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))
Still no bullish reason to extend the correction any deeper, but also no need to further delay resuming last week’s confirmed breakout to fresh recovery highs.

Gold Apr Contract (GC, ETF: (GLD))
Narrow flat-to-lower ranging at or around the buy signal left it outstanding, but intact, and still likely to be triggered.

Silver Mar Contract (SI, ETF: (SLV))
Monday morning’s test of the buy signal held and was retraced into the afternoon to end negative, but not reversed down as the buy signal remains intact.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday’s gap up that had rejected Thursday’s gap down was able only to probe its 146-16 buy signal but not trigger it. Monday’s gap down doesn’t invalidate the buy signal or trigger a sell signal, and it could be only a defensive pullback ahead of Tuesday’s first of the Fed Chair’s two-day Congressional testimony. His opening remarks remain embargoed until 9:45 am ET.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap up to prior highs had not closed higher, leaving the pattern vulnerable to a deeper pullback testing 55.85-56.05. Opening there Monday probed lower intraday to attack 55.00, needing to recover 55.10 without delay to resume the rally.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Closing above the 2.70 buy signal Friday extended higher immediately by gapping up Sunday and Monday. Extending higher intraday to 2.82 barely qualifies as a confirmed breakout, with room for a healthy pullback down to 2.74.

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 pullback from Tuesday’s confirmed breakout leaves no reason to extend the pullback any deeper, or to further delay resuming the recovery effort. Friday did not extend any deeper, but also has not resumed the rally, so almost any initial strength coming out of the weekend would be credible for extending higher intraday.

Gold Apr Contract (GC, ETF: (GLD))
Firming Friday was still testing the 1328.50-1333.00 pullback limit, and not yet rallying out of it to any degree that would be reliable for resuming the rally.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s test of “lower prior highs” under 15.80 was reversed back up through the 15.95 buy signal Friday to suggest the recent high’s retest is now underway.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s gap down to and through 146-04 had stopped short of breaking support at 145-16, which would have confirmed the reversal. The opportunity to confirm the reversal wasn’t exploited as Friday’s open gapped back up above the 146-12 buy signal and tested Wednesday’s 146-21 close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting recent highs overnight and into Friday’s open doesn’t prevent fluctuating back down to test the 55.85-56.05 pullback limit before extending the rally. The rally meanwhile remains likely to resume at some point.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
The 2.70 buy signal was barely pierced going into the weekend, but at least a new low was avoided on a Friday for the second consecutive week to add credibility to a bottom forming.

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))
Ranging narrowly flat-to-lower Thursday didn’t reject the confirmed breakout above 1.1333 but does now all but require the recovery to resume without further delay if it is valid.

Gold Apr Contract (GC, ETF: (GLD))
Extending higher Wednesday to attack 1350.00 despite already fulfilling its 1328.30 and 1333.00 upside objectives Tuesday didn’t prevent reacting down Thursday. The two upside objectives now serve as a range of support to a pullback, which was tested Thursday afternoon. Back above 1335.50 would resume the rally.

Silver Mar Contract (SI, ETF: (SLV))
Probing the 16.16 objective Wednesday had already stopped pessimistically short of also probing the 16.20 prior high. Pessimism only expanded by immediately collapsing back down to test 15.80 support. That’s natural support at “lower prior highs,” suggesting that impatient sellers are now done and the rally can resume at any time.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Thursday to and through the 146-00 pullback limit and probing lower intraday down to 145-17 must recover 146-04 without further delay to maintain upside momentum of the massive Ascending Triangle pattern. Meanwhile, the drop has room to 145-16 while still being only a pullback and not yet reversing momentum down.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Greeting Thursday’s EIA report from a position of strength didn’t prevent a knee-jerk reaction down, but the weakness was very shallow testing only 56.65. The reaction is likely to recover, so long as any further weakness hold 55.85-56.05 as support.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength, or weakness, having ranged narrowly under 2.70 for multiple consecutive sessions. The shallow knee-jerk reaction only touched 2.70 which remains intact as a buy signal.

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))
No improvement overnight after Tuesday’s break above the 1.1333 buy signal was due probably to its test also having held last Tuesday’s prior high and closing gap. But not reacting down left the door open to later improving in time for a second consecutive higher confirming close. Fresh highs attacking 1.1400 went out testing the 1.1375 resistance.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s gap up through the outstanding 1333.00 target and its intraday extension to 1345.00 initially followed-through to attack 1350.00. Which held as the session high Wednesday, now having room for a pullback down to 1328.50.

Silver Mar Contract (SI, ETF: (SLV))
Already improving overnight to probe above 16.00 confirmed the “unfinished business” above at the 3-week old opening gap to 16.16. Rallying sharply intraday fulfilled the objective, while essentially touching the actual 3-week old intraday high.

30-year Treasury Mar Contract (US, ETF: (TLT))
Only touching Tuesday’s 147-05 intraday high overnight was unable to resume upside momentum before dipping back down to 146-11. The massive Ascending Triangle remains intact and vulenrable to breaking higher.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s flat-to-lower open barely attacked 55.75 before recovering to fresh highs at 57.60, confirming upside momentum remains intact from the confirmed breakout, greeting Thursday’s one-day delayed EIA report from a position of strength.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Eking out slightly higher highs overnight had not actually touched the 2.70 buy signal that must be recovered through Wednesday’s close to greet Thursday’s EIA report from a position of strength.

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))
Repeated failed efforts to trend under 1.1333 finally faced the consequence of breaking higher, and extending intraday to test the 1.1375 buy signal that was avoided last week. A second consecutive higher close Wednesday would confirm the trend had reversed up.

Gold Apr Contract (GC, ETF: (GLD))
[Rolling coverage forward to Apr which trades at a 40-cent premium to Feb]… Rallying out of the weekend had already fulfilled the 3-week old 1328.30 gap up and also its likely 1333.00 objective before Tuesday’s open. The morning extended higher to 1345.00, qualifying as a breakout that could be confirmed by a second consecutive higher close Wednesday. Otherwise, a pullback to 1328.50-1333.00 would maintain upside momentum.

Silver Mar Contract (SI, ETF: (SLV))
Already probing above Friday’s 15.70 buy signal’s test overnight, Tuesday’s open extended through 15.82 resistance to confirm the 3-week old gap up at 16.16 is in-play, already attacking 16.00 intraday.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still testing 146-16 through Friday’s close gave no hint how it would resolve through Sunday night or Monday, not until Tuesday’s next regular open when price surged back to prior highs at 147-05. The massive Ascending Triangle pattern has no bullish excuse not to resolve up much sooner rather than later. Closing back under 146-00 would instead resolve down substantially.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs coming out of the holiday weekend may be resolving the massive inverted Head & Shoulders pattern, subject to a second consecutive higher close on Wednesday for confirmation. Which would greet this week’s one-day delayed EIA report on Thursday from a position of strength.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Flat-to-higher ranging ahead of Tuesday’s open still needs to close above 2.70 to reverse momentum back up. Closing above 2.70 by Wednesday would greet Thursday’s EIA report from a position of strength.