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))
Rallying overnight gapped up Friday t 1.1390 and immediately retraced 61.8% of Thursday’s collapse to begin suggesting that was only an ECB related anomaly. Extending higher through Wednesday’s attack on 1.1450 all but confirms momentum has reversed up.

Gold Feb Contract (GC, ETF: (GLD))
Consolidating between 1277.50-1283.00 finally resolved Friday morning, surging to probe prior highs at 1300.00, and presumably reinstating upside momentum next targeting 1319.50 so long as 1292.00 now holds as support.

Silver Mar Contract (SI, ETF: (SLV))
The consolidation under 15.40 finally resolved up Friday morning, at least producing its most aggressive attempt, by returning into the previous channel up to 15.70. Further recovery potential requires holding 15.60 as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s gap up had firmed slightly through the close, but was still likely to back-and-fill before resuming the rally. An overnight dip gapped down to recent “lower prior highs” at 145-08 and tested 144-30 intraday. Any initial strength Monday would be credible for extending higher, but back under 144-24 would launch a new downleg.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight strength to 54.20 essentially filled the gap back last Friday’s false breakout before reversing to greet Friday’s open unchanged. Intraday action trended back up to attack the overnight high. Any initial strength Monday would be likely to extend higher intraday.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s rally from its maximum corrective pullback limit was initially extended higher overnight to test 3.20. Opening Friday back under Thursday’s highs dipped to 3.05 support before rallying to attack 3.20 into the weekend, all in-line with forming a bottom.

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 early break above downtrending resistance was likely to extend higher intraday. A second consecutive higher close on Thursday would have reversed the trend up, but its early strength was blind-sided by Draghi’s comments after the ECB policy statement. Now a close above 1.1400 would trigger a trend reversal.

Gold Feb Contract (GC, ETF: (GLD))
Dipping back down Thursday to 1277.50 reacted up to 1283.00, both inflection points holding their tests instead of either one breaking to trigger new trending.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s recovery back up to 15.40 again still wasn’t exploited Thursday as the session hovered under it, and just above 15.22 support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Having filled the gap back down to Friday’s 144-18 close and neutralizing its attraction at Wednesday’s open, Thursday’s gap up above 145-08 was finally able to avoid rejection. A quick dip to 145-08 before extending higher into the weekend would be the optimal bullish pattern to reverse the trend up.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s session was once again defined by the 52.33-53.40 range, even through the morning’s delayed weekly EIA report. The gap outstanding above is likely to be filled, which would be bullish before the weekend if exceeded.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Wednesday’s test of 3.05 “lower prior highs” and Thursday’s 61.8% retracement of the prior low’s range at 2.95 had no excuse to delay forming a bottom, other than Thursday’s EIA report. There was no pessimistic knee-jerk reaction, and the session ended higher. An intraday dip should recover to close higher if a bottom has formed.

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))
Tuesday formed a setup similar to a previous setup in the current channel that had resolved down, making this instance likelier to resolve up. Surging Wednesday morning extended to attack 1.1450, with a second consecutive higher close on Thursday able to confirm momentum reversing up.

Gold Feb Contract (GC, ETF: (GLD))
Although still not extending back above 1283.00 since recovering it Tuesday, Wednesday also recovered a shallower dip to keep alive the upside potential.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s recovery up to 15.40 had not extended higher, remaining vulnerable to another dip. Wednesday’s dip did recover to 15.40.

30-year Treasury Mar Contract (US, ETF: (TLT))
Reacting down to and through 144-24 at Wednesday’s open was absorbed to retest the 145-08 buy signal, which held to avoid invalidating the recent break lower or to trigger a recovery.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s open was greeted back at the upper-end of 53.00-53.40 but only dipped to its lower-end intraday. Breaking higher beyond the narrow range would signal at least a retest of Friday’s high, if not also another breakout attempt from the same multi-session range.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday from Tuesday’s collapse was reversed down to fresh lows at 2.95 in the deepest test of “lower prior highs” that must to hold to maintain recovery potential.

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))
The ongoing decline extended through the holiday weekend to open Tuesday at 1.1400 prior lows. quick bouncing back to unchanged around 1.1420 didn’t improve any further. A buy signal can be lowered to 1.1455.

Gold Feb Contract (GC, ETF: (GLD))
Dipping to test the 1283.00 sell signal through Friday’s close had probed lower Sunday night but recovered to still test 1283.00 Tuesday. Its recover through the close would trap the interim shorts and help to fuel a steep recovery.

Silver Mar Contract (SI, ETF: (SLV))
Fresh lows coming out of the weekend had probed at least 20 cents under 15.40. Tuesday’s open had recovered to test it, and its recovery through the close would signal a bigger bounce underway.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s gap up tested the 145-08 sell signal that had finally broken lower Friday by 1 point. Initially reacting down from 145-08 and recovering to probe it was still overlapping it into the afternoon. Its recovery through the close could invalidate Friday’s break, which otherwise remains intact.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s break above a multi-session range around 52.35-53.40 had formed a breakout. Probing even higher to 54.75 overnight was rejected into Tuesday’s open, which extended down intraday to test 52.35. The breakout wasn’t confirmed, but it did leave outstanding the gap back to its close that could inhibit a reversal and attempt another breakout.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping down Sunday night from Friday’s 3.42 close had extended lower to attack Friday’s 3.20 low. Tuesday’s open broke that on the way down to “lower prior highs” attacking 3.05, which is the last opportunity for a bottom to form that could retrace recent 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 Mar Contract (EC, ETF: (FXE, UUP))
The buy signal had been lowered to 1.1475 and overnight action was subdued, but selling resumed Friday morning and fresh pullback lows were probed. The buy signal remains unchanged.

Gold Feb Contract (GC, ETF: (GLD))
Already testing the 1283.00 sell signal before Friday’s open, the session remained under pressure while fluctuating narrowly around 1283.00.

Silver Mar Contract (SI, ETF: (SLV))
Lower lows Friday now require almost immediate recovery to avoid extending into a new downleg, instead of simply trending down with the channel.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fluctuating Thursday around the 145-08 sell signal resolved down overnight to fresh lows, and extended lower Friday to 144-090. Having filled the gap Thursday back down to Wednesday’s lower-open, lower lows suggest the decline is intact. But a second consecutive lower close would help to confirm

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday morning probed fresh intraday highs up to 53.90 while probing the 53.31 overnight high for the first time. While December’s prior highs are now engaging, the retest of its resistance suggetss that shallow pullbacks will soon extend the rally.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s post-open decline to 3.29 extended down overnight to 3.20, where post-open action rallied back into positive territory at 3.44. The 3.37 prior low must hold to maintain the rally’s resumption.