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))
Thursday’s pause in the ongoing decline was compensated by gapping down and extending relatively sharply lower. No immediate bounce would be credible for extending higher intraday.

Gold Apr Contract (GC, ETF: (GLD))
Bouncing to 1242.00 resistance Thursday had failed to signal another upleg underway. Friday’s lower low now allows closing above 1227.50 to trigger a new upleg.

Silver Mar Contract (SI, ETF: (SLV))
Only overlapping 15.15 support Thursday didn’t indicate whether its test had held, but Friday’s slide indicated it had not. Closing back above 15.15 would put back into play a test of 15.70.

30-year Treasury Mar Contract (US, ETF: (TLT))
Gapping down  Friday retraced 61.9% of Tuesday’s false break lower. That’s natural support, and constructive to the rally effort if Monday’s open were to gap up above Friday’s high to 166-12 and trend higher intraday.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending even higher overnight after testing the 32.70 bounce limit was able to probe fresh highs Friday up to 34.70. Reversing that back into negative territory suggests a bigger top is forming, and back under 32.55 would resume the decline.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Not gapping up Friday prevented Thursday’s pattern from becoming an Island Reversal. Probing fresh lows intraday was recovered back into Thursday’s range. Gapping up Monday would still qualify, but there is no other reversal setup.