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))
Thoroughly testing 1.1930 as support Thursday allowed little room or time for delaying its break, if the rally is being reversed. Probing lower overnight was recovered, as was probing lower Friday morning. Absent a lower close, the rally becomes likelier to extend to 1.2000.

Gold Feb Contract (GC, ETF: (GLD))
Extending the rally Friday probed its 1277.50-1280.50 resistance, which might delay the 1283.50 target, but the rally remains intact.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s pullback proved to be irrelevant to the rally which resumed Friday. Attacking 16.50 requires that pullbacks hold 16.35-16.40 to maintain the rally’s momentum.

30-year Treasury Mar Contract (US, ETF: (TLT))
Ranging narrowly Friday morning never threatened to resume Thursday’s recovery attempt or reject it. Now two sessions have failed to bounce from Wednesday’s plunge, suggesting that its low will be retested before any credible recovery can form.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday morning’s gap down was recovered, completing a perfect record of a similar template all week. And it finally extended to fill the 2-week old opening gap up at 58.50, which Thursday’s peak had stopped pessimistically short of completing. That’s enough pessimism to expect a less restrained optimistic surge before the next downleg could be credible.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up slightly was enough to immediately recover the 2.61 objective that this week’s dip has been testing. But the price action doesn’t qualify as a bottom, nor does it reverse the trend back up. The prior Friday’s 2.58 low remains vulnerable to being tested before recovering 2.71 would launch a new upleg.