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))
Monday”s bounce was already retraced fully into its close. Extending down overnight promised to satisfy the pattern”s minimum requirement for at least one more lower close. A lower low targeting 1.2155 is still in-play.

Gold Feb Contract (GC, ETF: (GLD))
Monday”s plunge satisfied the pattern”s minimum requirement for at least one more lower close. Firming overnight didn”t threaten to recover the 1185.50 bounce limit, and the 1167.50 likely target remains in-play.

Silver Mar Contract (SI, ETF: (SLV))
Firming Tuesday wasn”t likely to trigger a rally leg. Although the pattern”s minimum requirement below was satisfied Monday, stopping optimistically short of actually probing the prior low suggests the drop hasn”t yet ended.

30-year Treasury Mar Contract (US, ETF: (TLT))
The 144-04 pullback limit shouldn”t even have been retested if the pullback from recent highs has ended. But its support failed and last Thursday night”s 143-03 low was probed down to 142-26/142-30 support. Now 143-16 must be recovered to signal the pullback has ended.

Crude Oil Feb Contract (CL, ETF: (USO))
Monday”s dip back under 56.05-56.30 tried recovering overnight, only to fail again. But a decline still didn”t materialize, and Tuesday probed back above 56.05-56.30 to a fresh high above 57.50. Extending higher Friday would next target 60.40 and potentially 63.65.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
A fresh low overnight was recovered Tuesday morning, but momentum did not reverse up. At least a third lower close is in-play, although back above 3.27 would trigger a corrective bounce targeting 3.55.