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))
Retesting Thursday”s 1.1575 low down to 1.1525 didn”t contain intraday selling pressures, which extended deeply to 1.1467. But the afternoon recovered both 1.1525 and 1.1575. Extending above 1.1615 would trigger as steep of a recovery attempt targeting 1.1780.

Gold Feb Contract (GC, ETF: (GLD))
Extending higher Friday confirmed Thursday”s breakout that was produced by the SNB capping the Franc. At least one more eventual higher close is required. Meanwhile, 1287.70 is in-play.

Silver Mar Contract (SI, ETF: (SLV))
Friday”s breakout to 17.85 must be confirmed by a second consecutive higher close. But the nearest sell signal is under 17.20.

30-year Treasury Mar Contract (US, ETF: (TLT))
The lower target of 151-08 and 151-28 was met at Friday”s high, which reacted back down to 149-05. The same session containing a new trend high is incapable of triggering a sell signal, but falling under 148-23 would start reversing the trend down.

Crude Oil Feb Contract (CL, ETF: (USO))
Recovering back above 47.45 Friday only attacked 48.65 whose recovery would signal a new upleg underway.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Choppy sideways ranging Friday continued the process of backing-and-filling the recent upleg so another buy signal could form.

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 overnight spike down in reaction to the Swiss Franc fell to 1.1575. Its bounce through 1.1755 couldn”t prevent the requirement for retesting the low, probably down to 1.1525

Gold Feb Contract (GC, ETF: (GLD))
The Swiss news helped save a top-heavy pattern by triggering a gap up to the next higher target at 1254.00. Extending higher intraday held 1267.00 resistance, which must be exceeded through Friday”s close to confirm a test of 1287.50 is in-play. Not confirming wouldn”t necessarily be bearish.

Silver Mar Contract (SI, ETF: (SLV))
Holding its 16.95 pullback limit Wednesday was rewarded only by retesting Tuesday”s 17.20 high — nothing near the Gold behavior — further suggesting fresh lows are needed sooner rather than later.

30-year Treasury Mar Contract (US, ETF: (TLT))
An overnight dip to 148-11 was saved by the Swiss news, triggering a probe of 4 ticks above Wednesday”s 150-10 high. Back under 149-12 would start to signal the rally”s momentum was lapsing, and back under 148-23 would signal momentum reversing down. Extending higher would otherwise target 151-08 and potentially 151-28.

Crude Oil Feb Contract (CL, ETF: (USO))
An overnight surge to 51.25 was retraced intraday by a couple of legs that ultimately failed to hold 47.45 as support. But probes nevertheless chipped away at the upper-end of the prior consolidation that had been supported by 47.45. Its recovery, confirmed above 48.65, would still signal a new upleg underway.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Extending higher through 3.29 by more than a nickel didn”t prevent reversing down intraday to test 3.07 support. Support held, but more backing-and-filling remains likely before a durable upleg can trigger.

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))
Surging Wednesday up to 1.8555 was in-line with the potential short-squeeze setup that was forming. It retraced down to 1.7775, suggesting that the market remains very bearish.

Gold Feb Contract (GC, ETF: (GLD))
As with Tuesday”s buyers that gained no traction for Tuesday”s efforts, Wednesday”s temporary probe of fresh highs overnight was rejected back down under Monday”s 1233.50 close.

Silver Mar Contract (SI, ETF: (SLV))
Gapping down slightly Wednesday was enough to break back under 16.95. Closing under it was not going to be as easy, but its consequence continues to be an eventual test of the lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday”s retracement back up to 148-23 kept the door open for a brief probe above 150-00, which was done Wednesday by an early surge to 150-10. Closing back under 148-28 would signal the rally had ended.

Crude Oil Feb Contract (CL, ETF: (USO))
Tuesday”s failure to confirm Monday”s breakout gave Wednesday room to firm. But 47.45 must be recovered to signal the trend has reversed back up.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Tuesday”s bounce to within 1 penny of the 2.98 buy signal extended higher overnight to gap up Wednesday at the prior rally”s 3.07 buy signal. And the prior buy signal”s test of its minimum 3.22 target was exceeded, presumably on the way to the maximum target at 3.29. Regardless, this upleg should be corrected significantly.

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 Tuesday left outstanding an attraction above back at  Monday”s 1.1840 close. Being within 1.1770 prior lows and not lower, the gap down wouldn”t require being retested in case of immediate rally..

Gold Feb Contract (GC, ETF: (GLD))
Extending higher overnight to 1244.50 still avoided closing decisively in positive territory above 1233.00. There is room down to 1220.00 before actually signaling that momentum is reversing down.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday”s overnight surge to and through 17.05  resistance would be rejected on a close back under 16.95.

30-year Treasury Mar Contract (US, ETF: (TLT))
The corrective bounce extended overnight to test above 149-00, but back under 148-23 triggered a dip another point lower. It was all recovered as stocks fell apart. A probe above 150-00 momentarily on Thursday”s 30-year auction can”t be discounted so long as 148-12 holds as support.

Crude Oil Feb Contract (CL, ETF: (USO))
Despite gapping down under Monday”s tests of the 45.90 target, narrow ranging there soon bounced and filled the gap back up to Monday”s close. Not closing under the 45.17 open does allow an immediate recovery back above 45.90 to start forming a bottom. The trend otherwise remains down.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday from Monday”s new low could help to form a bottom.if Monday”s low is retested. But there is no requirement yet either way.

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))
Friday”s shallow Pivotal Correction pattern was able to produce a gap up to fresh highs Sunday night testing 1.1865 resistance, but the balance of the session ranged back down to 1.1825 support. The effects of the Pivotal Correction pattern are largely moot.

Gold Feb Contract (GC, ETF: (GLD))
Delaying the pullback did extend higher to fulfill the minimum required third higher close. Having rallied overnight to 1231.30 before opening back under last week”s 1223.00 high. Recovering intraday tested 1232.00, which was extended post-close up to 1236.00. Closing above 1241.50 would signal a more substantial rally underway.

Silver Mar Contract (SI, ETF: (SLV))
Despite remaining in positive territory all day after gapping up, the narrow range was an inside day that is would confirm new lows in-play back under 16.20.

30-year Treasury Mar Contract (US, ETF: (TLT))
Firming Monday.through Friday”s highs extended higher intraday to attack 148-23 as resistance. Its break as support had triggered the interim pullback to 146-18. Back above 148-23 could probe 150-00, albeit probably only momentarily before reversing down more aggressively.

Crude Oil Feb Contract (CL, ETF: (USO))
Delaying the recovery from 47.45 did dip into Monday morning to fulfill the room for noise down to 45.90. That was the low, and it wasn”t recovered. Closing lower Tuesday would confirm Monday”s breakout from a multi-session range which requires at least one more lower close. More so, it would break too far away from 47.45 to recover prior to an extended decline. Closing back above 47.45 Tuesday could start to seal a bottom.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Sunday night”s reaction down from Friday”s test of 2.98 resistance
 produced a gap down Monday under the ~2.83 prior lows that that extended to 2.78. There is no active buy signal.