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))
Wednesday’s wild intraday swing had recovered from probing under 1.0505 support to close back above 1.0605 resistance. But the resistance wasn’t a buy signal, so already gapping up to fresh highs Thursday is less bullish than first backing-and-filling. In fact, post-open action didn’t extend higher, and back under 1.0605 would start reversing the trend back down.
Gold Feb Contract (GC, ETF: (GLD))
Surging higher overnight extended higher Thursday to test 1207.00. The second consecutive higher close above a multi-session range now requires at least an eventual third higher close. That should visit 1212.00 or higher, before any durable decline would be credible.
Silver Mar Contract (SI, ETF: (SLV))
Thursday’s strength barely pierced last week’s 16.95 high, and didn’t close above it. That’s not bullish, and leaning bearish when compared to Gold surging. Back under 16.75 would now start to signal a deeper pullback underway targeting 16.15.
30-year Treasury Mar Contract (US, ETF: (TLT))
Fresh highs overnight attacked 154-00 but held the 153-20/153-26 bounce limit intraday. Closing any higher would have dismissed almost any further near-term downside potential. Dipping deeper into the close filled the gap back down to Wednesday’s 152-24 close, and closed under prior lows to keep in-play a topping pattern.
Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing higher overnight to attack 53.25 was probed briefly intraday to prevent launching a new downleg. But the balance of the session did only range sideways instead of further extending Wednesday’s rally, making another downleg likely.
Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Gapping up Thursday reacted favorably to the morning’s EIA report, and pierced above 3.40. But that didn’t change whether the new had been greeted from a position of weakness, which prevented closing above 3.40, making a dip back down to 3.18 or 3.10 likely.