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))
Despite Thursday failing to exploit Wednesday”s close around 1.1400 resistance, and instead drifting down into the afternoon, early strength Friday still would have been credible for extending higher. Grexit headlines instead triggered a deep gap down to 1.1280… Die by the headline, live by the headline — Later headlines were more encouraging for an accord, triggering the Euro”s complete intraday recovery up to 1.1435. Probing above Monday”s highs would still be credible for launching a new upleg.
Gold Apr Contract (GC, ETF: (GLD))
A little renewed strength Thursday night held the 1216.00 bounce limit was largely retraced into Friday”s open, but a required third lower close remains outstanding, along with the 1191.50 target area”s test. Post-close probing of fresh lows suggest its test will come soon, and possibly encompass the room for noise below it down to 1185.00.
Silver Mar Contract (SI, ETF: (SLV))
Narrow sideways ranging Friday isn”t very predictive. At least a temporary fresh low is likely, but there is no requirement for it to recover before extending to lower targets.
30-year Treasury Mar Contract (US, ETF: (TLT))
With no unfinished business below outstanding, a corrective bounce has been free to develop. Firming Friday a half-point above 144-30 was knocked back down to 144-18 support — still not exploiting the bounce opportunity, but also not triggering a new downleg.
Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
The multi-week Ascending Triangle has yet to break higher, despite having reacted up sharply from Thursday morning”s test of its uptrending support at 49.90.
Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
The outstanding third higher close was produced Friday, after gapping up and remaining entering the weekend above prior highs. Because of the multi-session range preceding it, that is a breakout. A second consecutive higher close Monday would confirm, and create another third higher close requirement. Pullbacks must meanwhile hold lowerprior highs at 2.83 as support.