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))
Four consecutive narrowly ranging sessions finally tried breaking Tuesday. The 1.2368 high hadn’t yet met last week’s 1.2347 overnight high, but the session largely developed above the week-old 1.2315 high close.

Gold Feb Contract (GC, ETF: (GLD))
Flat-to-higher ranging Tuesday tested 1338.00, still short of the attraction above at 1340.50 whose recovery would confirm a new upleg underway.

Silver Mar Contract (SI, ETF: (SLV))
Just returning to 16.95 was likely to probe lower after having chipped away at its support for two weeks. Its probe on Tuesday tested 16.75 and held it, albeit struggling to recover above higher prior lows. The move is in-line with Copper’s break to fresh lows, so a second consecutive lower session would be bearish.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s probe above the 149-10 bounce limit up to 149-22 was reversed to test the 149-02 sell signal that would reinstate the decline, which is still targeting fresh lows.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Each of the two recent tests of the 63.10 pullback limit have produced bounces back to the range’s  64.70 upper-end. At least an attack on 66.00 is likely.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Rallying overnight through the rally’s original 3.29 target up to 3.45 has resumed the rally, assuming there is a second higher close to confirm.

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 third consecutive session Monday of ranging narrowly between last Tuesday’s 1.2315 close above and Wednesday’s 1.2260 gap down, all above the 1.2210 sell signal. The delay in extending down suggests at least a probe of fresh highs is likely.

Gold Feb Contract (GC, ETF: (GLD))
Monday’s flat-to-lower ranging actually began firmer overnight. Regardless, the session’s drift into negative territory doesn’t yet invalidate the rally effort above 1336.00.

Silver Mar Contract (SI, ETF: (SLV))
Firming overnight entered Monday ranging flat-to-lower, dipping from last week’s attack on the 17.11 buy signal to threaten the 16.95 sell signal that has also been thoroughly tested and is less likely to hold another.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh lows Sunday night were recovered by Monday’s open, but the morning only ranged narrowly sideways, holding a test of the 149-10 bounce limit to keep alive the downleg.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to MAR, which trades at a nickel discount from FEB]… Still holding the 63.10 pullback limit at Monday’s open, a brief surge attacked the 64.20 buy signal before collapsing back down to 63.10 support. Its break would target 61.60.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up to 3.25 Sunday night and probing slightly higher was retraced into Monday’s open and fluctuated choppily sideways into the afternoon. Closing above 3.25 would still be credible for resuming the rally.

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 narrow ranging at the highs persisted through Friday, hovering above the 1.2210 sell signal.

Gold Feb Contract (GC, ETF: (GLD))
Rallying back to 1336.00 Friday rejected Thursday’s sharp slide from Thursday’s rally to 1340.50, keeping alive the attempt to launch a new upleg.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s gap up to test 17.05 was modest, and didn’t quite reject Thursday’s test of the 16.95 sell signal, which would be better signaled back above 17.11 and 17.15.

30-year Treasury Mar Contract (US, ETF: (TLT))
Extending lower overnight gapped down to fresh lows testing 148-20. Fulfilling the required eventual third lower close probably won’t end the decline, which remains intact so long as bounces now hold tests of 149-10.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The symmetrical triangle that formed off the rally’s 64.75 target had persisted Thursday through its apex, requiring any break to be immediate. Dipping overnight spent Friday testing the 63.15 pullback limit, still not decisively breaking it which would otherwise target 61.65. Closing back above 64.25 would still be credible for launching another upleg to test 66.00.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Holding a test of the 3.10 pullback limit Thursday had made a retest of the rally’s 3.29 high target likely. Resistance at 3.25 contained Friday’s firming.

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))
Wednesday’s gap down had been recovered to fill the gap back up to Tuesday’s close, which held, robbing the recovery of its momentum. Thursday only ranged narrowly, with no objectives or attractions outstanding.

Gold Feb Contract (GC, ETF: (GLD))
Thursday’s dip extended the overnight reversal from fresh intraday highs above 1340.00, and tested the range’s lower-end down to 1324.50. While the pattern is not likely to be a durable top, another break lower Friday would be credible for a multi-session detour.

Silver Mar Contract (SI, ETF: (SLV))
Thursday morning dipped deeper from Wednesday’s intraday rally that had reacted down post-close. The range’s 16.95 sell signal was tested, and must hold to keep alive the likely retest of recent higher, if not also the potential for a new upleg.

30-year Treasury Mar Contract (US, ETF: (TLT))
Closing under 150-16 Wednesday undermined the potential for extending the corrective bounce to 151-26 before resolving down. Trending down overnight to 149-10 gapped down Thursday and immediately filled the gap back to the week-old opening gap that had required being filled. A fresh low close remains required, too.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s narrow ranging held above the 63.15 pullback limit and the 64.25 buy signal, forming a Symmetrical Triangle. The pattern suggests its first break will be false, before reversing more substantially in the opposite direction. So, breaking higher or lower — probably higher — will likely be only temporary.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Having fulfilled the pattern’s buying pressure Wednesday at its 3.29 target, room for a pullback was exploited by the knee-jerk reaction to Thursday’s EIA report. The 3.10 pullback limit ultimately held, but can’t tolerate much delay in extending higher.

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))
Having fulfilled a third higher close requirement Tuesday, an overnight dip gapped down into Wednesday’s open. The entire dip was recovered to fill the gap back up to Tuesday’s 1.2326 high. The trend doesn’t reverse down until breaking under 1.2210.

Gold Feb Contract (GC, ETF: (GLD))
Retesting Friday’s 1344.50 post-close high overnight held again as resistance, reacting down into Wednesday’s open and extending down momentarily to 1331.00. Rallying sharply into the afternoon tested 1341.00, leaving the rally’s momentum intact.

Silver Mar Contract (SI, ETF: (SLV))
Overnight firming was retraced into Wednesday’s open, and slightly lower to test 17.05. Closing back above 17.30 would signal again another probe underway to higher highs.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still holding above 150-16 at Wednesday’s close kept alive the likelihood for a bigger corrective bounce up to 151-26 — although resistance has appeared at 151-16 which could be difficult to recover before resuming the decline.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still ranging flat-to-lower, but not trending down or breaking under the 63.15 pullback limit, doesn’t reject the rally’s momentum. So, despite already fulfilling its 64.75 target, closing above 64.25 could resume the rally to higher highs.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report is being greeted from a position of strength for probing fresh recovery highs. Peaking Wednesday at the 3.29 target does open the door to a corrective dip, but a dip should be only corrective if triggered as a reaction to news.