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))
Another well-timed remark from Mnuchin triggered a surge that mostly retraced Thursday’s drop. Thursday’s drop had retraced the morning’s surge. Has the administration talked currencies into forming Head & Shoulders tops? Back under 1.2390 would trigger the reversal.
Gold Feb Contract (GC, ETF: (GLD))
Plunging after Thursday’s close tested the rally’s 1345.00 pullback limit. Having attacked the 1369.50 target only hours earlier, there’s potential for the reversal to extend. But Friday morning held. But the target otherwise remains intact so long as the pullback limit holds through the close.
Silver Mar Contract (SI, ETF: (SLV))
Attacking the 17.72 target to within 1 penny certainly made it easier for Thursday’s post-close plunge that tested both recent 17.30 and 17.11 buy signals as support. But holding 17.30 through the close, at least through Friday morning, keeps alive the potential for recovering the drop’s origin and more thoroughly testing the high.
30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s bounce didn’t extend overnight, and Friday morning retraced the recovery attempt further, still likely to produce lower lows so long as 149-10 isn’t recovered.
Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The reaction down from having gapped up to test 66.05 resistance was retraced to 65.37 “lower prior highs” Thursday. Its reaction was recovered Friday to retest 66.05 and possibly also extend the rally to its 67.15 target.
Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Greeting Friday with more aimless choppiness, albeit shallow, remained intact through the morning. A confirmed breakout still requires an eventual third higher close, but its immediate isolated overnight follow-through allows a pullback will develop first. Friday afternoon did probe fresh highs, and new high close on Friday often extends at least temporarily Monday.