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))
Initially rallying overnight from Monday’s 1.1360 pullback only gapped up Tuesday before reversing down to fresh lows at 1.1310. This tests the current uptrend’s last relative low at 1.1315, and now allows a recovery above 1.1405 to signal the rally resuming.

Gold Feb Contract (GC, ETF: (GLD))
Retesting 1255.00 resistance before Tuesday’s open was already being rejected at the open, which failed a recovery attempt before reacting down under 1246.00 .

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Tuesday to test 14.82 represents a breakout above the 14.65 buy signal, except that the balance of the morning reversed down and filled the gap back down to Monday’s 14.60 close. The 14.75 gap up is above prior highs and may attract price back up to retest if its rejection doesn’t extend down through Wednesday’s open.

30-year Treasury Jan Contract (US, ETF: (TLT))
An overnight dip held the 142-30 pullback limit to open Tuesday unchanged and then to firm back up toward Monday’s 144-00 highs. The uptrend remains intact, even if only by default.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up and firming slightly Tuesday wasn’t yet sufficient to resolve the ongoing basing, while the growing delay is making at least a blip-down to fresh lows. So, post-close API and Wednesday’s EIA reports are being greeted from a position of strength that may at most enable the recovery from fresh lows, but could still maintain the recovery of an initially favorable knee-jerk reaction up.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Still challenged at 4.63 resistance overnight, Tuesday morning dipped back down to test 4.44, which must hold Wednesday, too, 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 Dec Contract (EC, ETF: (FXE, UUP))
Thursday’s confirmed breakout had extended to only slightly higher fresh highs Sunday night at 1.1450. But Monday’s reversal dipped back down to the 1.1370 buy signal. Immediate strength Tuesday would be credible for resuming the rally at an accelerated pace to compensate for the detour.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s fresh high close wasn’t confirmed by a second consecutive higher close on Monday, which instead fluctuated narrowly in negative territory. The “ineffectual pessimism” would still be credible for extending higher, but much less so if Tuesday morning had not already resolved up.

Silver Mar Contract (SI, ETF: (SLV))
Still testing the 14.65 buy signal Monday requires that Tuesday extend higher with no further delay to avoid at least a deeper pullback, if not also reversing the trend back down.

30-year Treasury Jan Contract (US, ETF: (TLT))
Friday’s payrolls report was greeted from a position of strength, despite Thursday’s fresh high close having fulfilled the confirmed breakout’s minimum objective. Friday’s initial dip was recovered into positive territory, and extended Monday to probe Thursday’s high by nearly a quarter-point attacking 144-00. The rally’s momentum remains intact so long as pullbacks now hold 143-30 as support.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The bottoming pattern had tried again to prematurely resolve by gapping up Friday. Monday’s opening dip corrected the excessive optimism, while also testing the 52.15 buy signal whose recovery through the close maintains the bottoming pattern. The pattern’s timing won’t tolerate much further delay in launching a rally.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Friday’s recovery back above 4.44 extended Monday to test 4.63, which would confirm the consolidation had resolved to launch a new rally leg targeting above 5.00.

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 fluctuating narrowly around 1.1.400 into the weekend has avoided confirming the buy signal triggered above 1.1370, but maintains potential to rally out of the weekend.

Gold Feb Contract (GC, ETF: (GLD))
Fresh highs above 1253.00 could be launching a new rally leg, albeit less aggressively than would be optimal, and needing a second consecutive higher close to confirm.

Silver Mar Contract (SI, ETF: (SLV))
Bouncing out of the 12.45 test Friday retested the 12.65 buy signal up to prior highs, still needing at least one more higher close to confirm the signal, while still remaining vulnerable to resuming the decline.

30-year Treasury Jan Contract (US, ETF: (TLT))
Already having fulfilled its minimum objective of a third higher close on Thursday,  Friday’s payrolls was greeted from a position of strength. Which didn’t prevent reacting down or require a recovery, but may have limited the reaction down and still ensures a recovery.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still forming a bottom, Thursday’s fresh low was absorbed but Friday’s gap up was again premature and excessive optimism to launch a reliable rally leg.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Testing the 4.31 pullback limit overnight was recovered intraday back above 4.44 to attack 4.63 whose recovery would confirm the next rally leg underway.

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))
Remaining under pressure through Wenesdayh’s break, Thursday’s open popped-up above the 1.1370 buy signal to test 1.1400 resistance up to the week’s 1.1415 highs.

Gold Feb Contract (GC, ETF: (GLD))
Probing Tuesday’s 1247.00 high Thursday up to 1250.00 wasn’t maintained, so the rally’s extension has yet to be confirmed and remains vulnerable to reversing down.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s failure to probe the 14.65 buy signal and instead dip to 14.45 support, doesn’t invalidate the opportunity to trigger the buy signal, but does start a time limit into the weekend.

30-year Treasury Jan Contract (US, ETF: (TLT))
The confirmed breakout requiring an eventual third higher close was on its way to being fulfilled Thursday. Holding pullbacks to 142-22 keeps alive the attraction to 144-04, whose recover would reinforce the rally’s momentum. Friday’s payrolls report is being greeted from a position of strength.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Holding 52.15 as support Monday through Wednesday helps to continue forming a bottom, but  it doesn’t prevent a dip like Thursday’s under 51.00. But this should now be enough backing-and-filling for the pattern to justify an optimistic launch of a rally leg.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
The struggle to recover the 4.44 buy signal and its 4.63 confirmation has become an attempt to hold the 3.32 pullback limit.

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))
Having held its 1.1330 pullback limit Friday, closing back above 1.1370 would signal a new upleg underway. It was probed overnight up to 1.1380 but still being tested through the afternoon.

Gold Feb Contract (GC, ETF: (GLD))
Sunday night’s rally gapped up Monday to ~1235.00 prior highs and added $5-6 intraday. A second consecutive higher close Tuesday would overcome the bearish distributive pattern that had been forming but never was confirmed.

Silver Mar Contract (SI, ETF: (SLV))
Monday’s gap up above last week’s ~14.45 highs probed another dime higher intraday to fill a 2-week old gap. The gap held, but closing higher Tuesday would undermine the bearish bigger picture.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Sunday night to 140-06 was recovered through Monday morning to fresh highs at 141-06. The previous range does qualify as multi-session. So, closing higher Tuesday would confirm a breakout underway.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
It’s premature for gapping up to launch a durable rally, but Monday’s gap up is in-line with the pattern. The gap should be filled, and preferably not minimally, before a new upleg would be credible.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping down Monday below the 4.44 buy signal filled a gap back down to 4.33, which held, but must still recover 4.44 to reinstate the rally.