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))
Three days of fluctuating narrowly around last week’s high finally started behaving as if a Double Top had formed, gapping down and probing lower Thursday morning. The 1.0690 sell signal was tested, and a second consecutive lower close on Friday would reverse the trend down.

Gold Feb Contract (GC, ETF: (GLD))
Gapping down again Thursday probed under the 1195.00 sell signal to test 1184.00 support. A top has very likely formed, although the potential for a corrective bounce can’t yet be dismissed.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s dip tested the 16.75 sell signal that had been attacked Wednesday. Closing under it would be entirely credible for reversing the trend down, leaving no unfinished business above but an eventual higher close.

30-year Treasury Mar Contract (US, ETF: (TLT))
Extending even deeper overnight touched 148-30, piercing the year’s opening gap down that had recovered to close positive that day. There is no bullish reason for its retest, but its test did react up intraday to attack 150-00.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing Thursday attacked the range’s 54.25 upper-end, which allows the sell signal to be raised to 53.25. Closing above 54.25 could suggest a bigger bounce underway, but not reliable.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength. That didn’t prevent extending higher overnight to gap up above all prior relative highs, or extending higher intraday to 3.50. While closing above the 3.40 prior highs is a breakout, closing under the open’s gap up suggests that Friday won’t produce a second consecutive higher close. Higher highs would target 3.65. Otherwise, the weekend should be greeted reversing back down to 3.27 and to test 3.12.