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))
The holiday weekend’s gap up was preserved into Tuesday. That required a lot of energy, which has now been fulfilled, so any new weakness would be credible for extending down. By implication, any new weakness could be a significant turning point for the USD.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s post-close rally to fresh highs and its extension Sunday night up to 1345.00 were retraced entirely overnight. Tuesday’s flat open eventually firmed into the close, barely jeopardizing the buy signal that had already triggered through Friday’s open.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s post-close rally above 17.15 to fresh highs and its extension Sunday night to 17.45 were retraced entirely overnight to pierce under Thursday’s 16.85 low. Recovering to unchanged into Tuesday’s open later closed 5-10 cents higher to suggest another rally attempt will be underway.

30-year Treasury Mar Contract (US, ETF: (TLT))
Bounce potential to 150-16 had been tested, and then extended Monday night to make the bounce potential to 151-26 also likely to be tested before resuming the decline. Tuesday’s test of 151-00 reacted down but held 150-16 to keep alive the potential for extending the temporary bounce.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The bounce from Friday’s dip to the 63.15 pullback limit persisted into Tuesday’s open, albeit still short of the rally’s 64.75 that had been tested already.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping down from Friday’s test of the rally’s initial 3.17 target had room down to “lower prior highs” at 3.05, which were tested overnight. Holding the pullback limit’s test through the morning was recovered to fill the gap back up to 3.17.

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))
Despite the rally already having fulfilled its 1.2035 upside, and despite a confirmed sell signal, a strong overnight rally triggered by German political news created a gap up to new highs testing 1.2200. Extending higher into the weekend suggests probing at least some fresh high at some point Monday, regardless of the session’s resolution, and regardless of whether it is maintained through Tuesday.

Gold Feb Contract (GC, ETF: (GLD))
Rallying through the week’s earlier 1328.00 overnight high to 1334.00 needed only to close above the week’s 1323.50 intraday high to signal a new upleg underway. The open’s plunge to 1321.00 was recovered to attack the overnight highs, and higher to 1336.00. Post-close action tested 1339.00. A second consecutive higher close would confirm the breakout.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s tests of the 16.95 sell signal had held, and sympathy with Gold enabled an overnight bounce to 17.20. Its post-open reaction down lunged to almost touch 16.95, and then recovered back up to the open’s highs. Extending higher through the close suggests a new rally leg is underway.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday’s open was greeted with narrow ranging, and still having potential for a bigger corrective bounce up to “higher prior lows” beginning at 150-16 or 151-26.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s reaction down from testing the longstanding 64.75 target extended down to test the 63.15 pullback limit, which held, and reacted up to 64.25.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Firming overnight gapped up Friday and extended to probe the rally’s first objective at 3.17 by a nickel, still having potential for extending up to 3.29.

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 night’s surge had reversed back down throughout Wednesday’s session, but maintained its second consecutive lower close to require another eventual lower close. Thursday’s gap up back to Tuesday night’s high extended intraday to fill the gap back up to Friday’s 1.2100 close. There is no outstanding attraction above, and back under 1.2030 would resume the decline.

Gold Feb Contract (GC, ETF: (GLD))
Narrow ranging Thursday morning after Tuesday night’s surge to fresh highs doesn’t reject the rally attempt, and almost suggests that it will be retried and extend. Meanwhile, the 1308.85 sell signal remains valid.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s flat-to-lower ranging pierced the 16.95 sell signal momentarily during the morning, and closed back at it. Any initial weakness would be credible for extending down.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday’s session-long bounce still closed negative, confirming Tuesday’s breakout and requiring another eventual lower close. Bounce potential to higher prior lows around 150-26 or 151-16 remains alive, despite already filling the gap back up to Tuesday’s 150-08 close and holding.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The longstanding 64.25-64.75 target was fulfilled at Thursday morning’s high, which traded out the session flat-to-lower. Back under 63.15 would reverse the trend down.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position strength, and also from gapping up. Extending higher through the morning retested last week’s 3.07 highs, and a second consecutive higher close on Friday would confirm 3.17 and 3.29 are in-play.

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 confirmation of Monday’s breakout made Wednesday’s gap up premature for resuming the rally, as at least one more lower close under 1.1960 is now required.

Gold Feb Contract (GC, ETF: (GLD))
Rallying sharply to test 1328.50 on the China / Treasuries news was isolated as Wednesday’s regular open had retraced already back under Friday’s 1324.00 prior highs. A fresh high close would still be credible for extending, but now another test of 1308.85 would be much likelier to reverse down.

Silver Mar Contract (SI, ETF: (SLV))
Wednesday’s gap up immediately reversed down to test unchanged as the China /Treasuries news wore off. Closing back above 17.20 would still be credible for extending higher, but closing under 16.95 would be that much likelier to reverse the trend down.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesdays’ sharp break under 151-16 to new lows was extended down sharply overnight on the China /Treasuries news. Despite rallying out of the 149-03 open, just closing negative has confirmed Tuesday’s breakout and now requires an eventual third lower close. Meanwhile, the gap down under all prior lows also wants to be filled before a recovery would be credible.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping to new recovery highs Wednesday was resisted by 63.52 as the session hovered narrowly. Pullbacks now have room down to 62.15 to maintain the 64.25-64.75 target.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Probing higher overnight to attack 3.00 didn’t prevent Wednesday’s flat open or further retracing back down to the 2.86 buy signal. Thursday’s EIA report is being greeted from a position of strength for the breakout, with restrained optimism for having corrected back to support. A second consecutive higher confirming close would have been stronger, but a favorable reaction or recovery from an unfavorable reaction is likely.

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 again Tuesday without recovering intraday confirms Monday’s break under the 1.2060 sell signal. Bouncing first to fill the gap back up to Friday’s 1.2100 close would be likely to reverse back down more substantially. But first extending down to lower prior highs at 1.1950 would have a better chance at launching a new rally leg.

Gold Feb Contract (GC, ETF: (GLD))
Monday’s first session not to probe a prior session’s high was followed by overnight weakness that attacked the 1308.85 sell signal. Extending lower without delay could also accelerate into a down-crash.

Silver Mar Contract (SI, ETF: (SLV))
Overnight weakness retested Monday’s probe of last week’s lows, actually touching the 16.95 sell signal, which held to avoid triggering a reversal.

30-year Treasury Mar Contract (US, ETF: (TLT))
Already sitting at or under uptrending pivotal support for the second time since it had formed, its immediate rejection at Tuesday’s open was the only bullish path higher. But overnight weakness suggested otherwise, and the morning dipped sharply back to and through last month’s 150-14 prior low to at least 150-06.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
There was no bullish reason to retest 61.10 as support, or to further delay resuming the rally targeting 64.25-64.75. The overnight blip-up to 62.55 wasn’t retested immediately, but eventually Tuesday morning start probing above it. Extending higher through the afternoon attacked 63.25 .

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Monday’s dip had filled the gap back down to Friday’s close, so that a close above 2.86 would be that much more reliable to launching a durable rally leg. Tuesday morning’s brief tests eventually probed more than a nickel higher to trigger the buy signal.