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))
Sunday night’s probe above last week’s highs didn’t extend higher intraday, as the session fluctuated narrowly around it. Closing higher Tuesday would qualify as a breakout, which might not be confirmed, but still should be avoided if the pattern is topping.

Gold Feb Contract (GC, ETF: (GLD))
Retesting last Tuesday’s 1214.30 gap up after Friday’s close didn’t neutralize its attraction, nor did retesting it Sunday night. Monday probed it and the prior high to attack 1220.00. No other unfinished business remains outstanding above, but that does not qualify as a sell signal.

Silver Mar Contract (SI, ETF: (SLV))
A third eventual higher close remains outstanding from last week, which Sunday night’s rally was trying to resume. There is no bullish reason to back-and-fill again before extending higher.

30-year Treasury Mar Contract (US, ETF: (TLT))
Sunday night’s test of the 151-12 bounce limit was repeated Monday morning, probing it intraday up to 152-15. The top was already sealed, so closing back under 151-22 should suffice to resume the decline. Closing higher Tuesday would undermine the top pattern.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping back down Monday didn’t reject Friday’s gap up, not any more so than Friday had rejected the two mid-week sessions consolidating below. Extending intraday would have qualified as rejection. Instead, the range remains intact, with no clarity on its next break either way.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Fresh lows overnight probed under the 3.19 gap that had remained outstanding. Holding its test is the first stop to bottoming, Closing above 3.25 is the second step, and the minimum requirement to begin 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))
Having tested “higher prior lows” up to 1.0720, backing-and-filling is no longer needed before a break under 1.0605 would be credible for launching a downleg.

Gold Feb Contract (GC, ETF: (GLD))
Firming back above 1205.00 would target filling the gap back up to Tuesday’s 1214.00 open, if not also probing its 1218.50 overnight high.

Silver Mar Contract (SI, ETF: (SLV))
At least a third eventual higher close is required, and is in-play so long as 16.95 maintains its recovery. Back under 16.75 would target 16.15.

30-year Treasury Mar Contract (US, ETF: (TLT))
Initially bouncing slightly overnight was retraced to probe under Thursday’s lows down to 149-30. The second consecutive close under 151-12 essentially seals a top, next targeting 148-04.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Friday filled to Tuesday’s 53.25 close isolates the interim dip. But recovering resistance at 54.25 would allow filling gaps back up to 54.75 and 55.75. Almost any delay would reinstate the attraction below to 49.00 and 47.75.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Friday morning;s weakness didn’t retrace all of Thursday’s bounce, but the attraction down to 3.23 remained in-play. Its afternoon test now allows extending to 3.19.

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 morning’s weakness extended Wednesday’s reversal, attacking the 1.0605 sell signal. Its reaction up to 1.0665 can suffice as backing-and-filling to allow a break lower, so long as 1.0700 holds as resistance.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday night’s dip extended down intraday Thursday to test the 1195.00 sell signal. Meanwhile, its support can launch a bounce back above 1205.00 that fills Tuesday’s opening gap at 1214.00 and even retests its 1218.50 overnight high.

Silver Mar Contract (SI, ETF: (SLV))
Trending down overnight tested the 16.95 “lower prior highs,” which was probed intraday to also touch the 16.75 sell signal’s confirmation. Regardless, Tuesday’s confirmed breakout still requires at least an eventual third higher close.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday’s drop extended deeper Thursday to test relevant support at 151-12. Probed by a quarter-point intraday, closing under 151-12 essentially seals a top, while closing above it enables at least another corrective bounce first.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Choppiness around 51.50 persisted Thursday as the potential grew for extending lower to 48.20 and 47.00 before another rally leg could begin. Otherwise, back above 52.50 would start to suggest a bounce underway.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of weakness, but the day’s 3.25 low was still short of filling the gap outstanding at 3.23. Its reaction up filled the gap back to Tuesday’s 3.40 close, keeping alive the lower objectives. Back above 3.50 would target 3.65.

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 gapping down Wednesday from Tuesday’s opening gap up isn’t likely to suddenly launch a new downleg. There’s also a likelihood for even the most bearish scenario to still at least touch 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Narrow ranging overnight around 1212.00 persisted through Wednesday morning. Tuesday’s fulfillment of the “unfinished business above” may have ended the rally, but its opening print above all prior highs should still be tested from a pullback.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s gap up above all prior highs was extended to a slightly higher close Wednesday that confirms the breakout, and requires at least an eventual higher close. The gap back down to 16.95 and 16.75 can be tested as support while maintaining the higher objective.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Wednesday under 152-22 extended down intraday through the gap back to Friday’s 152-04 recovery close, and through it to 151-22. Closing back above 152-04 would keep the door open to yet again retesting recent highs. Meanwhile, the dip has room down to 151-10 before sealing a top.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday afternoon’s retest of the morning’s 52.50 pullback limit’s test was already bordering on overkill. Probing under it overnight and gapping down Wednesday to 51.50 threatens the entire corrective bounce and its 53.80 and 54.80 gap fill objectives.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping down Wednesday stopped short of the nearby gap close wanting to be filled at 3.23 before bouncing to range sideways through the morning. So long as 3.50 isn’t recovered, even the gap down to 3.19 can be filled on this pullback.

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 ally Sunday greeted Tuesday’s session gapping up above prior highs. Closing back under 1.0605 is still the nearest sell signal, but the pattern’s next challenge otherwise is 1.0750.

Gold Feb Contract (GC, ETF: (GLD))
Overnight strength tested the1212.00 objective up to 1219.00. Tuesday did not extend higher, but did maintain the gain to fulfill the confirmed breakout’s requirement from last week for at least one more fresh high close. An immediate reversal down isn’t likely to extend without at least filling the gap back up to Tuesday’s 1212.00 open.

Silver Mar Contract (SI, ETF: (SLV))
The 16.95 resistance which had been tested and retested was probed higher overnight and tested 17.25 intraday. Closing under 16.95 would indicated the rally’s momentum had lapsed already, but a close under 16.95 would still target 16.15.

30-year Treasury Mar Contract (US, ETF: (TLT))
Overnight strength attacked 154-00 but held 153-22 post-open. Reversing back down through a sell signal triggered under 153-06 was recovered from 152-22. Closing Wednesday above 153-26 would launch a substantial rally, but the pattern is otherwise topping.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially gapping up Tuesday to Thursday’s ~53.50 high was retraced to fill the gap back down to Friday’s 52.40 close. Holding the test as support keeps alive the likelihood for filling gaps outstanding from 53.80 and 54.80 before resuming the downleg. So, dipping back down to 52.40 Tuesday afternoon threatened the recovery.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Overnight strength as high as 3.50 was nevertheless retraced to open Tuesday at 3.40 resistance. Closing higher would trigger a breakout, but otherwise the attractions below at 3.23 and 3.19 remain outstanding.