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))
Slightly higher highs overnight nevertheless retraced in time Wednesday to hold the 1.2435 resistance that had held its test one day earlier.

Gold Apr Contract (jUN , ETF: (GLD))
Attacking 1341.00 Tuesday without closing above 1335.50 had made the reversal attempt suspicious. Wednesday’s reversal maintains that suspicion, but closing back under 1325.00 would actually signal momentum reversing down.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s close above 16.75 was not optimal for reversing the trend up, but it got a benefit of the doubt if confirmed Wednesday. It wasn’t. Closing back under 16.55 invalidated it. Closing decisively under 16.50 would confirm that momentum has reversed down targeting fresh lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Downtrending resistance and Tuesday’s 143-22 high held their tests Wednesday, still having room up to 144-10 without yet reversing the trend up.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The knee-jerk reaction to API had probed probed under 62.25, but that was recovered into Wednesday’s open. Volatility into and out of the morning’s EIA report eventually extended down sharply to 60.60, back under the 61.35 bounce limit. If not rejected Thursday, then a new downleg is confirmed.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Trending up again overnight gapped up Wednesday to test 2.81 resistance. A single-session’s blip-up was likely to react down sharply. The two-session pattern remains vulnerable to reversing down, while greeting Thursday’s EIA report from a position of strength.

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))
Bouncing to higher prior lows at 1.2345 didn’t resolve down under 1.2300 to resume the decline, and instead extended to the next higher objective at 1.2430 Tuesday. There is no bearish reason for probing any higher before resuming the decline.

Gold Apr Contract (jUN , ETF: (GLD))
Gapping up and trending higher Tuesday above 1331.00 and 1335.50 have started to signal a bigger bounce underway. Final confirmation above 1341.00 is only $1 higher. Regardless, the low’s Island pattern suggests the rally is only temporary.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s gap up above 16.50-16.55 extended higher to close above 16.75. A second consecutive higher close on Wednesday would confirm 17.50 is in-play. Otherwise, back under 16.50 would signal the interim bounce had ended and that new lows under 16.25 are in-play.

30-year Treasury Jun Contract (US, ETF: (TLT))
Dipping to the 142-24 sell signal only reacted up to test 143-22, greeting Wednesday’s ADP report not from a position of weakness.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending Monday’s bounce overnight to attack 63.30 was retraced back into negative territory Tuesday to test the 62.25 sell signal. Avoiding a second consecutive higher close above 61.35 has kept alive the potential for re-triggering 62.25 and resuming the original decline.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Relentless testing of 2.74 resistance finally broke higher, albeit short of 2.80 which is the limit for a blip-up to reverse down sharply on the way to at least temporarily probing fresh lows for a bottom to 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, UUP))
The corrective bounce including “higher prior lows” at 1.2345 was still being tested Monday, instead of yet reversing back under 1.2300 to signal momentum reversing back down.

Gold Apr Contract (jUN , ETF: (GLD))
Sunday night’s bounce up to 1329.00 was retraced before Monday’s open to hold under 1325.00, and to keep alive the potential for breaking lower to resume the decline.

Silver May Contract (SI, ETF: (SLV))
Fresh highs Sunday night tested 16.60 but was retraced to hold back under 16.50-16.55 resistance which continues to consider the bounce from testing 16.25 as only a temporary correction. Otherwise, closing above 16.55 would be vulnerable to extending higher aggressively.

30-year Treasury Jun Contract (US, ETF: (TLT))
Bouncing Sunday night up to 144-05 and a shallower bounce after Monday’s open was reversed to probe under downtrending support down to 142-24, which is also a sell signal that intersects at 143-12. The trend reverses down if its break is maintained through the close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday and Friday’s tests of the 61.35 bounce limit didn’t hold Monday morning, which broke sharply higher through the 62.25 sell signal to test 62.80. There isn’t any specific bullish consequence to maintaining the recovery, although it would greatly undermine the near-term downside.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Still ranging narrowly at the 2.75 high could trigger a probe of fresh low back under 2.71, or else by a temporary blip-up to 2.81.

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))
Recovering Thursday’s gap down to fresh lows through the close was extended higher overnight and through Friday’s open to fully test its 1.2340 bounce potential. Tuesday’s confirmed breakout still requires at least an eventual third lower close, which closing under 1.2340 would trigger.

Gold Apr Contract (jUN , ETF: (GLD))
Rallying overnight prevented the 1313.50 sell signal from being confirmed Friday, but its reversal held resistance at 1325.00, and breaking back under 1312.50 would reinstate the decline’s momentum.

Silver May Contract (SI, ETF: (SLV))
Having fulfilled the decline’s minimum objective of filling the three-week old gap down to 16.25, an overnight bounce extended through Friday’s open and tested the 16.55 bounce limit. It held, closing back under 16.50 to avoid reversing momentum up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing slightly higher overnight was reversed down through Friday morning to test what had been the 143-12 bounce limit, which is now a sell signal if triggered through the close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s drop to 60.25 support had reacted up Thursday to touch the decline’s 61.35 bounce limit. Reacting down overnight and through Friday morning returned to 60.25, and the balance of the session fluctuated between the two into the weekend.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Still testing prior highs at 2.74 has created two paths down — either to collapse under 2.69, or else for a blip-up to 2.81 to snap back down into a drop to fresh lows where a bottom can 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, UUP))
Wednesday’s second consecutive close under Tuesday’s breakout — which had returned already to prior lows for no bullish reason — drifted lower overnight ahead of Fed chair Powell’s second day of congressional testimony Thursday. Gapping down was recovered to at least fluctuate choppily, not yet fulfilling the confirmed breakout’s required eventual third lower close.

Gold Apr Contract (jUN , ETF: (GLD))
Probing lower overnight ahead of Powell’s testimony gapped down Thursday to and through the 1315.00 prior low whose overnight test had previously satisfied selling pressure. Its current break now targets 1291.50, so long as bounces hold 1312.50.

Silver May Contract (SI, ETF: (SLV))
Fresh lows into Thursday’s open fulfilled the minimum objective for this leg, filling the gap back down to the low’s 16.25 close. Probing it by nearly a dime reacted up, filling the gap back to Wednesday’s 16.40 close. The gap held, both neutralizing its attraction and maintaining the drop’s momentum.

30-year Treasury Jun Contract (US, ETF: (TLT))
Rallying overnight to fresh recovery highs gapped up Thursday’s to test 144-04. Dipping back under the 143-12 bounce limit by only 6 ticks was recovered entirely to retest the gap up. Closing under 143-12 would signal momentum reversing down, confirmed under 143-24.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reversing down hasn’t hesitated since fulfilling confirmed buy signal’s minimum upside objective. Failing its pullback limit, then triggering its sell signal, has extended down Thursday, to 60.20 support. The decline remains intact so long as bounces now hold 61.35 as resistance.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from either a position of strength or of weakness. Thursday’s muted reaction bounced almost a nickel to test recent highs. But a bottoming pattern does still need a fresh low and its recovery for a rally attempt to be credible.