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 Jun Contract (EC, ETF: (FXE, UUP))
Tuesday gapped up to 1.0860 and fluctuated sideways. Gapping down Wednesday could form an Island pattern and trigger a temporary reversal. Otherwise, the rally has room up to 1.0900.

Gold Apr Contract (GC, ETF: (GLD))
Quickly exceeding 1232.50 Tuesday extended sharply higher to test 1248.00 intraday. A second consecutive higher close would target fresh highs above 1265.00. Closing back under 1232.50 would reverse the trend back down.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s early surge through 17.50 extended to 17.62, putting into play a test of 17.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
Extending Monday above the 148-04 bounce target had put into play the next higher objective at 150-06. It was pierced by several ticks Tuesday. Back under 149-12 would signal that the bounce’s momentum had ended.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s dip back under Monday’s low filled the gap back to last Tuesday’s 48.25 gap down. That session’s Island can be probed to fresh lows, but closing back above 48.45 would suggest a durable bottom is forming.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday probed prior highs up to 3.11, fulfilling the likely minimum consequence for Monday having closed above the 3.00 bounce limit. Reacting back down probed a nickel under the new 3.08 pullback limit, while filling the gap back down to Monday’s close. Closing beyond either end of Tuesday’s range can trend in that direction.

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 Jun Contract (EC, ETF: (FXE, UUP))
Monday morning’s extremely narrow ranging at Friday’s high gave way just a bit into the afternoon, still hovering dangerously close to the 1.0695 sell signal.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night firmed up to 1235.50 before dipping back into the range most of Monday. It was attack Monday afternoon by probing back above the 1232.50 gap up that had been tested already Thursday.

Silver May Contract (SI, ETF: (SLV))
The 17.50 resistance that had held its brief test Thursday was retested Monday. Its recovery would target 17.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
Never rejecting Friday’s recovery to the 148-20 bounce target, which had held its test Thursday night, enabled its probe to fresh highs Monday. Unless rejected soon and aggressively, the bounce can next extend to 150-06.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap down touched the “lower prior high” of Tuesday’s range, which had formed while Tuesday’s lower-end was fulfilling the 47.25 target. “Unfinished business above” at Friday’s close was then nearly neutralized, too. No further weakness is required before launching a corrective bounce.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Gapping down Sunday night didn’t prevent Monday morning from rallying back above 2.95. And also back above 3.00 to require triggering the 2.95 sell signal Tuesday to avoid 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 Jun Contract (EC, ETF: (FXE, UUP))
Probing above Thursday’s highs widened the distance back down to the 1.0765 sell signal that would trigger a substantial reversal down, and possibly extend to new relative lows.

Gold Apr Contract (GC, ETF: (GLD))
Friday’s ranging between persisted between 1225.00-1232.50. This avoided confirming Thursday as a breakout, and keeps open the door to testing “lower prior highs” so that a durable bottom can finish forming.

Silver May Contract (SI, ETF: (SLV))
Thursday’s reaction down from 17.50 didn’t extend during Friday’s inside day, which makes the next higher objective at 17.90 unlikely to be met before “lower prior highs” are tested as support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s test of the 148-20 bounce target had held its 147-24 pullback limit, which allowed Friday to bounce and  retest 148-20. Closing any higher would suggest the correction was extending to the 150-04 area.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday was the third consecutive session of fluctuating narrowly around Wednesday’s gap up. Not yet extending any higher before filling the gap back down to Tuesday’s Island would likely form a durable bottom. Otherwise, extending higher first would next target 50.00 before being forced to fresh lows.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Thursday’s second non-consecutive break back under the 2.95 sell signal didn’t extend down again Friday. But neither was 3.00 recovered, maintaining the distributive pattern.

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 Jun Contract (EC, ETF: (FXE, UUP))
Fulfilling the retest of Sunday night’s highs up to 1.0765 probed higher Wednesday night. Holding the test would form a substantial top, and a reversal down would be triggered back under 1.0695.

Gold Apr Contract (GC, ETF: (GLD))
Spiking up after Wednesday’s close in reaction to FOMC had extended to “higher prior lows” at 1225.00. The next higher objective at a gap up was filled Thursday morning up to 1232.50. Having probed the prior structure, the 1222.00 gap down is an attraction, as is the gap back down to Tuesday’s close.

Silver May Contract (SI, ETF: (SLV))
The post-close reaction to Wednesday’s FOMC spiked up through the 17.05 buy signal. Extending higher overnight greeted Thursday’s open at the 17.50 target. Closing any higher would next target 17.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
Already fulfilling the 148-20 corrective bounce target allows the decline to resume, by closing back under 147-24. Closing any higher would only suggest a bigger corrective bounce underway, with potential to 149-22.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s Island Reversal pattern remained intact through Thursday’s open, greatly diminishing the attraction to fill the gap back down to Tuesday’s close before extending the corrective bounce up to 50.00.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength, since the 3.00 pullback limit failed to hold or be recovered. Thursday opened under the 2.95 sell signal that had been probed Tuesday. Probing it deeper Thursday down to 2.88 tried reversing up, but still failed to recover 2.95 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 Jun Contract (EC, ETF: (FXE, UUP))
No second consecutive lower close Wednesday under 1.0695 so no confirmation of Tuesday’s break. Instead, the more bearish scenario may be developing, with a probe above Monday’s high and potentially also a quick retest of Sunday night’s high up to 1.0865 that is quickly rejected.

Gold Apr Contract (GC, ETF: (GLD))
The 1198.50-1209.00 range had persisted through the close, but now its upper-end was probed by a spike up in reaction to Wednesday afternoon’s FOMC news. A second consecutive close above the range, a positive close, would launch a rally leg and probably avoid fresh lows testing 1192.00.

Silver May Contract (SI, ETF: (SLV))
Monday night’s bounce up to 17.05 was exceeded after Wednesday’s close in reaction to the FOMC news. There is room up to 17.80.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday extended Tuesday’s close above the 146-16 bounce limit up to the bounce’s 148-04 objective. Potential to higher highs to 148-20 or higher depends on pullbacks holding 147-11 as support.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having fulfilled the 47.25 target at Tuesday’s low, gapping up Wednesday to test 48.75 bounce limit is trying to form a near-term bottom. The gap up formed an Island of Tuesday’s range which can produce near-term corrective rally but not durable without eventually retesting the Island whether to complete a bottom or to seek out a new one lower.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday tested the 3.00 pullback limit as resistance that had failed to hold as support before breaking a little lower Wednesday. Thursday’s EIA report is not being greeted from strength by sellers, but the uptrend’s traction has lapsed.