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))
A second consecutive higher close Tuesday, preferably above 1.1470, would confirm the basing pattern was launching a rally. Probing above 1.1470 overnight wasn’t repeated intraday, but the higher close held, so any early strength Wednesday would be credible for trending higher.

Gold Feb Contract (GC, ETF: (GLD))
Holding the intraday test of 1237.00-1240.00 was likely to retest the range’s 1255.00 upper-end, which was done overnight. Tuesday’s intraday range hovered under resistance, now able to launch a downleg under 1240.00 alone.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s probe above 14.71 didn’t extend into a rally, while an attraction to the gap outstanding at 14.83 hasn’t been rejected.

30-year Treasury Mar Contract (US, ETF: (TLT))
Hovering at the 143-08 buy signal Monday resolved up aggressively. A surge to 143-22 was retraced entirely back down to 143-08 where a gap had formed, which launched a bigger bounce up to 144-00. A second consecutive higher close Wednesday would confirm a bigger rally leg underway. Meanwhile, Wednesday’s FOMC policy statement is being greeted from a position of strength.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The ongoing basing pattern was already more than one week overdue to launching a rally without having to break lower first. Tuesday’s flash crashes under 50.00 attacking 46.00 more than compensate for the delay — while also making a near-term recovery unlikely. But bounces have room up to 48.55 if the breakout won’t be confirmed.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce up to Friday’s 3.81 close only neutralized the attraction back to its gap, while creating a new one below at Monday’s close, and still allows room down to 3.33 while 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))
Friday’s gap down within the prior low’s range allows a rally to begin without delay. Sunday night’s rally into “higher prior lows” would be credible for extending into a recovery if followed by a second consecutive higher close Tuesday — especially above 1.1470.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s dip down to 1237.00-1240.00 support had held through the close, enabling at least a corrective bounce up to last week’s 1254.50 high. Meanwhile, breaking back under 1240.00 would invalidate the bounce and signal a new downleg underway.

Silver Mar Contract (SI, ETF: (SLV))
Sunday night’s bounce attacked Friday’s break under uptrending support at 14.71. Monday probed above it, still facing resistance at the gap back up to Thursday’s 14.83 close.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still fluctuating Monday between the 141-24/143-08 buy and sell signals gravitated higher to at least touch the buy signal Monday, still needing to trigger or else react down aggressively.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The ongoing range persisted coming out of the weekend, still likely to probe a fresh low momentarily for its rubber band effect to snap back up into a rally leg.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Greeting the weekend by breaking to fresh lows in this product tends to persist coming out of the weekend, which was done by gapping down even lower Sunday night. Trending down sharply intraday to 3.54 offers an opportunity to form a bottoming pattern, still having intraday risk down to 3.33.

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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))
Thursday’s dip had filled the gap back down to Tuesday’s close, preserving the pattern’s opportunity to extend through its 1.1370 buy signal. The alternative would be to retrace the entire pattern back down to its 1.1285 low, which is where Friday’s gap down opened. A rally would still be credible, but only if begun without delay coming out of the weekend.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s gap down to 1237.00-1240.00 was as much selling pressure as would be appropriate for a temporary pullback before resuming the rally. But not immediately rejecting that deep of a dip is essentially signaling the rally’s momentum has lapsed, if not already reversing down.

Silver Mar Contract (SI, ETF: (SLV))
Uptrending support coincided Friday at 14.70, and gapping down under it extended to fill the gap back down to Tuesday’s 14.60 close. That gap was created while filling the prior session’s gap, so there isn’t any bullish reason for its retest. Any further delay to resuming the rally would be bearish.

30-year Treasury Jan Contract (US, ETF: (TLT))
Thursday’s close was too deep to maintain the rally’s momentum, which had been hanging on only by default. Immediately recovery 143-08 Friday would have reinstated it, but the session only ranged flat-to-higher. There is no active signal.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday continued fluctuating in the basing pattern without breaking higher into the weekend, and likely at least to blip-down and stretch the rubber band before snapping back up into a rally.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of weakness absorbed its gap up, which was reversed back down to uneven. The reversal extended down overnight and gapped open to fresh lows Friday attacking 3.80. There is no active 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 Dec Contract (EC, ETF: (FXE, UUP))
Only recovering to the 1.1370 buy signal Wednesday still required extending above it Thursday. Reacting down still recovered back up to 1.1370 — after filling the gap back down to Tuesday’s close. A bullish pattern should rally into the weekend.

Gold Feb Contract (GC, ETF: (GLD))
Ranging narrowly sideways throughout Thursday wasn’t necessarily bullish, but it continued to avoid a negative reaction to the recent break higher that has yet to extend..

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s session qualified as a breakout, but the second consecutive confirming session didn’t develop. The rally can extend anyway, but too deep of an interim pullback could launch a new downleg.

30-year Treasury Jan Contract (US, ETF: (TLT))
The 142-30 pullback limit had held Tuesday, and its 142-16 room for noise had held Wednesday. Firming overnight was reversed Thursday to probe another fresh low, which was recovered back above prior lows. A completed pullback would not delay rallying into the weekend.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday night’s dip did hold up0n testing the range’s lower-end, but that doesn’t equate to being a bottom. Thursday’s intraday bounce stopped short of completing a bottom.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Already greeting Thrusday’s EIA report from a position of weakness, fresh lows were probed intraday Thursday. Rallying through the reaction must still recover 4.44 (again) to suggest the pattern is resolving 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 Dec Contract (EC, ETF: (FXE, UUP))
Still testing the 1.3320 last relative low overnight left little time to delay rallying back up through the 1.1370 buy signal and renew the rally. Its probe through the morning ended the day at 1.1370, still needing to extend higher.

Gold Feb Contract (GC, ETF: (GLD))
Flat-to-lower ranging overnight was recovered intraday, but not reversed, as the pattern continues to hover at its highs without gaining any new traction.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s gap up above all prior highs at 14.75 had been retraced intraday to fill the gap back down to Monday’s 14.60 close. Neutralizing its attraction below allowed Wednesday’s open to retest Tuesday’s opening gap, and then trend up intraday. I’m treating this as a breakout, needing a second consecutive higher close to confirm.

30-year Treasury Jan Contract (US, ETF: (TLT))
Momentum remained pointed higher by default, so the overnight retest of the 142-30 pullback limit was likelier to hold than to break lower. It was probed to its room for noise, and can’t tolerate any delay to resuming its rally. Almost any immediate weakness Thursday would be likely to trend down.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s reaction to the EIA report was another dip, which further undermines the basing pattern that may yet resolve up, but seems to need fresh buyers from a temporary fresh low to sponsor the recovery.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s reaction down from 4.63 resistance became a test of 4.31 support overnight, which didn’t hold. Thursday’s EIA report is being greeted from a position of weakness.