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 Dec Contract (EC, ETF: (FXE, UUP))
Without rejecting Tuesday’s gap up from the two prior days of firming, the 1.0750-1.0785 corrective target is in jeopardy. Tuesday’s high did peak upon filling the gap back to the 1.0995 close, giving Wednesday’s open a brief opportunity to resume the slide.

Gold Feb Contract (GC, ETF: (GLD))
Dipping into Tuesday’s open ended the day overlapping the 1074.00 pullback limit. Immediately recovering 1077.70 Wednesday would be credible for extending higher intraday.

Silver Mar Contract (SI, ETF: (SLV))
Two consecutive closes at the 14.10 and 14.35 buy signals respectively still need an actual breakout close to confirm new sponsorship is being attracted to the recovery attempt.

30-year Treasury Jan Contract (US, ETF: (TLT))
Monday’s attack on the 157-04 buy signal was rejected more deeply Tuesday to attack the 154-30 reversal signal to within 3 ticks.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s “ineffectual pessimism” resolved up with little delay Tuesday, still needing a close above 36.75-36.90 resistance to signal a new rally leg underway.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
The pullback from Monday’s negative divergences attacked its 1.85 pullback limit but didn’t trend down. The gap back to Monday’s close was filled, neutralizing its attraction above, so trending up anyway early Wednesday would be credible for extending higher intraday.

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 Dec Contract (EC, ETF: (FXE, UUP))
Monday’s firming extended Friday’s bounce back up to ~1.0950 higher prior lows. The decline should resume without further delay Tuesday if 1.0750-1.0785 remains in-play.

Gold Feb Contract (GC, ETF: (GLD))
Extending higher Sunday night extended through 1074.00 resistance Monday morning to attack 1081.50. Closing above 1077.70 would signal a new upleg underway.

Silver Mar Contract (SI, ETF: (SLV))
Firming Sunday night above the 14.10 area extended to test 14.35 resistance, whose recovery would signal a new upleg underway.

30-year Treasury Jan Contract (US, ETF: (TLT))
Narrow ranging Sunday night and Monday morning gravitated back up to Friday’s 156-26 highs. Closing above 157-04 would signal a new upleg underway.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows Sunday night failed to duplicate Friday’s recovery effort, gapping down Monday and spending the session essentially ranging in negative territory under all prior lows. This would prove to be “ineffectual pessimism” if Tuesday’s open were firm, and would be expected to trend up.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Monday’s gap up to 1.82 resistance extended through the 1.85 buy signal and trended up to 1.94. A double top there on diverging RSIs won’t tolerate a pullback deeper than 1.85 to maintain the 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. CLICK HERE FOR A RECORDED FRIDAY MORNING UPDATE

Eurodollar Dec Contract (EC, ETF: (FXE, UUP))
The dip targeting 1.0750-1.0785 didn’t really extend Friday, as the session was spent only ranging narrowly around Thursday’s lows.

Gold Feb Contract (GC, ETF: (GLD))
Thursday’s Descending Triangle broke higher instead of lower. The lowered 1061.50 buy signal was recovered, after probing it earlier to test the 1070.00 previous buy signal. A second consecutive higher close would launch an upleg. Back under 1057.00 would target new lows at 1038.50-1041.00.

Silver Mar Contract (SI, ETF: (SLV))
Having fulfilled the required third lower close at 13.69 Thursday, Friday’s surge recovered Wednesday’s gap up to test 14.10. Its recovery would signal a bottom is forming. Back above 14.35 would launch a rally leg.

30-year Treasury Jan Contract (US, ETF: (TLT))
The 155-29 corrective bounce target was exceeded by gapping up Friday to 156-24, which a bounce retested after filling the gap back to Thursday’s close. The sell signal is unchanged at 154-30.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fulfilling the required retest of Sunday night’s 34.50 low allowed a close above 35.45 to reverse momentum up. Its intraday test was rejected to fresh lows on the afternoon Rig Counts. The low held as support, but still needs a recover to prove a bottom is in.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Thursday night’s drop essentially fulfilled its potential to test 1.67 and recovered to open testing 1.80. It proved to be an inside day, still testing 1.77. But back above 1.82 and 1.85 would now seal 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 Dec Contract (EC, ETF: (FXE, UUP))
Wednesday’s blip-down to 1.0915 had reacted up sharply intraday, but that didn’t prevent Thursday’s open from gapping down to fresh lows and attacking 1.0825, targeting 1.0750-1.0785.

Gold Feb Contract (GC, ETF: (GLD))
Suspicion about Wednesday’s close above the 1070.00 buy signal proved out overnight by erasing the intraday gain and opening Thursday back at 1057.20-1061.50 support. This latest test inflected down instead of up, probing fresh lows under 1047.00. The next lower support is 1038.50-1041.00, but closing back above 1061.50 would launch a new rally leg.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s bounce above 14.10 attacked 14.35, but that didn’t neutralize its requirement for a third lower close. Thursday’s gap down to retest 13.70 support provided the lower close, and filled the outstanding gap back to Tuesday’s close. But a close above 14.10 is needed to signal momentum reversing up.

30-year Treasury Jan Contract (US, ETF: (TLT))
Wednesday’s bounce extended higher overnight to fulfill the 155-29 corrective bounce target. It wasn’t retested intraday, which hovered, suggesting that 155-29 would be retested before a downleg would be credible.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s 34.50 low was attacked to within 10-15 cents Thursday, early enough that delaying its test suggests “ineffectual optimism.” Rather than to form a bottom from retesting the low, delaying its retest much longer could extend the downleg.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
The premature bounce to 1.85 resistance proved it was “ineffectual optimism” ahead of Thurdsay’s EIA report, which triggered a reversal down to test 1.77, still targeting 1.71 and possibly 1.67.

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 Dec Contract (EC, ETF: (FXE, UUP))
The initial FOMC reaction momentarily pierced Tuesday’s low, but didn’t trend down — and didn’t rally, either. The corrective drop remains intact,

Gold Feb Contract (GC, ETF: (GLD))
Closing above the 1070.00 buy signal soon reacted down sharply on Wednesday’s FOMC statement to attack 12060.00. Its reaction recovered to probe back above 1070.00. But the signal still requires a second consecutive higher close to confirm.

Silver Mar Contract (SI, ETF: (SLV))
Surging Wednesday morning to probe 14.10 resistance didn’t react down much after the FOMC statement, which was largely recovered through the close. The gap back down to Tuesday’s close and a new low close remain outstanding.

30-year Treasury Jan Contract (US, ETF: (TLT))
A momentary knee-jerk reaction down under 153-30 was reversed back up into positive territory, still having potential for a corrective bounce to 155-29 about a half-point higher.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s test of 38.88 was rejected back under 36.70 Wednesday, and even under 36.25, to confirm a retest of the 35.45 low remains likely.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Probing under the 1.80 target overnight tried reacting up Wednesday. But the bounce reversed down to put into play 1.72-1.75.