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, UUP))
Thursday gapped down under the prior two sessions and fluctuated around the third prior session, The two prior sessions had trended up, so the immediate reaction down is likely to be retraced. A second consecutive lower close on Friday would instead reverse the trend to down.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s pullback didn’t hold 1361.00 as support, and Thursday didn’t gap up above 1364.00 to resume the rally. Overnight action had fallen to test 1350.00, and the session trended down to the original 1339.00 buy signal. Rallying would be credible Friday, or else rallying Monday after having further consolidated Friday.

Silver May Contract (SI, ETF: (SLV))
Failing to close above the 16.80 objective Wednesday was retraced overnight to test 1655.00 at Thursday’s open, and to probe lower intraday. There is no bullish reason for a deeper pullback.

30-year Treasury Jun Contract (US, ETF: (TLT))
Reacting down from Wedneday’s opening test of the 146-26 target extended lower Thursday to touch 145-03 at last Friday’s low. Back above 144-26 would be credible for having ended the decline, which otherwise remains intact.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Relatively narrow overnight ranging at the 66.88 target which was tested throughout Wednesday, albeit by a normal range. Closing higher would put into play 69.50, but otherwise be aware of a potential for decline.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA from NOT a positive of strength contributed no more or less to the session ultimately ranging narrowly sideways, still likely to break lower.

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, UUP))
Tuesday’s gap up above the 1.2390 buy signal was corrected intraday to essentially fill the gap back down to Monday’s close. Wednesday’s gap up dipped back into negative territory, and closing positive would help to confirm 1.2510-1.2535 is in-play so long as 1.2405 now holds as support.

Gold Jun Contract (GC, ETF: (GLD))
Rallying through 1344.00 overnight extended higher to gap up Wednesday to 1354.00, and trended higher to attack 1369.50. Pullbacks should now hold 1361.00 (which was being tested into the afternoon) to maintain the rally’s momentum next targeting 1383.50.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s rally began at the open instead of already having gotten underway overnight. Its 16.80 target was probed during the morning to attack 16.89, but ultimately dipped into the afternoon Higher highs would target 17.20 and potentially 17.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat-to-higher ranging overnight began firming ahead of Wednesday’s open, gapping up and extending higher to fill the gap outstanding from last Monday’s 146-26 close. The minimum objective is fulfilled, and last Friday’s unimpressive start to this leg now requires pullbacks to hold 146-02 as support.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
War talk drove price sharply higher overnight to gap up Wednesday and fulfill the 66.88 target during the morning. Probing higher intraday to 67.45 now requires pullbacks to hold 66.60 as support to maintain potential for extending to 69.50. Back under 66.05 would signal momentum reversing down.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Still fluctuating within the 2.65-2.70 range Wednesday is not greeting Thursday’s EIA report from a position of strength. The attraction to retest 2.62 persists, if not also the likelihood for probing it down to 2.52, but that’s not a position of weakness.

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, UUP))
Spiking up very late before Tuesday’s open through the 1.2390 buy signal tested 1.2425 resistance, whose confirmed break would target 1.2480 and 1.2530. The noon hour retraced back down to Monday’s “lower prior highs” at 1.2390.

Gold Jun Contract (GC, ETF: (GLD))
Firming further at Tuesday’s open tested 1344.00, whose recovery would target the gap above back to 1360.00. Closing under 1333.00 would resume the decline.

Silver May Contract (SI, ETF: (SLV))
Extending higher Tuesday morning probed 16.55 resistance, and makes a retest of prior highs up to 16.80 likely. Closing back under 16.40 would reverse the trend down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat-to-higher ranging briefly pierced Friday’s 146-02 high, still getting a benefit of the doubt for extending to fill the gap back up to last Monday’s 146-24 close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap up to the 62.62 pullback limit had extended to the thoroughly tested 63.60 gap. Surging overnight gapped up to the 64.25 buy signal and extended to test 65.50. The 66.88 target is in-play.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Monday’s bounce was retraced Tuesday morning back down to Monday’s lows, still likely to probe the pullback’s original 2.62 low on the way down to 2.52.

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, UUP))
Gapping up Monday extended to test the 1.2390 buy signal. Closing back under 1.2340 would reject the recovery attempt. It would become a pullback limit if the buy signal triggers first, which would target 1.2480-1.2510.

Gold Jun Contract (GC, ETF: (GLD))
Slightly weaker action Sunday night was recovered into the open to range narrowly unchanged Monday. Resistance at 1339.00 was probed late in the day, which must be rejected with little if any delay Tuesday to maintain the pattern’s downside potential.

Silver May Contract (SI, ETF: (SLV))
Monday initially ranged flat-to-higher around 16.40 resistance before extending to attack 16.55 into the afternoon. Just closing above 16.40 invalidates the close under it that was awaiting a second consecutive lower close to confirm. Closing above 16.55 would  essentially signal the trend reversing up again.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s unimpressive reaction to the Employment Situation report didn’t look any better Sunday night, or Monday which ranged narrowly flat-to-lower. None of which yet invalidates the attraction to fill the gap back up to last Monday’s 146-26 close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping back up above the 62.62 pullback limit Monday extended only slightly higher intraday, but keeps alive potential for closing even higher Tuesday to signal the pullback has ended and that 66.88 is back in-play.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Collapsing at Monday’s open from 2.70 fell to within 2 cents of retesting the 2.62 prior low. Consolidating there resolved back up to test 2.70. Closing higher Tuesday would have to get a benefit of the doubt for being able to avoid fresh lows before rallying to fresh highs.

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, UUP))
A slightly lower low overnight was retraced into Friday’s Employment Situation report, where Friday morning extended back up above Thursday’s highs. Consolidating pessimistically short of the gap back to Wednesday’s 1.2350 gap is potentially bullish from a contarian perspective.

Gold Jun Contract (GC, ETF: (GLD))
Probing fresh lows overnight under 1323.00 was reversed up Friday morning to test 1339.00 resistance. Holding its test instead of being recovered to reverse momentum up does soften the bullishness of having held the earlier test of support.

Silver May Contract (SI, ETF: (SLV))
Initially extending Thursday’s bounce up to 16.50 Friday morning, the pattern reacted back down under 16.50 to maintain the recent break’s momentum. But the pattern can’t tolerate much if any further delay in confirming fresh lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
This week’s pullback to the 145-00 area had essentially dipped as deeply as possible without reversing momentum down. From that perspective, bouncing up to 146-00 seems a little shallow for the reaction to Friday’s Employment Situation report. The gap back up to Monday’s 146-26 close is still in-play.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday still failed to extend above the gap back to Tuesday’s 63.45 close, remaining vulnerable to reversing back down. Friday did reverse back down, retesting Wednesday’s 62.10 low. Closing under 62.62 won’t tolerate much if any further delay in resuming the rally through 64.25 to reinstate the 66.88 target.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Friday’s bounce back up to 2.70 is much too shallow to reverse momentum up, and keeps alive the ongoing pullback targeting a retest of 2.62 down to 2.52.