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))
Gapping up Friday fulfilled the 1.2030-1.2075 target up to 1.2080. There is no requirement to trend any higher, but pullbacks meanwhile should holed 1.2015 as support.

Gold Feb Contract (GC, ETF: (GLD))
Extending the rally overnight tested the 1298.00 target and gapped up to 1300.00. Extending higher intraday attacked 1310.00 with the next higher objective being 1311.00-1312.50.

Silver Mar Contract (SI, ETF: (SLV))
Not extending higher overnight resumed the rally anyway at Friday’s open to test 17.15-17.20. That’s essentially the apex of the Oct-Nov triangle that had broken down to Dec’s 15.63 low. It is natural resistance, but the rally remains intact so long as pullbacks hold 17.05.

30-year Treasury Mar Contract (US, ETF: (TLT))
Dipping slightly overnight  to 152-10 still didn’t reject Wednesday’s surge, as neither did Thursday. The rally tried resuming Friday by attacking Thursday’s 153-04 high to within 1 tick.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already having missed the opportunity to reject Tuesday’s surge, Friday extended to fresh highs attacking 60.50, with the next higher objective being 61.10.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up again Friday tested 3.00 before dipping back down to Thursday’s lower prior highs. The rally’s next higher objectives are 3.17 and 3.25-3.29.

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))
Wednesday’s break above the 1.1965 buy signal extended higher to 1.2015. The next higher target at 1.2060-1.2075 remains in-play.

Gold Feb Contract (GC, ETF: (GLD))
Exceeding the 1293.50 target Wednesday had put into play the next higher objective at 1298.00, which was attacked by Thursday’s intraday rally to within 70 cents. An immediate reaction down from four consecutive uptrending sessions would be likely to recover.

Silver Mar Contract (SI, ETF: (SLV))
Trending up relentlessly for a fourth consecutive session on Thursday nearly fulfilled the 16.90 target that was put into play by having exceeded the 16.85 target Wednesday.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday’s surge to 153-04 didn’t extend higher Thursday. But its reaction down was relatively shallow, and ultimately ranged around 152-22 instead of breaking lower under it. A fresh high Friday would still be bullish.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday already failed to confirm Tuesday’s explosion higher, and now Thursday has ranged even more narrowly than did Wednesday. But neither rejected Tuesday’s surge, maintaining the upside momentum next targeting 61.10.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday’s open had already gapped up above the 2.72 buy signal to 2.86. Extending higher in reaction to the EIA report tested 2.94. A second consecutive higher close Friday — preferably above 2.98 — would confirm a new upleg is underway.

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))
It was already just a formality to actually trigger the 1.1965 buy signal since the 1.1930 sell signal had failed multiple times. Wednesday’s gap up to 1.1965 extended higher through the morning .

Gold Feb Contract (GC, ETF: (GLD))
Tuesday’s intraday probe above the rally’s 1283.50 target was extended overnight to also test 1292.00 into Wednesday afternoon, next targeting 1298.00, but meanwhile vulnerable to a correction testing 1280.50.

Silver Mar Contract (SI, ETF: (SLV))
Extending higher after Tuesday’s close fulfilled the rally’s 16.65 target and rallied Wednesday morning to attack 16.80. The next higher objective in-play is 16.90, so long as 16.65 now holds pullbacks.

30-year Treasury Mar Contract (US, ETF: (TLT))
Closing Tuesday at the 151-16 buy signal wasn’t decisive. But that didn’t prevent Wednesday’s open from gapping up to Tuesday’s 151-26 high and surging through the morning to probe the 152-22 target up to 153-00. The recovery’s momentum remains intact so long as pullbacks now hold 152-22 as support.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Almost literally exploding higher Tuesday above the 58.65 inflection point could have been confirmed by a second consecutive higher close Wednesday, but was not. That doesn’t prevent extending higher anyway to the next higher objective at 61.10, so long as pullbacks now hold 58.65. Regardless, EIA is being greeted from a position of strength

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s rejection of Monday night’s gap up above 2.71 had dipped to fill the gap back down to Friday’s 2.66 close. Wednesday’s gap up spent the day fluctuating flat-to-higher around 2.71, and a second consecutive higher close Thursday would confirm a recovery underway. EIA is not being greeted from 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))
Not yet breaking under 1.1930 last week already had made a break above 1.1965 only a formality, which Tuesday morning’s rally attempted, even after an early dip that briefly pierced 1.1930 as support.

Gold Feb Contract (GC, ETF: (GLD))
Extending higher overnight touched the rally’s 1283.50 target, before extending higher Tuesday to test 1288.00. Holding 1283.50 would allow the rally to extend to 1298.00 But the 1277.50-1280.50 resistance was only mildly influential, and resulted in gapping up Tuesday, which suggests that a pullback is likelier than extending higher. Regardless, a deeper pullback could test the 1270.00 area before reversing the trend down.

Silver Mar Contract (SI, ETF: (SLV))
The weekend’s exit probed above Friday’s high, but only to range around them, until extending higher Tuesday morning to attack the 16.65 target to within a nickel. Tuesday’s gap up does create an anchor to help any reaction down to recover instead of ending the rally.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s open probed 151-16 through the morning, and the afternoon dipped back down to 151-16 as support. Closing above it would next target 152-22. Closing back under 151-16 need not resume the decline, no matter how much more vulnerable the pattern becomes.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Touching 58.65 resistance overnight had reacted down ahead of Tuesday’s open, and then almost literally exploded higher to 59.90 as the pattern was projecting. The rally can extend to 61.10 so long as pullbacks now hold 58.50 as support.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up Monday night to 2.71 and probing higher was still attracted lower by the gap back down to Friday’s 2.66 close. Tuesday’s post-open dip filled the gap, so that closing back above 2.71 would launch a recovery rally .

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))
Thoroughly testing 1.1930 as support Thursday allowed little room or time for delaying its break, if the rally is being reversed. Probing lower overnight was recovered, as was probing lower Friday morning. Absent a lower close, the rally becomes likelier to extend to 1.2000.

Gold Feb Contract (GC, ETF: (GLD))
Extending the rally Friday probed its 1277.50-1280.50 resistance, which might delay the 1283.50 target, but the rally remains intact.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s pullback proved to be irrelevant to the rally which resumed Friday. Attacking 16.50 requires that pullbacks hold 16.35-16.40 to maintain the rally’s momentum.

30-year Treasury Mar Contract (US, ETF: (TLT))
Ranging narrowly Friday morning never threatened to resume Thursday’s recovery attempt or reject it. Now two sessions have failed to bounce from Wednesday’s plunge, suggesting that its low will be retested before any credible recovery can form.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday morning’s gap down was recovered, completing a perfect record of a similar template all week. And it finally extended to fill the 2-week old opening gap up at 58.50, which Thursday’s peak had stopped pessimistically short of completing. That’s enough pessimism to expect a less restrained optimistic surge before the next downleg could be credible.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up slightly was enough to immediately recover the 2.61 objective that this week’s dip has been testing. But the price action doesn’t qualify as a bottom, nor does it reverse the trend back up. The prior Friday’s 2.58 low remains vulnerable to being tested before recovering 2.71 would launch a new upleg.