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))
Wednesday”s price action developed exclusively within Tuesday”s range. The inside day is likely to break sharply Thursday in one direction or the other. The low still requires testing, making the break likelier to be down. Only a little likelier.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday”s surge to 1239.00 wasn”t extended overnight or Wednesday, but neither was it rejected. Still having no second consecutive higher confirming close in the entire rally from last month”s lows, probing fresh highs Thursday would be unlikely to extend higher, if not also likely to reverse down.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Wednesday didn”t extend much higher before reversing back into the range. Momentum didn”t reverse down, which leaves the door open to attempting fresh highs again Thursday. There is no requirement to extend higher, but that”s the likelihood so long as 16.95 holds as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still overlapping the 143-00 pullback limit near Tuesday”s close created potential for a corrective dip before extending the rally. Holding above 143-00 Wednesday and probing above Tuesday”s highs suggests the pullback limit did hold, and that the 144-14 target area remain in-play.

Crude Oil Jan Contract (CL, ETF: (USO))
Finally testing the 62.00 target Wednesday didn”t stop the decline, and barely slowed it as 60.33 was attacked to within a dime — that”s the room for noise under 62.00, and it should be tested. Regardless, a recovery attempt should be obvious almost immediately if the retest of prior overnight lows is only temporary. And the recovery attempt”s character should be aggressive if valid.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Having filled the gap overnight back down to Monday”s close, recovering above 3.69 Wednesday was credible for sealing a bottom. Extending higher Thursday would be inhibited by the weekly EIA report.

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))
Extending through 1.2900 Tuesday suggests the decline has ended, having created a lot of room to absorb selling pressure. At least a corrective dip is likely regardless of its resolution.

Gold Feb Contract (GC, ETF: (GLD))
Monday”s inside day couldn”t further delay resuming the rally or else the downside would resume instead. Rallying overnight gapped up sharply to fill the gap back to last Monday”s close, and then extended higher to test the 1226.00-1229.00 target up to 1239.00. A second consecutive higher close isn”t common in this pattern.

Silver Mar Contract (SI, ETF: (SLV))
Monday”s narrow range at support was likely to react up sharply without delay if a new downleg was to be avoided. Tuesday”s open gapped up back to last Monday”s close and then extended higher intraday to 17.22.

30-year Treasury Mar Contract (US, ETF: (TLT))
The recovery extended Tuesday and fulfilled its minimum objective to retest 143-00. Closing under 143-00 undermines the near-term upside momentum that otherwise has potential to 144-14.

Crude Oil Jan Contract (CL, ETF: (USO))
Coming within 20 cents of the 62.00 target could qualify as completing the prior low”s retest, but only if the reaction up is aggressive. The target should otherwise be fulfilled.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up again Tuesday suggests the decline is losing sponsorship. But it is also premature to try forming a bottom by leaving the gap outstanding back to a new low close.

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))
Monday mornings tend to duplicate Friday”s trending. Sunday night apparently trended down so much already that Monday morning could only bounce. Monday afternoon, too. The conirmedbreakout”s thirdlower close was already fulfilled, so almost any early strength Tuesday would be credible for extending sharply higher intraday..

Gold Feb Contract (GC, ETF: (GLD))
Monday”s inside day stayed away from 1187.20 to avoid ending the recovery”s potential. But it also stayed away from 1200.00 to avoid resuming the recovery. Recovering still gets a benefit of the doubt.

Silver Mar Contract (SI, ETF: (SLV))
Hovering Monday at recent lows supported by 16.20 isn”t accumulative, and has formed a Descending Triangle. There is one opportunity for a recovery attempt to gain traction, or else a steep decline could begin instead.

30-year Treasury Mar Contract (US, ETF: (TLT))
Despite Sunday night”s pullback, falling stocks intraday helped the recovery extend through 142-08 by at least a quarter-point, targeting a complete retest of the bounce”s original 143-00 target.

Crude Oil Jan Contract (CL, ETF: (USO))
Friday”s new intraday lows were alreaedy challenging the pullback limit, but not yet the prior Sunday”s lows. Monday morning did that, coming within $1 of the 62.05 target. Already retesting prior lows and then already attacking the retest”s target does continue to suggest the retest will hold.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Friday”s temporary bounce was as temporary as possible, gapping back down Friday to then probe fresh lows intraday. Positive territory was being challenged into the close, and any early follow-through Tuesday would be credible for extending higher and possibly forming 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 Dec Contract (EC, ETF: (FXE))
The bounce limit”s test up to 1.2420-1.2455 took two days, and its reaction down took much less, as Friday”s reaction to the Employment Situation report retraced it all back to the lows.

Gold Feb Contract (GC, ETF: (GLD))
Thursday”s recovery back above 1200.00 was reversed to a fresh low testing 1187.00 in reaction to Friday”s Employment Situation report. Its reaction up to 1200.00 was reversed down again, albeit not quite back to 1187.00. Breaking either end of the 1187.00-1200.00 range would be likely to trend in that direction.

Silver Mar Contract (SI, ETF: (SLV))
Spiking down Friday in reaction to Friday”s Employment Situation report held Tuesday”s 16.20 low, but didn”t recover intraday. Back above 16.51 would resume the rally.

30-year Treasury Mar Contract (US, ETF: (TLT))
Probing fresh highs Thursday night up to 142-08 didn”t prevent a negative knee-jerk reaction down to 140-29 to Friday”s Employment Situation report. The pullback was recovered to retest the 141-13/141-19 buy signal, what was still being tested into the weekend.

Crude Oil Jan Contract (CL, ETF: (USO))
Thursdays ranging around the 66.45 pullback limit extended down slightly overnight and then more so Friday to fresh intraday lows. Last Sunday night”s lows have yet to be touched, let alone retested — but their retest is getting likelier to precede a bigger bounce.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
.Firming overnight and gapping up Friday extended higher intraday to retrace all of Thursday”s loss. That”s a good start to a bottom, but not a bottom itself. A dip to 3.65 would help to launch a more durable upleg.

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))
Spiking up Thursday in reaction to Draghi”s press conference comments held a 61.8% retracement of the two prior sessions” breakout and confirmation. Its resistance at 1.2420-1.2455 reacted, now likely to extend down and produce at least a third lower close before a recovery effort would be credible.

Gold Feb Contract (GC, ETF: (GLD))
Surging around Thursday”s ECB events never actually improved on Wednesday”s recovery above the 1200.00 pullback limit. Hesitating to retest Monday”s high is considered pessimism, which is potentially bullish from a contrarian perspective, keeping alive the 1226.00-1229.00 target.

Silver Mar Contract (SI, ETF: (SLV))
Firming a little more than Gold Thursday morning still hasn”t resumed the rally effort. But a higher open on Friday would be credible for extending to fresh highs..

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday”s late firming accelerated into Thursday”s open to test 141-13/14-19 and to be positioned firmer ahead of Friday”s Employment Situation report.

Crude Oil Jan Contract (CL, ETF: (USO))
Slightly lower lows Thursday fluctuated around the 66.45 pullback limit, whose test must hold as support to maintain the near-term bounce targeting 70.85-70.90. Otherwise, Sunday night”s lows will be retested first, which are still expected to hold regardless of when that occurs.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Not indicating a gap up before Thursday”s open, the EIA report was greeted by an intact prevailing downtrend. Probing more fresh lows after gapping down again now disqualifies Friday from launching a durable recovery. Any immediate rally effort would be doomed to failure.