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))
Tuesday’s bounce up to “higher prior lows” from last Tue-Wed at  1.2400 reacted down Wednesday to the originally triggered sell signal at 1.2350, not yet down to the new sell signal at 1.2330.

Gold Apr Contract (jUN , ETF: (GLD))
Relatively subdued and directionless ranging Wednesday has no predictive value, other than to undermine Tuesday’s recovery effort.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s recovery effort wasn’t confirmed by Wednesday’s relatively subdued and directionless ranging.

30-year Treasury Jun Contract (US, ETF: (TLT))
The 144-05 buy signal being tested at Tuesday’s close was almost immediately productive Wednesday on the way up to 145-04. That’s the highest level since early February, and forms a compelling Rounding Bottom pattern, despite having left outstanding two pre-inside day gaps.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 61.35 bounce limit held an overnight test and reacted down sharply again, to the 60.25 prior low again, which held again. The likelier resolution continues to be down, so long as 61.35 holds as resistance.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping down Wednesday to 2.74 confirms that Tuesday’s gap up wasn’t bullish, having held 2.81 prior highs and forming “ineffectual optimism.” But gapping down itself still wasn’t was bearish, having yet to reverse down. So, Thrusday’s EIA isn’t being greeted from a position of weakness.

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 recovery back up to the 1.2345 sell signal extended higher Tuesday, back up to the “higher prior lows” of the Tue-Wed range that had launched Thursday’s plunge. Back under 1.2330 would resume the decline.

Gold Apr Contract (jUN , ETF: (GLD))
Bouncing overnight held a test of 1325.50 resistance. Its complete retracement greeted Tuesday’s CPI unchanged. A wide $14 knee-jerk reaction ultimately resolved up to test and retest 1325.50 by several dollars. There’s still room up to 1335.00 before signaling a bigger rally underway, but that becomes only a formality if another downleg isn’t underway already Wednesday.

Silver May Contract (SI, ETF: (SLV))
An overnight bounce had retraced to unchanged ahead of Tuesday’s CPI, which triggered a spike up to 16.70. Which is still in the 16.50-16.75 range that avoids triggering a signal.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s 30-year auction was greeted by fresh highs testing 144-05 resistance up to 144-15. Reacting down a couple more times each recovered to the downtrending resistance. But closing beyond either would be likely to extend in that direction. Closing above 144-05 would be credible for extending higher, but back under 143-16 would signal a new downleg underway.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing back up to the 61.35 bounce limit Monday didn’t recover it, so Tuesday’s break back down to Monday’s lows helps to confirm the downtrend has resumed.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Probing slightly higher highs overnight were retraced back to and/or under the 2.81 “lower prior highs” Tuesday, which keeps alive potential for a corrective dip.

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 shallow gap down within Friday’s range didn’t resume Thursday’s steep drop, and only firmed back up to the 1.2345 sell signal that had triggered on Thursday.

Gold Apr Contract (jUN , ETF: (GLD))
Overnight weakness was late to develop but produced a gap down Monday to the 1320.00 area. Its support has been chipped away enough to break lower Tuesday to confirm downside momentum remains intact. Otherwise, much more delay in extending down would suggest a retest of 1335.00 is likelier.

Silver May Contract (SI, ETF: (SLV))
Gapping down Monday to 16.50 and holding 16.55 as a bounce Monday doesn’t reinforce the open’s selling pressure. Reversing down now requires closing under 16.40 support which had been thoroughly tested and chipped away Friday.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday afternoon’s 143-10 resistance was probed further throughout Monday, back up to 143-16 and 143-21 that had were never broken decisively. Almost any delay in another downleg Tuesday would be likely to test 144-06 resistance next.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
An overnight test of 62.25 stopped short of testing the 62.50 buy signal. But the bearish pattern needed to decisively reverse back under the 61.35 bounce limit that Friday had recovered. Monday morning’s plunge to 60.67 tried, but the session ended back up at 61.35.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
The two-day blip-up to 2.81 and two-day retracement back down to the blip-up’s 2.75 origin have defined a range of resistance. Monday’s gap up Monday pierced the upper-end, which ultimately held through the 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, UUP))
Thursday’s drop from 1.2435 to 1.2280 was retraced Friday to attack the 1.2345 sell signal. The sell signal held as resistance, but no consecutive lower close means Thursday’s break isn’t yet confirmed as reversing the trend down.

Gold Apr Contract (jUN , ETF: (GLD))
Initially reacting down on Friday’s payrolls report attacked 1313.00, but the gap down to 1321.00 and the 1320.00 prior lows held their test as the morning recovered to test 1325.50 as resistance. Closing any higher would have combined with the support test to launch a new rally leg. The buy signal otherwise remains at 1335.00, and back under 1320.00 would still be bearish.

Silver May Contract (SI, ETF: (SLV))
Already testing 16.40 before Friday’s Employment Situation report was extended by its reaction, but then recovered back above Thursday’s highs to test 16.70, and to close above 16.55. Only closing under 16.40 would now trigger a new downleg, and closing above 16.75 would signal a rally underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s close at the 143-16 sell signal immediately resolved down Friday to test last Monday’s 142-24 low, stopping short of the 142-16 sell signal that is defined by ongoing downtrending support. Bouncing into the afternoon was still holding under the 143-16 sell signal.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Friday eventually surged through the 61.35 bounce limit to attack 62.00. The drop’s momentum is in jeopardy, and any immediate weakness Monday morning would be likely to compensate for the delay by retracing much or all of Friday’s rally.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Friday’s dip back down to 2.75 doesn’t yet begin to fulfill the downside objectives, but its second consecutive session decline is in-line with the likely reaction down from having blipped-up to 2.81. And the delay in breaking lower is becoming an “ineffectual optimism” that makes more selling likely to be aggressive.

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))
A blip-up in reaction to Thursday’s ECB policy statement pierced 1.2435 resistance up to 1.2450 before reversing down sharply through the 1.2345 sell signal to attack 1.2305. A second consecutive lower close would confirm the bounce had been reversed down to target fresh lows.

Gold Apr Contract (jUN , ETF: (GLD))
Bouncing overnight only resolved down under 1325.50 into and through Thursday morning. The gap back to Monday’s 1320.50 close was filled, so closing under it would help to confirm the reversal down is intact. Otherwise, closing back above 1325.50 would at least undermine the reversal attempt.

Silver May Contract (SI, ETF: (SLV))
Overnight strength was retraced back under 16.55, but only to resume testing 16.50 whose break would signal new lows in-play, confirmed under 16.40.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s bounce touched parallel downtrending resistance that intersected at 144-00, reacting down to 143-16 which is now a sell signal in addition to 142-18. Not reversing down on Friday’s Employment Situation report would have room for noise up to 144-08, while still be vulnerable to resolving down sharply into a new downleg.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s late reaction up had held the intraday drop’s 61.35 bounce limit before ranging flat-to-lower overnight. Fresh lows Thursday morning tested 60.10, with a second consecutive lower close confirming Wednesday’s breakout under 62.25.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of strength wasn’t any likelier or more vulnerable to reacting down. Filling gaps below, if not also probing a fresh low, would help to form a more durable bottom. Reacting down from Tuesday and Wednesday’s confirmed breakout does suggest the position of strength will be used for launching a temporary dip to neutralize the attractions below.