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))
Wednesday’s drop had held 1.2060 to avoid reversing the trend down. That was likely, since the rally’s 1.2025-1.2035 target area had yet to be fully tested, and a gap was outstanding above. Both were tested before last week ended. Overnight weakness gapped down Monday back under 1.2060 which now leaves outstanding another gap at 1.2100, but from a position of weakness.

Gold Feb Contract (GC, ETF: (GLD))
Monday was the rally’s first day not to probe above the prior session’s high. It was an inside day, which helps to relieve the pressure from the ongoing up/down-crash pattern. Early trending Tuesday is less likely to extend, and likelier to reverse in the opposite direction.

Silver Mar Contract (SI, ETF: (SLV))
Monday was the rally’s first day not to probe above the prior session’s high, but its intraday low probed under all of last week’s lows. This doesn’t necessarily mean momentum is reversing down, but any early weakness maintained through mid-morning would be likely to extend in that direction.

30-year Treasury Mar Contract (US, ETF: (TLT))
Sunday night’s strength was in the range and reversed through the morning to test the 151-16 prior low and uptrending pivotal support. Extending down to test the recent 150-14 low is likely if Tuesday morning doesn’t rally to at least attack 152-22.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s pullback to the target’s 62.10 target had held. Monday’s narrowly ranging session leaves no bullish reason to close back under it, and keeping alive the 64.50 area target. Back under 60.45 would signal momentum reversing down.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Having held its 2.78 pullback limit on Friday, closing back above 2.86 would end the correction and resume the rally. Sunday night’s high touched 2.86 but Monday dipped to fill the gap back down to Friday’s 2.80 close. There is no bullish reason to further delay a recovery.

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))
Already having tested and retested the rally’s 1.2025-1.2035 target Thursday without closing above it, no higher objective was in-play. Friday’s reaction to the Employment Situation report filled the gap back down to Wednesday’s 1.2070 close, and held. There is no current signal.

Gold Feb Contract (GC, ETF: (GLD))
No fresh highs overnight left the pattern vulnerable to reacting down on Friday’s Employment Situation report, especially after Wednesday night’s narrow escape from testing its 1308.85 sell signal. The rally didn’t resume, but the up/down-crash scenario can’t tolerate any further delay without neutralizing itself.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s reaction to the Employment Situation report got very choppy, probing negative territory but not actually breaking lower. The report didn’t serve as a catalyst to trigger the up/down-crash setup, which would otherwise neutralize itself by only ranging sideways for another day.

30-year Treasury Mar Contract (US, ETF: (TLT))
Flat-to-lower ranging overnight reacted favorably to Friday’s Employment Situation report, but only to attack the 152-22 buy signal to within 1 tick. That was close enough for its resistance to trigger a reaction back down attacking Thursday’s 151-20 lows to within 1 tick. Uptrending pivotal support is being retested, and any lower low would target 150-14 or lower.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight weakness extended slightly lower Friday morning to 61.10, which had been the rally’s target. Even if broken below, the pullback now has room to 60.45 before signaling the trend is reversing down.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s pullback extended lower overnight to test its 2.78 limit. Closing back above 2.86 would signal the pullback had ended and that momentum was reversing up.

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))
Holding 1.2060 support Wednesday kept alive the rally’s momentum, at least to fill the gap back up to Tuesday’s 1.2100 close and also to more thoroughly test the rally’s 1.2140 upper-end of its target area that was attacked Monday night. Thursday’s gap up almost immediately fulfilled both, and ultimately held without triggering any higher objective.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s post-close test of 1308.85 down to 1307.00 was recovered into Thursday’s open, which then extended higher through the noon hour to test 1322.00. That was still almost a dollar short of Monday night’s high, “ineffectual optimism” that can’t tolerate another test of support.

Silver Mar Contract (SI, ETF: (SLV))
Sliding deeper after Wednesday’s close was able to hold a test of 17.05 support and greet Thursday’s open unchanged. Extending through the morning probed fresh recovery highs at 17.30, but closed back at or under the week’s two prior highs. Almost any immediate selling pressure Fridaywould be credible for extending down into and out of the weekend.

30-year Treasury Mar Contract (US, ETF: (TLT))
Ranging sideways overnight had tested Wednesday’s lows ahead of Thursday morning’s ADP report. The low’s were probed a little to attack 151-16 as support, but eventually recovered to try filling the gap back up to Wednesday’s 152-11 close. Regardless of closing in positive territory or not, closing above 152-22 Friday would target fresh recovery highs.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending higher without delay Thursday tested 62.20, now needing to hold 61.10 on pullbacks for potential to 64.75.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength, but that didn’t prevent reacting down through the noon hour. Thursday’s 2.86 low was tested as support, and must hold to avoid a deeper pullback to 2.78 before recovering.

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))
Testing the 1.2125-1.2135 target area overnight Tuesday didn’t improve its gap up. Wednesday’s gap down didn’t extend either, but must hold 1.2060 to keep the target area’s retest likely.

Gold Feb Contract (GC, ETF: (GLD))
Extending higher overnight to 1323.00 was retraced enough to open Wednesday at Tuesday’s 1316.00 high, which served as support through the day’s narrow ranging. Pullbacks still have room down to 1308.85 before reversing momentum down .

Silver Mar Contract (SI, ETF: (SLV))
Probing higher overnight to 17.26 was retraced to open Wednesday flat. Trending up intraday pierced the overnight high by 2 cents, producing the 7th consecutive uptrending session — still unlikely to maintain any sudden reversal down without recovering to retest the upleg’s high.

30-year Treasury Mar Contract (US, ETF: (TLT))
Holding 151-16 and uptrending pivotal support Tuesday launched a bounce into Wednesday’s open up to 152-12. An intraday dip filled the gap back down to Tuesday’s close and held it, so that closing any higher Thursday could confirm a recovery underway — especially if also recovering 152-22.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Finally resuming the rally overnight, Wednesday’s gap up extended higher to almost immediately fulfill the 61.10 target, which was exceeded intraday. Closing above 61.10 has potential to also test 61.15-61.65. Thursday’s EIA report is being greeted from a position of strength. A pullback has room down to 60.55 before reversing momentum down.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Six consecutive gaps up, and three being above prior highs, broke their trend by ranging flat-to-lower Wednesday. Thursday’s EIA report is being greeted from a position of strength. Closing back above Tuesday’s 3.07 high Thursday would confirm the 3.17 target remains intact.

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))
Extending the rally overnight probed the 1.2125-1.2135 target area. A reversal down would be triggered by closing back under 1.2060.

Gold Feb Contract (GC, ETF: (GLD))
The next higher target at 1311.00-1312.50 was probed Monday night, and then supported Tuesday’s intraday consolidation after gapping up. A durable reversal isn’t likely, and a pullback isn’t required, as closing under 1308.85 would signal is underway and targeting 1297.00 and 1287.00 or lower.

Silver Mar Contract (SI, ETF: (SLV))
Eking higher Tuesday extended the rally to 17.23, still needing a break under 16.95 to signal the trend reversing down. No matter how likely the rally may have become to pullback, the multiple consecutive intraday trending sessions makes a durable reversal down unlikely.

30-year Treasury Mar Contract (US, ETF: (TLT))
Flat-to-lower Monday night extended down sharply through Tuesday morning, testing the 151-16 buy signal that recovering up to last Tuesday close proved enough to surge Wednesday. Also tested was uptrending pivotal support, which can’t tolerate its next test probing without extending to new lows under 150-14.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow ranging overnight and Tuesday morning didn’t reject the recent rally, keeping alive the 61.10 target.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Tuesday’s open gapped up above Friday’s 3.01 high similar to Friday’s gap up above Thursday’s 2.94 high. Also similarly, a post-open dip back into the prior day’s range held through the close. The 3.17 target remains in-play.