S&P
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))
Relatively shallow weakness down to 1.2420 is no small victory. Not while many other currencies were trending down intraday. And now when Mario Draghi is speaking in the background. Back above 1.2500 would target a retest of prior highs above 1.2570.
Gold Apr Contract (GC, ETF: (GLD))
Bouncing back up to “higher prior lows” at 1341.00 reacted down from its resistance to range sideways intraday. Probing above Monday’s high Tuesday would be likely to extend higher.
Silver Mar Contract (SI, ETF: (SLV))
Monday’s shallow bounce was easily retraced but only back into the range and not to fresh lows. There is on buy signal indicated.
30-year Treasury Mar Contract (US, ETF: (TLT))
Firming overnight didn’t make the pattern any likelier to reverse up, let alone to recover. An intraday reversal fell to fresh lows, potentially fulfilling the recent confirmed breakout’s requirement for at least another lower close.
Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s recovery to 65.35 was retraced again back down to 64.65, and lower to 63.50, which undermines any reliable timing for another upleg.
Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping down slightly Monday soon filled the outstanding gap below to neutralize its attraction, but didn’t recover to close positive which would have reverse the trend back up.
Mid-day Update… A stronger target?
Post-open bounce resolves down sharply.
The pre-open and post-open attacks on the earlier overnight low had stopped optimistically short. 
Which didn’t preclude there being a bounce, and clearly didn’t prevent on. But only a bounce. And no matter how substantial, not a durable bounce. Retesting 2747.00 and 2738.00 overnight had made 2722.00 likely to be tested, too.
2722.00 was just tested down to 2715.00. And 2722.00 was still being overlapped at 1:20, then again at 1:30. That’s not to say the bias was affected, but the relevant price was holding at a relevant time to suggest that selling is waning.
Now a bounce is testing 2730.00, on its way to 2738.00 so long as 2721.25 holds as support. Recovering 2738.00 through the bias environment exit could lead to a short-squeeze into the close. Otherwise, the next lower objectiv would be December’s “lower prior highs” at 2690.00.
Look ahead: Economic Calendar – for Tue Feb 6, 2018
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Tuesday’s only influential econ report is Jobs Openings that follows Friday’s payrolls. It can inhibit price action before its release, but not afterward without also being a surprise compared to payrolls.
International Trade
8:30 AM ET
Redbook
8:55 AM ET
*JOLTS
10:00 AM ET
4-Week Bill Auction
11:30 AM ET
3-Yr Note Auction
1:00 PM ET
Treasury STRIPS
3:00 PM ET
Afternoon Bias
| MON afternoon signal (triggered at 1:20 ET) | SPX | ES |
| Bias-up: above | 2753.75 | 2754.50 |
| …would target | 2759.00 | 2760.00 |
| Bias-down: under | 2744.50 | 2745.50 |
| …would target | 2737.25 | 2738.00 |
| Signal status: BIAS-DOWN, BIAS-DOWN TARGET EXCEEDED | FAQ | |
| NEW! Flowcharts: Bias-UP // Bias-DN INTRO VIDEOS #1 and #2 |
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1. At 1:20, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target.
2. Not triggering either bias signal at 1:20 would be “no-bias,” and the bias signals should define the bias environment’s range.
— A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias.
3. Touching the bias signal within 3 minutes either way of 1:20 would invoke a grace period through 1:30 to trigger a late signal.
— “Late” signals don’t require testing the opposite bias signal, but it’s still likely.
4. Still testing the bias signal at 1:30 after invoking the grace period would trigger “noN-bias,” with no bias influence.
Post-open Review… Tooth and nail.
PROGRAMMING NOTE: I AM AWAY FROM THE SCREENS BETWEEN 11:30-1:30 ET TODAY.
A substantial bottom can be formed by only attacking prior lows, and not actually recovering from a probe lower. Substantial, not durable. The 2736.00 pre-open low stopped 3 points short of the initial overnight low. 
Bouncing to 2750.00 was retraced to a fresh low at 2736.00, but the earlier overnight low was untouched.
That proved to be enough to launch what has become a substantial bounce. Its first reaction up attacked this mornings 2747.25 bias-down target. Retracing it to 2738.00 held through the opening 15 minutes of volatility and was recovered entirely.
Then more. Much more.
The reward for preventing the bias-down from renewing (i.e. breaking under the bias-down target through 10:15) was at last to retest 2750.00, if not also the 2753.25 bias-down signal. The latter was touched in time invoke the grace period, and now it is recovered in time to trigger late no–bias.
No-bias, after holding tests of BOTH bias-down parameters puts into play offsetting tests of both bias-up parameters. Triggering late is less reliable, but the 2766.25 bias-up signal’s test is still likely. Already 2763.00 has been touched, and overbought RSIs there require a retest.
Back under 2753.25 would signal momentum reversing down, confirming this bounce has been only a correction and that 2722.00 is still on the path down before a durable path up.