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))
Already gapping up Thursday was premature for extending Wednesday’s recovery. In fact, the session didn’t extend any higher. And now Friday has also fluctuated narrowly. None of which actually reverses the trend back down, which would be triggered back under 1.0705.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s break above 1187.50 had triggered a surge. Extending up to 1206.00-1207.00 Thursday was not optimal confirmation. Friday’s reaction down touched 1187.50 as support, which must hold to produce a fresh high targeting 1212.00.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s dip under 16.75 extended down to retest the original 16.60 sell signal whose test earlier this week had reacted up to retest the 16.95 high. Friday’s test reacted up to test 16.75, whose break would target 16.15.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday afternoon’s dive had held support, so an initial bounce was likely Friday, and it was likely to fail. The morning followed this path, testing resistance intraday up to 153-20 and reversing down sharply through the morning. into negative territory Friday afternoon to attack 151-12. A topping pattern has fully formed.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping slightly Friday helped to further confirm that Thursday’s gap up had gained no traction. A fresh recovery high of some sort remains likely, but not likely to extend.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Narrow ranging persisted Thursday without difference from Wednesday. The bounce to 3.40 has held for a second day, still likelier to fill gaps below than to extend higher first.