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))
Failing to hold the pullback limit Friday and close testing 1.1325 didn”t extend down until well after bouncing from Sunday night”s flat open. The 1.1363. high was  attacked after probing fresh lows down to 1.1275. An initial trending Tuesday would be credible for reversing the trend back up.

Gold Apr Contract (GC, ETF: (GLD))
Gapping up Monday only ranged sideways and only under the bounce limit. The decline”s target was met and held Friday, but no new signal has been generated.

Silver Mar Contract (SI, ETF: (SLV))
Monday”s bounce tested “higher prior lows” around 17.10, but didn”t recover any resistance that might signal momentum reversing up.

30-year Treasury Mar Contract (US, ETF: (TLT))
Firming Monday didn”t extend higher, nor was it required to since Friday”s drop already fulfilled the minimum unfinished business below, and the breakout wasn”t confirmed.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
Monday”s gap up retested last week”s highs up to 54.00. The rally has likely resumed. Closing back under 51.75 would now reverse momentum back down.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Monday”s narrow ranging didn”t extend Friday”s probe of fresh lows, so its break is not confirmed. Back above 2.70 would signal the trend reversing 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 Mar Contract (EC, ETF: (FXE))
The reaction to Friday”s pre-open Employment report exploited Thursday”s failure to exceed the gap back to Tuesday”s close that it had filled intraday. Wednesday”s post-close dip under 1.1400 support had been probed down to 1.1395, but that became resistance during Friday”s reaction down that extended down sharply to 1.1315.

Gold Apr Contract (GC, ETF: (GLD))
Thursday”s choppy sideways ranging proved to be hesitation ahead of Friday”s Employment report, when the reaction plunged to eventually fulfill this leg”s 1231.80-1236.70 target. The target range was very influential once probed. The eventual 1185.00-1195.00 target remains intact so long as bounces now hold 1244.50-1246.00.

Silver Mar Contract (SI, ETF: (SLV))
Friday”s reaction to the Employment report plunged to and through recent lows to test 16.55. The interim high was very distributive, all but requiring this leg to extend. That would be suspect if not already extending further down through Monday morning.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday”s 148-24/149-16 inside day proved to be only hesitation ahead of the Employment Situation report, which triggered a plunge to almost 147-00. An eventual third lower close had become required three weeks earlier, forecasting also that the interim rally to 158-28 resistance would fail. There is now no new requirement, unless Friday”s breakout were confirmed by a second consecutive lower close Monday.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
With the rally being free to resume, Friday”s improvement above 51.50 resistance helps to confirm the recovery”s momentum remains intact. Not closing above Tuesday”s 52.85 close after filling its gap does make the pattern vulnerable to another downdraft. But any fresh highs Monday would be credible for resuming the rally.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Closing above 2.70 is the nearest buy signal to be considered, so long as Friday”s close had left Thursday”s range. But too much of the session was devoted to ranging narrowly at the lows, so an immediate recovery Monday wouldn”t be credible.

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 strength helped to confirm that the confirm breakout was resuming on schedule, after Wednesday”s corrective dip held the 1.1400 pullback limit through the close. The gap back to Tuesday”s 1.1500 close was still being tested, so extending higher without delay Friday would be helpful, too.

Gold Apr Contract (GC, ETF: (GLD))
Initially dipping Thursday suggested the decline”s resumption remained intact. The dip didn”t extend, and a close under 1257.50 should make the decline”s resumption obvious by extending down sharply.

Silver Mar Contract (SI, ETF: (SLV))
Gapping down Thursday helped to confirm that Wednesday”s fresh reaction high was entirely distributive. Closing under Thursday”s low would help to confirm the decline has resumed.

30-year Treasury Mar Contract (US, ETF: (TLT))
Immediately spiking down Thursday suggested Wednesday”s late bounce was being rejected. That would be interesting, because the late bounce had prevented yet confirming Tuesday”s sell signal. Regardless, Friday”s pre-open Employment Situation report should either resume the decline, or else trigger backing-and-filling up to 150-15.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
Wednesday”s deep drop absorbed slightly lower pullback lows overnight to rally sharply Thursday, testing 51.50 resistance. Recovering it would have been suspiciously impatient. But the rally is free to extend at any time.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Wednesday”s dip prevented greeting Thursday”s EIA report from a position of strength. A reaction down to the news did probe the 2.61 prior lows. The drop didn”t extend and was still overlapping prior lows, so another bottoming setup may develop. Closing back above 2.70 would be bullish.

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 dip to 1.1400 can suffice as a pullback limit after Tuesday already confirmed Monday”s breakout. But any follow-on weakness Thursday morning should be recovered and reversed up into the close instead of gaining traction.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday”s drop didn”t extend down Wednesday, which gapped up a little Wednesday but reversed back down from testing 1272.50 resistance. Fresh lows remain likely.

Silver Mar Contract (SI, ETF: (SLV))
Firming Wednesday after the recent lack of volatility doesn”t endorse the bounce as necessarily extending. The noise is still likely to resolve down.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down Wednesday and extending down to 148-18 tried confirming Tuesday”s break under the 149-14 sell signal. But its recovery back into positive territory above 149-14 undermines the drop, and leaves the door open to backing-and-filling up to 150-12 and 150-26.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
Tuesday”s surge through 54.00 obviously got very much ahead of itself, as Wednesday”s reaction fell back to the 48.00 buy signal. It might even extend down to 47.35, which would be almost too deep to reverse the trend down. Back above 49.95 would resume the rally.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Wednesday”s dip avoided confirming Tuesday”s breakout, which prevents greeting Thursday”s EIA report from a position of strength. Bottoming potential remains intact, but not yet triggered.

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))
Immediate strength Tuesday was required to exploit Monday”s firming, and to prevent it from only having stretched the rubber band for snapping back down to the lows. The open did gap up above 1.1385 and extend sharply higher throughout the day to test 1.1545 resistance. The second consecutive higher close suggests a more durable rally is underway. Back under 1.1425 would signal a deeper pullback underway.

Gold Apr Contract (GC, ETF: (GLD))
Bouncing overnight to 1286.50 was rejected by gapping down Tuesday to and through the 1272.50 sell signal and extended down sharply intraday under 1256.00. Fresh lows remain likely as the bigger pullback continues to develop, targeting 1232.00-1236.00.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday”s narrow range was a product of Monday”s narrow range. Friday”s retracement of Thursday”s drop hasn”t gained any new traction to prevent retesting Thursday”s lows, and extending lower.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday night”s drop back under 150-11 made the 151-28 target unlikely to be exceeded. Closing back under 149-14 signal the trend is reversing back down, its timing still subject to a second consecutive lower close that would underming backing-and-filling up to 150-15.

Crude Oil Mar Contract (CL, ETF: (USO))
Higher highs overnight to 51.55 were extended intraday to test 54.25 now allowing room for a pullback down to 52.75 without invalidating the rally”s momentum. Back under 51.50 would signal a deeper pullback underway.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Two days of fresh lows still overlapping the prior session”s range made any early strength credible for extending higher. It wasn”t very early, but the 2.70 buy signal did trigger meaningful follow-through. A second consecutive higher close Wednesday would greet Thursday”s EIA report in a position of strength to extend sharply higher.