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))
Holding 1.0590 support Thursday created an anchor that would allow an intraday dip Friday to fill the gap back to Wednesday”s close. Not only was the gap filled, but Wednesday”s low was also probed — and didn”t recover intraday. Potential to 1.0430 remains intact, but any bounce there has room up to 1.0590 before even suggesting a corrective bounce is forming.

Gold Apr Contract (GC, ETF: (GLD))
Bouncing from an overnight test of 1154.00 was retraced back down to fresh lows Friday. Narrow hovering just under 1154.00 prevented another buy signal. Decisively closing under 1154.00 would have been bearish, but still ranging around it does keep alive the 1161.00 buy signal.

Silver May Contract (SI, ETF: (SLV))
Thursday”s gap up was likely to be retraced, but Friday”s narrow ranging didn”t even probe under Thursday”s low — let alone dip even further to fill the gap back to Wednesday”s close. All while not extending higher. The continued “ineffectual optimism” suggests that a fresh low will be probed next.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh lows that recovered up to 160-00 still went out Friday testing the 159-12/159-24 pullback limit. There is no further clarity in the pattern, except that extending the rally at this stage shouldn”t be further delayed.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The confirmed sell signal under $50 extended much deeper Friday, probing under 45.00. and still targeting at least a probe under 44.00, if not to 37.15.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Thursday”s negative reaction to EIA was not extended Friday, although the 2.77 buy signal was barely attacked, and not triggered.