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))
Friday”s gap up couldn”t avoid dipping under Thursday”s low. But the dip was recovered back into positive territory. That is the basis of a bullish “Pivot Reversal” which would reverse the trend up sharply and quickly, if the close were above the morning”s high. It was essentially unchanged.

Gold Apr Contract (GC, ETF: (GLD))
Bouncing back up to Thursday”s upper-end at 1219.00 without first continuing its retracement wasn”t likely to resume the rally attempt, which was already premature. Rallying immediately Monday is unlikely, but it is probably the only way to avoid dipping to 1204.00. and 1197.50, if not also to 1185.00.

Silver May Contract (SI, ETF: (SLV))
Gapping down slightly Friday didn”t extend. But neither did the quick reversal into positive territory, as the balance of the session fluctuated around the 16.55 prior highs.

30-year Treasury Jun Contract (US, ETF: (TLT))
As a corrective bounce target, March”s 146-14/147-00 equates to June”s 162-20/163-04. As a pullback limit, 146-14 equates to 160-02. Regardless, both pullback limits were tested Friday. Whether or not probing any lower first on Monday, the rally can now resume before the close.

Crude Oil Apr Contract (CL, ETF: (USO, UWTI))
Thursday”s breakout under the 49.00-50.50 consolidation. In fact, it gapped up slightly and eventually probed a little higher intraday. That prevented confirming Thursday”s break, while being too shallow to reverse the trend up..

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The negative knee-jerk reaction to Thursday”s EIA report spent Friday consolidating. Delaying a recovery suggests the reaction wasn”t so knee-jerk. But that doesn”t make the pattern bearish, and back above 2.77 would trigger a buy signal targeting fresh highs.