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))
Testing and retesting the 1.2325 buy signal Monday paid off by probing it overnight. A second consecutive higher close above 1.2395 resistance — which was tested Tuesday afternoon — would next target 1.2465. Closing back under 1.2305 would signal the recovery had failed.

Gold Apr Contract (GC, ETF: (GLD))
Fresh highs overnight up t 1333.50 reacted down into Tuesday’s open, but recovered at least to Sunday night’s 1330.50 high, which would qualify as a second consecutive higher close targeting a test of prior highs at 1341.00.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s “inside day” can’t qualify as a second consecutive higher close confirming Monday’s breakout. But neither does it reject Monday’s higher close, allowing early strength Wednesday to be credible for extending higher intraday.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday night’s rally to 144.30 peaked short of the intraday attack on the 145-16 buy signal, buy hovered above the 144-12 bounce limit. Still holding the bounce limit through Tuesday’s close keeps alive the potential for retesting Sunday night’s 143-04 low.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s weakness from the decline’s 59.80 initial target still needs to break under Friday’s 58.10 low to suggest the next target at 57.20 is now in-play, which remains and likely so long as 59.80 holds as resistance. Preferably, the pattern won’t retest 59.80 as this current segment of the decline should behave like capitulation.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Finally some signs of strength by gapping up Tuesday. But this creates unfinished business below at the gap down to Monday’s 2.55 close needing to be filled before a rally can be credible for extending higher. Meanwhile, extending the bounce has room up to 2.70.

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))
Sunday night’s bounce among most currencies held up through Monday morning. The Euro peaked at its 1.2325 buy signal instead of triggering it, still vulnerable to .

Gold Apr Contract (GC, ETF: (GLD))
Sunday night’s rally to 1330.00 was retraced back down to Friday’s highs under 1319.50, which held as support for Monday to rally back to 1328.00. Early strength Monday would be credible for extending to 1335.50 and potentially 1347.00. Back under 1319.50 would instead target a retest of 1312.50.

Silver Mar Contract (SI, ETF: (SLV))
Extending Friday’s rally from meeting the decline’s 16.15 target was extended up to 16.45 Sunday night. Reacting down to 16.35 at Monday’s open launched a steeper rally to attack 16.60. That’s last Tuesday’s “higher prior lows,” and failing their recovery would target an attack on the 16.15 low.

30-year Treasury Mar Contract (US, ETF: (TLT))
Probing fresh lows Sunday night down to 143-04 wasn’t repeated intraday. A bounce limit at 144-12 was probed Monday, but not recovered, let alone probed enough to trigger the 145-16 buy signal. Retesting Sunday night’s low and recovering 144-12 would be bullish.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s probe under the 59.70 target had been recovered into the close and firmed a little further Monday. But 59.70 wasn’t necessarily recovered, keeping alive the next lower pullback objective at 57.20.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Still not recovering into the weekend had all but required printing fresh lows Monday. They were shallow and ended within Friday’s range, but did not indicate a bottom yet forming.

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))
Holding the lower-end of the month-old 1.2260-1.2300 range Thursday didn’t prevent probing under it Friday. Closing lower puts into play 1.2090, with the nearest buy signal being 1.2325.

Gold Apr Contract (GC, ETF: (GLD))
Narrow overnight ranging persisted through Friday, seemingly oblivious to volatility around it, but also continuing to hover above 1312.500 to avoid triggering lower targets.

Silver Mar Contract (SI, ETF: (SLV))
Gradual deterioration intraday Friday eventually tested the 16.15 target that had been attacked Thursday. Holding it throug through close introduces potential for a bottom to form.

30-year Treasury Mar Contract (US, ETF: (TLT))
Already having fulfilled its minimum requirement for an eventual third lower close, overnight firming could have extended higher intraday. But Friday only ranged sideways choppily above Thursday’s low.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still not even trying to hold the 61.50 target that was met Wednesday, the next lower target at 59.80 was met Friday morning and probed down to 58.10. The next lower target at 57.20 is in-play. so long as 59.80 isn’t recovered.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Ongoing narrow ranging at the pullbacks lows had avoided a recovery for too long, all but ensuring extending lower. Friday’s dip greets the weekend and fresh relative lows, which this market usually probes on Monday regardless of the resolution.

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 dip back into last month’s 1.2260-1.2300 range was extended to its lower-end Thursday. Still overlapping Wednesday’s 1.2275 close does undermine whether Thursday produced a fresh low close that would fulfill the confirmed breakout.

Gold Apr Contract (GC, ETF: (GLD))
The next lower objective at 1312.50 down to 1309.00 reacted up Thursday to test 1324.50, avoiding a close under 1312.50 that would have put into play much lower objectives .

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s low came within a nickel of touching the next lower objective at 16.15. Its reaction tested  16.60 but didn’t reverse the trend up, so 16.15 remains outstanding.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s 143-20 low could fulfill the required third lower close in-play from the recent confirmed breakout. The 144-12 prior relative low shouldn’t be recovered first.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 61.50 target that was met and held Thursday was probed Thursday down to 60.60. Back above 62.30 would launch a new rally leg. Otherwise, extending to fresh lows would next target 59.80 and 57.25.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Still ranging narrowly at pullback lows around 2.70 Thursday doesn’t prevent a close back above 2.86 from launching a recovery.

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 down Wednesday immediately filled the gap back down to Tuesday’s 1.2366 open. Rather than bounce to form a low, the balance of the morning trended down relentlessly to probe 3-week old “lower prior highs” down to 1.2270. A second consecutive close Thursday under 1.2725-1.2730 would be difficult to recover before probing sharply lower.

Gold Apr Contract (GC, ETF: (GLD))
Not recovering Tuesday’s reversal session almost immediately Wednesday had made the pattern likelier to extend down intraday. Its fresh lows at 1313.50 touched January’s low, suggesting that the hesitation here is only obligatory and likely to resolve down. Closing under 1312.50 would next target 1291.50.

Silver Mar Contract (SI, ETF: (SLV))
Already being well out of proximity to recover at least 16.95, Tuesday’s intraday reversal was likely to extend Wednesday. Closing under 16.40 is next targeting 16.15.

30-year Treasury Mar Contract (US, ETF: (TLT))
Relatively narrow ranging overnight gave way through Wednesday morning to attack Monday’s 144-12 low down to at least 144-17.

A new low close is still required.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s sideways ranging, instead of a recovering 64.20, made any new weakness likely to test 61.50. Wednesday morning’s slide probed it during the noon hour down to 61.25. The pattern can’t tolerate much delay in reversing up to reinstate the 67.15 target.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Flat-to-lower ranging Wednesday fluctuated around Tuesday’s 2.69 low, still not attacking the 2.86 buy signal but also not extending down.