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))
Choppiness during Yellen”s testimony Tuesday neither reversed the trend nor resumed it. But not exploiting the opportunity to resume the trend at this pivotal level does suggest the pattern is under accumulation..

Gold Apr Contract (GC, ETF: (GLD))
Monday”s test of the 1191.50 target wasn”t credible because it only printed overnight, and negative territory was altogether avoided intraday. Tuesday”s retest of Monday”s low had also reacted up above 1197.50, twice, at least suggesting that the decline has ended. A bounce has room up to 1212.00 before signaling a rally is underway.

Silver Mar Contract (SI, ETF: (SLV))
Expending so much energy to avoid probing again back under last week”s lows only made support indefensible. Tuesday morning”s narrow ranging finally broke lower to retest Sunday”s overnight lows, so any lower low is likely to extend the trend.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday”s close above 144-30 didn”t waste time Tuesday extending to the 146-14 minimum corrective bounce target, with there still being room up to 147-00 before suggesting a bigger rally is actually underway, and room for a pullback to 145-24 before signaling the bounce has ended.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
Tuesday continued ranging within the 49.00-50.50 rock and a hard place. Delaying the probe”s recovery doesn”t help to form a bottom, which needs to begin aggressively to be credible.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Firming Tuesday was in-line with expectations that Monday”s dip to “lower prior highs” would ultimately hold and recover to fresh highs. But it didn”t gain traction for resuming the rally, which now would be signaled by breaking above Tuesday”s high.

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))
Gapping down Monday and immediately trending back up duplicated Monday”s gap down that had immediately trended back up, albeit on a smaller scale that didn”t gap down as deeply nor recover as substantially. No new signal was generated by the pattern.

Gold Apr Contract (GC, ETF: (GLD))
Sunday night”s 1190.60 low fulfilled the 1191.50 target”s test, and recovered to open Monday probing back above 1200.00. A required third lower close remains outstanding, and an intraday test of 1191.50 remains desirable. So, the decline probably hasn”t yet ended, and could meanwhile visit the 1185.00 lower-end of its target area. Closing back above 1222.50 would suggest otherwise.

Silver Mar Contract (SI, ETF: (SLV))
Fresh lows overnight were recovered in time for Monday”s open to gap up. The balance of the session ranged narrowly in positive territory. The “ineffectual optimism” probably didn”t end the decline.

30-year Treasury Mar Contract (US, ETF: (TLT))
Firming at Sunday night”s open waited until regular trading hours before firming back to the 145-10 upper-end of the recent trading range. There is still no buy signal or sell signal, but Monday”s behavior is more consistent with bottoming.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
Gapping down under uptrending support Monday tested the trendline”s 49.00 key low. It held, but closing back above the trendline — then intersecting at 50.50 — would have signaled the break was false. A bounce did touch 50.50. Closing higher Tuesday would still be credible for returning to prior high, but the pattern meanwhile is vulnerable to extending down to new lows.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping open to fresh highs Sunday night at 3.04 still gapped up, but was reversed into negative territory under 2.94 through Monday”s open. The balance of the session trended down deeper into negative territory under 2.90.  Closing Tuesday under Monday”s low would reverse the trend down.

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))
Despite Thursday failing to exploit Wednesday”s close around 1.1400 resistance, and instead drifting down into the afternoon, early strength Friday still would have been credible for extending higher. Grexit headlines instead triggered a deep gap down to 1.1280… Die by the headline, live by the headline — Later headlines were more encouraging for an accord, triggering the Euro”s complete intraday recovery up to 1.1435. Probing above Monday”s highs would still be credible for launching a new upleg.

Gold Apr Contract (GC, ETF: (GLD))
A little renewed strength Thursday night held the 1216.00 bounce limit was largely retraced into Friday”s open, but a required third lower close remains outstanding, along with the 1191.50 target area”s test. Post-close probing of fresh lows suggest its test will come soon, and possibly encompass the room for noise below it down to 1185.00.

Silver Mar Contract (SI, ETF: (SLV))
Narrow sideways ranging Friday isn”t very predictive. At least a temporary fresh low is likely, but there is no requirement for it to recover before extending to lower targets.

30-year Treasury Mar Contract (US, ETF: (TLT))
With no unfinished business below outstanding, a corrective bounce has been free to develop. Firming Friday a half-point above 144-30 was knocked back down to 144-18 support — still not exploiting the bounce opportunity, but also not triggering a new downleg.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
The multi-week Ascending Triangle has yet to break higher, despite having reacted up sharply from Thursday morning”s test of its uptrending support at 49.90.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
The outstanding third higher close was produced Friday, after gapping up and remaining entering the weekend above prior highs. Because of the multi-session range preceding it, that is a breakout. A second consecutive higher close Monday would confirm, and create another third higher close requirement. Pullbacks must meanwhile hold lowerprior highs at 2.83 as support.

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))
Thursday”s narrow ranging didn”t immediately exploit Wednesday”s recovery from having trended down initially intraday. Delaying further improvement at this stage of the pattern is itself potentially bearish. But early strength Friday would be credible for resuming the rally.

Gold Apr Contract (GC, ETF: (GLD))
The post-close reaction to Wednesday”s FOMC Minutes extended higher overnight to test the 1216.00 bounce limit up to 1223.00. Thursday”s gap up began reversing down immediately to test 1206.50, and to maintain the decline”s momentum, targeting 1191.50.

Silver Mar Contract (SI, ETF: (SLV))
Thursday”s gap up above Wednesday”s high did not extend higher, and did not reverse the trend up. Its immediate peak reversed down but stopped optimistically short of actually touching Wednesday”s close. That optimism can be bearish from a contrarian perspective

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday”s bounce limit test at 144-30 gapped back down to and through 144-18 Thursday and ranged sideways. No targets or requirements are outstanding.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
[Rolling coverage forward to Apr from Mar, 65-cent premium] Wednesday”s post-close reaction to inventory reports was extended overnight. But Thursday”s touch of uptrending support at 49.90 reacted up sharply to fill the gap back to Wednesday”s 52.36 close, maintaining the larger Ascending Triangle pattern resisted by 54.65.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday”s probe of fresh highs was brief before reversing back into negative territory. The reversal was recovered entirely, and a fresh high close remains outstanding.

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))
Wednesday”s reaction down from having recovered up to 1.1425 was itself recovered back, Not quite back up to 1.1425, but into Tuesday”s range that was testing it. Not extending higher aggressively Wednesday morning would start to be bearish.

Gold Apr Contract (GC, ETF: (GLD))
Lower lows Wednesday tested 1200.00, and the second consecutive lower close confirmed Tuesday”s deep breakout. The 1185.00-1195.00 target remains intact — best singularly represented as 1191.50 — so long as bounces now hold 1216.00 as resistance.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday”s gap up only tested Tuesday afternoon”s highs before reversing back down to Tuesday”s lows. Tuesday”s breakout wasn”t confirmed by a second consecutive lower close, but buyers didn”t gain any traction for their efforts.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday”s reaction to FOMC Minutes extended the morning”s firming from Tuesday”s fresh low at 143-30, and tested the 144-30 bounce limit. Its recovery introduces potential up to 146-14 or 147-00, even if only as a temporary corrective bounce.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
Another reaction down Wednesday from testing 54.00 is assumed to be only temporary since there was no bearish reason for Tuesday”s third test of 54.00 resistance.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Tuesday”s dip to the original 2.70 buy signal was recovered Wednesday to test Tuesday”s gap up to 2.85, helping to confirm the uptrend remains intact.