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))
Friday”s outside day formed a bullish Pivot Reversal. The open gapped up from Thursday”s new low close, reversed down to print its own new low close, and yet recovered back up to and through the morning”s high. Extending above 1.1865 would target at least 1.2000.

Gold Feb Contract (GC, ETF: (GLD))
Friday”s bounce filled the gap back up to Tuesday”s 1219.00 close, but didn”t close higher. While that keeps alive the potential for a pullback targeting 1195.00 or 1185.00, delaying the pullback much past Monday”s open would more likely resume the rally targeting at least one more higher close as required.

Silver Mar Contract (SI, ETF: (SLV))
The 16.20 pullback target was attacked to within a penny before Friday”s open, and then attacked again afterward, recovering to 16.60 intraday. Back to 16.20 again would likely break lower to new lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday”s 146-22 low held the Employment Situation report”s reaction, which probed 147-10 resistance up to 148-00. Closing back under 146-30 would target 146-12 as just a deeper temporary pullback, but under 146-01 would signal a new downleg underway.

Crude Oil Feb Contract (CL, ETF: (USO))
Despite having probed above 49.00 overnight, a brief dip Friday morning retested the 47.45 target. Its prior tests this week have yet to launch a rally leg, which increases the vulnerability to a fresh low testing 45.90.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Friday”s bounce to 2.98 resistance reacted down a dime. Like Thursday, Friday”s price action developed entirely within Wednesday”s range, neither probing a fresh low nor breaking above resistance.

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 gap down didn”t extend any lower intraday, and held a test of Wednesday”s lows as resistance. There is no signal currently.

Gold Feb Contract (GC, ETF: (GLD))
Overnight lows around 1204.00 weren”t retested intraday, but neither did the rally resume. A pullback targeting either 1195.00 or 1185.00 remains in-play before resuming the rally.

Silver Mar Contract (SI, ETF: (SLV))
Thursday”s 16.66 high didn”t extend higher, with near-term potential down to 16.20, if not also to retest prior lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
The room for noise down to 147-10 failed to hold Thursday as potential to 146-12 was attacked to within 10 ticks. A knee-jerk reaction to Friday”s pre-open Employment Situation report could retest the high up to 150-00 (+/- 3 ticks) and still resolve down.

Crude Oil Feb Contract (CL, ETF: (USO))
More sideways narrow ranging Thursday hovered just above the decline”s 47.45 target, not yet exploiting that it has already held a test. Much further delay would begin to suggest at least the room for noise down to 45.90 will be tested.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday”s inside day consolidated at least a nickel under the 2.98 buy signal that would start to reverse the trend back 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))
More fresh lows Wednesday  prevented the pattern from bottoming. But testing 1.1820 support and then reversing back above 1.1865 would be likely to test 1.2000 resistance.

Gold Feb Contract (GC, ETF: (GLD))
Gapping back down to 1212.70 helped to undermine the confirmed breakout, keeping alive the potential for a corrective dip to either 1295.00 or to 1285.50.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday”s surge through 16.20 reacted down Wednesday to attack its breakout point. Closing back under 16.20 would reverse the trend back down.

30-year Treasury Mar Contract (US, ETF: (TLT))
The reaction down from testing 148-12/149- extended to 147-10 Wednesday to consolidate the recent relentless rally ahead of Friday”s Employment Situation report.

Crude Oil Feb Contract (CL, ETF: (USO))
After attacking it to within a dime Tuesday, the 47.45 target was tested overnight and held intraday Wednesday. A lower low down to 45.90 is possible, but need not be tested to complete a bottom. Closing below it would be bearish.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Firming to test 2.98 ahead was reacted down intraday, and Thursday”s EIA report won”t be greeted from a position of strength. But recovering from an initially negative knee-jerk reaction down would at this stage help to fulfill 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))
Tuesday”s gap down back to Sunday night”s 1.1895 low was reversed temporarily into positive territory, but the afternoon retraced it all to further avoid forming a bottoming pattern.

Gold Feb Contract (GC, ETF: (GLD))
Gapping up again Tuesday seemed ready to confirm Monday”s close above 1195.00-1200.00. Resistance at 1212.70 was eventually overcome to test 1223.00. Back under 1205.00 through Wednesday”s open would undermine Tuesday”s confirmation that momentum had reversed up.

Silver Mar Contract (SI, ETF: (SLV))
Monday”s test of 16.20 resistance resolved up Tuesday by extending to test 16.75. Closing back under 16.45 would reverse momentum back down.

30-year Treasury Mar Contract (US, ETF: (TLT))
The rally continued beyond its minimum objective to test 148-12 and 149-08. That”s a lot of buying pressure without much of an interim pullback since signaling the buy signal at 143-00, and with Friday”s Employment Situation report just ahead. Closing back under 148-23 suggests at least a corrective pullback underway.

Crude Oil Feb Contract (CL, ETF: (USO))
Closing Monday under the 51.75 target had put into play a next lower target at 47.45, which was attacked to within a dime by Tuesday”s slowly relentless grind to fresh lows. Room for noise down to 45.90 may be tested intraday. But closing any lower would start to signal a much steeper and deeper downleg beginning.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Monday”s failed probe above 3.07 was reversed even deeper Tuesday, filling the gap back down to last week”s 2.92 close. The gap was recovered through Tuesday”s close after testing it intraday. Now closing above 2.98 would be a preliminary signal that momentum is 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))
Gapping down Sunday night and extending sharply lower to 1.1895 was only able to range narrowly sideways intraday Monday. Back above 1.1950 would at least target 1.2000-1.2025, but the trend otherwise remains down.

Gold Feb Contract (GC, ETF: (GLD))
Spiking up through 1195.00 Monday went on to test 1200.00 resistance and higher. Having fulfilled the decline”s 1167.50 target last week, the trend will have reversed up on a second consecutive higher close Tuesday. Meanwhile, there is potential for at least a corrective dip to 1285.50.

Silver Mar Contract (SI, ETF: (SLV))
Surging Monday to test 16.20 resistance was still testing it into the afternoon, but its recovery for two consecutive sessions would signal the trend had reversed up. Its resistance should otherwise hold, with there still having been too much optimism at last week”s retest of the lows to be a reliable bottom.

30-year Treasury Mar Contract (US, ETF: (TLT))
The rally”s minimum objective to recover December”s highs was extended Monday to test 147-00. Potential for extending to 149-08/149-10 remains intact so long as pullbacks now hold 146-12.

Crude Oil Feb Contract (CL, ETF: (USO))
Extending to and through the 51.75 target to 49.95 has put into play 47.45. Closing above 52.65 Tuesday would undermine the lower target, if not also begin reversing momentum up.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Midwest cold snap helped to continue last week”s whacky price action. Monday gapped up above Friday”s outsized high, but reversed down from 3.17. The bap back down to Friday”s 2.95 close was filled, and recovering the 3.07 buy signal would still be credible for reversing the trend up.