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))
Wednesday’s surge above the original 1.1930 sell signal was retraced overnight and struggled to hold through Thursday morning. Breaking lower through Friday’s open would be credible for extending down. But not yet rejecting the bounce would make 1.2015 likelier to test, first.

Gold Feb Contract (GC, ETF: (GLD))
Flat-to-higher ranging into Thursday did not reject any of the recent gain, maintaining the uptrend and the 1283.50 target in-play.

Silver Mar Contract (SI, ETF: (SLV))
Flat-to-higher ranging into Thursday did not reject any of the recent gain, maintaining the uptrend and the 16.85 target in-play.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday’s gap down under Tuesday’s 151-16 close wasn’t extended intraday Thursday. Neither was it rejected, whether overnight to form an Island, or intraday. Gapping up above 151-16 Friday could still form an Island reversal, at least targeting 152-22. Just closing above 151-16, which is meanwhile resistance, would suggest some updraft underway.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing fresh recovery highs overnight was retraced before Thursday’s open, and then repeated through the morning. The prior week’s 58.50 gap up was attacked to within almost a dime, where there is natural resistance.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t being greeted from either a position of weakness or of strength, although last Friday’s 2.61 gap had just been filled and held by dipping from a position of strength above 2.71. There was no knee-jerk reaction, as price simply weakened to attack last Friday’s 2.58 low, which can hold to form a durable bottom.

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 1.1930 bounce limit was probed substantially Wednesday morning, filling a 3-week old gap back to 1.1975. Back under 1.1930 and 1.1910 would reverse the trend back down.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday’s pause had avoided probing Monday’s highs intraday, despite having probed higher overnight. Probing another fresh high overnight again all but ensured trending higher intraday Wednesday, nearing 1277.50-1280.50 resistance.

Silver Mar Contract (SI, ETF: (SLV))
Trending higher Wednesday probed overnight highs. Closing higher again Thursday would be likelier to reach the 16.65 target before another pullback.

30-year Treasury Mar Contract (US, ETF: (TLT))
Despite Tuesday’s extended decline holding 151-16 through the close, Wednesday morning gapped down to fresh lows and tested 150-20. Closing back above 151-16 would at least rob the decline of its traction, if not also trigger a bigger squeeze. There is otherwise no buy signal.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs overnight produced another gap up above the 57.45 bounce limit that once again reversed back down to the 56.85 sell signal. But rather than break, its touch launched a bigger bounce back above the open’s high The next opportunity to peak is at a gap outstanding from last week at 58.45, or closing under 57.45.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Wednesday morning’s slide filled the gap back down to Friday’s 2.61 close. Having originated from a position of strength of closing above 2.71, the dip is likelier to be recovered. And its recovery back above 2.71 and 2.80 would launch a credible recovery. So, Thursday’s EIA report 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))
Monday’s 1.1905 61.8% retracement of the drop from Wednesday’s high was retested Tuesday morning and probed into the afternoon, attacking the 1.1930 sell signal that must hold to maintain the decline’s momentum.

Gold Feb Contract (GC, ETF: (GLD))
Probing Monday’s highs overnight up to 1268.50 had disappeared by Tuesday’s open, and the morning dipped down to 1262.50, not rejecting what is already a confirmed reversal next targeting 1283.50.

Silver Mar Contract (SI, ETF: (SLV))
Firming overnight  above Monday’s highs was mostly retraced before Tuesday’s open, and then reversed into negative territory through the morning, but was recovered to unchanged.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday’s 61.8% retracement of the rally from last week’s 152-05 low had room for noise down to 152-22, but Tuesday’s open spiked through it on the way to fresh lows at 151-12. Closing above 151-16 keeps alive the potential that the two-day drop has been a temporary correction, a pattern that would also require recovering 152-18.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming again Tuesday avoided re-triggering the 56.85 sell signal while still testing the 57.45 bounce limit. Closing beyond either remains likely to extend in that direction, with the downside potentially limited to 55.50.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Closing Monday above 2.71 is a position of strength that makes a recovery likely from dipping to fill the gap back down to Friday’s 2.61 close. Extending higher first would make the recovery temporary.

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))
Monday’s gap up and the morning’s follow-through retraced 61.8% of the week-ending reaction down from having retested the 1.1930 sell signal as resistance last Wednesday (basis Mar). The bearish scenario requires no further corrective bounce, and would have difficulty absorbing it. So, not already reversing back down Tuesday could default to a more bullish scenario.

Gold Feb Contract (GC, ETF: (GLD))
Probing fresh recovery highs Sunday night all but confirms an objective is in-play at 1283.50, with some relevant resistance at 1277.50-1280.50. Closing back under 1255.00 would at least require a new buy signal to trigger.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s close was still overlapping 16.05, so probing higher overnight only increases the requirement for a fresh close to confirm the recovery underway is next targeting 16.65. Closing back under 15.90 would all but invalidate the upside momentum.

30-year Treasury Dec Contract (US, ETF: (TLT))
The week was greeted with essentially a confirmed breakout yet to be fulfilled by at least a third eventual higher close. Sunday night’s pullback persisted through Monday morning, especially as any value to its “flight-to-safety” feature wasn’t needed.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing higher Sunday night tested the 57.40 bounce limit, but reversing down into Monday’s open and through the morning attacked the 56.80 sell signal already in-play from having been broken last week.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up Sunday night to probe back above last Wed-Thu’s lows does help to confirm their indication that the decline’s momentum was already waning. The gap back down to Friday’s 2.61 close should still be filled before a durable rally can begin, preferably filled from a close above 2.71 which would be 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 Dec Contract (EC, ETF: (FXE, UUP))
Weaker Friday morning tested 1.1755 which must break lower to confirm no bottoming pattern has formed, and that the larger decline has resumed.

Gold Feb Contract (GC, ETF: (GLD))
Holding 1251.00 and 1255.00 during Thursday’s pullback kept alive Wednesday’s post-close momentum, which gapped up at Friday’s open. Drifting back down to unchanged through the morning closed flat on the day.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s pullback had held 15.85 to maintain the potential that Wednesday’s post-close rally had ended the decline’s momentum. Gapping up Friday didn’t extend higher, but was supported intraday by 16.05 to maintain the rally’s momentum.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednedsay’s breakout and Thursday’s confirmation extended higher Friday to test the next buy signal that would be triggered by closing above 154-08.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight strength gapped up Friday to test 57.40, which must hold as resistance to maintain Wednesday’s 56.80 sell signal targeting 55.50.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Not trending down Thursday despite overnight and intraday lower lows down to 2.64 did open the door to begin bottoming. But Friday eventually resumed the decline to new lows. The nearest buy signal would be triggered above 2.72 and confirmed above 2.80.