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))
The required third lower close was produced Friday. In a very big way. And since Friday lows are unusual in currencies, the next lower target in-play is 1.0750.

Gold Apr Contract (GC, ETF: (GLD))
We knew recovery attempts weren”t neutralizing the attraction below, but we underestimated how deep of a hole was being dug by the ongoing weak-handed buying. The 1194.00 target was met overnight, and bounced to 1197.00. The Employment Situation report triggered a plunge through the 1186.00-1188.00 extended target, which then extended throughout the day to 1163.00. Bounce potential is to 1177.00, but otherwise the next lower target is 1154.00.

Silver May Contract (SI, ETF: (SLV))
Friday”s drop extended the reversal to almost $1 from the recent ~16.80 high. The next lower target in-play is 15.35, and potentially 14.65, so long as 16.00 isn”t recovered.

30-year Treasury Jun Contract (US, ETF: (TLT))
The negative reaction to Friday”s Employment Situation report dropped sharply to within 1 tick of the 154-26 target identified after the open. Reacting up 1 point may have been more the function of a flight-to-safety while the stock market extended a deep decline. There”s no buy signal at this stage.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday”s break under the current 50.00. sell signal extended down test to the original 49.00 sell signal, which was holding through the afternoon. Delaying a new downleg to fresh lows is unlikely without gapping up sharply Monday.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Thursday”s close at the 2.84 confirmation gapped down Friday, to test the 2.77 buy signal as support.. That was recovered back up to 2.84. And through it, temporarily, ending the day still overlapping 2.84.