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 Jun Contract (EC, ETF: (FXE, UUP))
The new week was greeted firmer, but still only testing last week’s highs, as the 1.1380 sell signal remains intact if triggered.

Gold Apr Contract (GC, ETF: (GLD))
Gapping up Monday within Friday’s range needed to extend higher intraday to be more than just noise, resuming the rally. But the range held, keeping alive the upside momentum.

Silver May Contract (SI, ETF: (SLV))
Monday’s gap up attacked the resistance of last Tuesday’s highs, still needing a higher close to signal the rally has resumed.

30-year Treasury Jun Contract (US, ETF: (TLT))
Still overlapping the 146-00 buy signal Friday did not change much Monday, as the session ranged around it flat-to-higher. A reaction down has room to 145-16 before signaling the bounce has ended.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s optimistically shallow, brief dip had recovered only to unchanged. Sunday night’s dip was recovered into Monday’s open and extended higher to attack 59.25. The confirmed breakout’s minimum requirement for at least an eventual third higher close may be fulfilled, needing to close above 59.50 to signal the rally is extending.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Friday’s reaction down from 2.84 resistance was recovered yet again, still being the buy signal for resuming the rally, and still being likely to trigger.

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))
Hovering Thursday at 1.1290-1.1300 support broke higher Friday to retest Wednesday’s 1.1339 intraday high and 1.1345 overnight high. The sell signal is raised to 1.1300.

Gold Apr Contract (GC, ETF: (GLD))
Although not optimal, Thursday’s correction day was still required to resolve up much sooner rather than later. Gapping up Friday suggests as much, although still needing to close above Wednesday’s 1309.50-1311.50 highs to resume the rally.

Silver May Contract (SI, ETF: (SLV))
Already rallying overnight back above the 15.27 sell signal suggested that Thursday’s drop was an isolated correction. But a close above 15.50 is still needing to resume the rally.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s second consecutive dip spent the day testing the 145-16 sell signal but not triggering it. Its immediate rejection Friday surged to probe the 146-00 buy signal, still needing a second consecutive higher close to confirm the rally has resumed, but the session quickly settled in to fluctuate narrowly around 146-00.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The confirmed breakout above 57.00 was allowed a correction day before resuming the rally and fulfilling the minimum required third higher close. But extending higher into the weekend would still be likely to extend the rally coming out of the weekend. Friday’s opening dip to 57.75 was recovered back to Thursday’s close, still likely to extend higher.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Friday was greeted still fluctuating narrowly around 2.84, which wasn’t recovered int time for greeting Thursday’s EIA report from a position of strength. Reacting down Friday to 2.79 allows another close above 2.84 to follow-through and extend higher.

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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))
Trending up Wednesday had filled the outstanding gap and closed above it, expending a lot of energy while “unfinished business” below remained outstanding. Thursday’s open gapped down to the 1.1290-1.1300 support, whose break would target the gap back down to 1.1200.

Gold Apr Contract (GC, ETF: (GLD))
Dipping overnight greeted Thursday’s open back down at its 1295.50 buy signal. Wednesday’s second consecutive higher close had already required at least an eventual third higher close, which remains likely sooner rather than later. Preferably rallying will avoid any further delay.

Silver May Contract (SI, ETF: (SLV))
Thursday’s open was greeted back at the 15.27 buy signal which was barely confirmed Wednesday. Probing even lower intraday tested “lower prior highs” at 15.15. The correction day should resolve up without delay if the upside momentum remains intact.

30-year Treasury Jun Contract (US, ETF: (TLT))
Despite having held the 146-00 pullback limit Wednesday, extending down overnight threatened to close lower Thursday under 145-16 and to signal the trend reversing down.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already probing above Wednesday’s highs overnight, Thursday’s second consecutive higher close would confirm Wednesday’s breakout and require at least an eventual third higher close.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Reacting favorably to Thursday’s EIA report needs to close above 2.84 and not only test it to signal a rally leg 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))
Two days of testing natural resistance at the 1.1300 61.8% gap-fill have resolved up to test 1.1340. Back under 1.1295 would still trigger the retest of the 1.1195 gap fill at the low.

Gold Apr Contract (GC, ETF: (GLD))
Wednesday’s was Gold’s day to outperform, up sharply pre-open to fresh recovery highs that were maintained through the day. The rally leg seems entrenched, albeit not necessarily enough to yet allow a corrective day before extending higher.

Silver May Contract (SI, ETF: (SLV))
Gapping up Wednesday ranged entirely in positive territory but was retrained by Tuesday’s highs. A higher close Thursday is needed to confirm that Wednesday’s pattern was not bearish “ineffectual optimism.”

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Wednesday spent the session hovering narrowly at the 146-00 pullback limit to keep alive upside momentum, while requiring the rally to resume without delay to avoid a much deeper retracement.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already testing Tuesday’s highs early Wednesday, the morning’s EIA report was being greeted from a position of strength. Its reaction probed higher for the first qualified close above the 57.00 buy signal.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Two days of sitting at the 2.76 sleeper low had held, and finally began recovering Wednesday. But not enough to reverse momentum up above 2.84, so Thursday’s EIA report isn’t being greeted 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))
Gapping up Tuesday extended to test the 61.8% retracement of the gap between last Wednesday-Thursday’s session at 1.1300. This typically holds if tested. Back under 1.1269 would target a retest of the recent 1.1188 low.

Gold Apr Contract (GC, ETF: (GLD))
Monday’s reaction down was recovered entirely into Tuesday’s open. A second consecutive higher close on Wednesday would be likely to trend in that direction intraday.

Silver May Contract (SI, ETF: (SLV))
Already rallying overnight had probed above Friday’s prior high, all but confirming that Monday’s dip back down to the pattern’s buy signal had held.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing under Sunday night’s low Monday night to test the 145-04 sell signal was recovered to open back within Monday’s range, before extending to fresh recovery highs at 146-14. A second consecutive higher close on Wednesday would confirm the upleg was extending Meanwhile, Wednesday’s EIA report is being greeted from a position of strength.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Returning yet again to the 57.00 buy signal overnight had probed above it to gap up Tuesday. Probing a little higher proved too much before retracing back under 57.00. But not deeply enough to invalidate ongoing the recovery attempt.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Tuesday’s session was nearly identical to Monday, sitting very still at the 2.76 support instead of reacting back up to the recently created gap.