold Apr Contract (GC, ETF: (GLD))
Monday”s gap down from testing 1277.50 was recovered entirely from 1266.50. There isn”t much room or time to delay reacting down again under 1272.00 to retest Thursday”s 1252.00 low and to resume Thursday”s break to complete the corrective dip.

Silver Mar Contract (SI, ETF: (SLV))
Friday”s 17.32 bounce high was retested Monday after gapping down, but the balance of the session essentially ranged narrowly sideways. A fresh low under 16.95 would be credible for resuming the decline.

30-year Treasury Mar Contract (US, ETF: (TLT))
The reaction down from Friday”s late test of the long-standing 151-28 target attacked 150-11 whose break would reverse the trend down. Otherwise, there remains potential for a fresh high testing 152-18.

Crude Oil Mar Contract (CL, ETF: (USO))
Friday”s late surge through 46.25 resistance to the longstanding 48.00 buy signal was extended higher overnight to test 50.00. Its retracement intraday was recovered. A second consecutive higher close Tuesday above 48.00 would confirm a bigger rally leg now underway.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Friday”s probe under Thursday”s lows ended the day still testing Thursday”s fresh low close, and not necessarily confirming the breakout. More fresh lows intraday Monday are also being recovered to overlap the two low closes, not necessarily extending the decline. Although unconfirmed, the decline gets a benefit of the doubt until disproved. But any initial strength Tuesday would be credible for extending 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))
Narrow ranging persisted Friday, offering no new signal..

Gold Apr Contract (GC, ETF: (GLD))
Friday”s rally retraced Thursday”s plunge through its 1274.50 post-open high to 1280.00 and 1283.00. Back under 1273.00  would signal the bounce had ended, and a retest of Thursday”s 1252.00 low was underway.

Silver Mar Contract (SI, ETF: (SLV))
Friday”s bounce to 17.32 retraced a majority of Thursday”s plunge, but still stopped short of gaining upside traction. At least Thursday”s lows should be retested, which will probably not hold on the way down to fresh lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday morning”s momentary touch of Wednesday”s close was as much ineffectual pessimism as was Thursday”s gap down that held above support. The session eventually extended higher to attack its 151-28 objective. Without also closing above Wednesday”s high after probing it intraday, the potential for extending to 152-18 would be invalidated by closing Monday back under 150-14.

Crude Oil Mar Contract (CL, ETF: (USO))
Wednesday”s breakout to a new low attacking 44.00 wasn”t confirmed Thursday, which Friday exploited by surging back up to test 46.25 resistance. Extending higher without delay Monday would be credible for extending higher throughout several days.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday”s breakout to fresh lows is confirmed by a second consecutive lower close Friday, which now requires at least a third eventual lower close.

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 narrowly ranging session created no signal. Bottoming still gets a benefit of the doubt, but there is currently no signal either way.

Gold Feb Contract (GC, ETF: (GLD))
Gapping down Thursday to 1271.00 and extended down to 1255.00, losing $33 intraday, makes the topping pattern unlikely to probe a fresh high before the downleg begins. This IS the downleg. A second consecutive lower close Friday would confirm at least 1229.00 is in-play, if not also the 1190.00 area.

Silver Mar Contract (SI, ETF: (SLV))
Gapping down Thursday and extending sharply lower may fulfill the outstanding requirement to probe new lows, before neutralizing the recent high”s ineffectual pessimism. Closing back above 17.28 would put the high”s retest back into play.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday”s surge was corrected Thursday, but not rejected, and not confirmed. Gapping down left outstanding a retest of Wednesday”s 151-14 close. A fresh high remains possible, presumably visiting 151-28, before a reversal down would be credible. Closing under 149-14 would signal a reversal down underway already anyway.

Crude Oil Mar Contract (CL, ETF: (USO))
Thursday”s probe of fresh lows didn”t extend down. Wednesday”s close was still being tested at Thursday”s close, so Wednesday”s breakout was not confirmed. Again. That”s not a buy signal, and the sequence can repeat indefinitely, but it does undermine the decline”s momentum.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report was greeted from the least strong position possible, while still having some strength. That didn”t prevent reacting down to a new low.. There is no immediate buy signal, and a second consecutive lower close would confirm a breakout..

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 gap down only ranged narrowly sideways. Tuesday”s breakout wasn”t confirmed. That”s not necessarily bearish, whether that opens the door to neutralizing unfinished business below, or to another rally attempt first.

Gold Feb Contract (GC, ETF: (GLD))
Dipping overnight back under 1287.00 needed to be rejected without delay Wednesday to confirm a retest of the highs is next. The balance of the session consolidated at or under 1287.00. so delaying a recovery past Thursday”s open would start being considered as bearish.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday”s inside day didn”t extend Tuesday”s dip, keeping alive potential for retesting prior highs.

30-year Treasury Mar Contract (US, ETF: (TLT))
The 149-14 support continued holding, including in between pre-open and post-open bounces back above 150-00 — first by a little, and then by a lot in reaction to the FOMC news. The 151-08 high”s retest is likely, and could be probed up to 151-28, so long as 149-24 now holds as support

Crude Oil Mar Contract (CL, ETF: (USO))
Still not recovering above 46.25, Wednesday”s probe of fresh lows attacking 44.00 presents another breakout opportunity that would be confirmed by a second consecutive lower close Thursday.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Tuesday”s gap up was as unsuccessful as previous gaps up from this range, once again being required to fill the gap back to Monday”s close. And once again, having filled the gap, a rally through 2.86 and 2.98 would launch a new 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))
Gapping up Tuesday was half the battle to proving Sunday night”s retest of Friday”s low had held. Actually closing higher, and then confirming with a second consecutive higher close Wednesday, could form a significant low.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday”s rally helped to confirm the recent weakness was only temporary, at least until retesting the highs to form a more durable top. A fresh high targeting at least 1310.00 remains likely, now so long as 1287.00 holds as support.

Silver Mar Contract (SI, ETF: (SLV))
Monday night”s lows were largely recovered before Tuesday”s open, and firmed further through the morning. Fresh highs remain likely so long as 17.88 holds as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Pre-open strength extended to attack Sunday night”s 150-29 high, but settled back into the recent narrow ranging around Friday”s high. There is room for more probes above, albeit only temporary, while awaiting another downleg — which would now be triggered under 149-12.

Crude Oil Mar Contract (CL, ETF: (USO))
Ugly economic data didn”t encourage any buying pressure, but neither did it trigger a much selling pressure. While this doesn”t equate to being a buy signal, not exploiting the excuse to decline under 46.25 does suggest that sellers are weak-handed.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up again Tuesday wasn”t any likelier than prior attempts in this range to launch a recovery. That restrained optimism does allow a break above the 2.98 buy signal to be credible for extending higher intraday Wednesday, even if only to greet Thursday”s EIA report from a position of strength that helps to absorb an initially negative knee-jerk reaction down.