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))
Wednesday”s bounce originated by gapping up, which isn”t appropriate for a durable bottom. Thursday night”s reversal back to the lows is much more appropriate for maintaining potential to 1.2155.

Gold Feb Contract (GC, ETF: (GLD))
The recently formed Symmetrical Triangle broke higher first, rallying Thursday night to test resistance at 1195.00-1200.00. Closing any higher would start to signal a much bigger rally underway, instead of being a temporary false break before probing fresh lows down to at least 1167.50.

Silver Mar Contract (SI, ETF: (SLV))
Rallying Thursday night to test 16.30 needed only to close back under 16.20 to help confirm the bounce was only a temporary detour before more substantially probing the week”s lows.

30-year Treasury Mar Contract (US, ETF: (TLT))
Closing above 143-00 Wednesday prevented the extended pullback from becoming something more substantial. Initially extending higher Thursday night still requires Friday”s close to be positive for the recovery potential to remain intact.

Crude Oil Feb Contract (CL, ETF: (USO))
Yet another probe above 56.05-56.30, and yet another lack of inflection, resulting in yet another reaction back down to 55.15 support, again. Actually, this test didn”t hold, and is probing lower. Not yet launching a rally into and/or out of the weekend makes this recent ranging increasingly vulnerable to launch a new downleg instead.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Sellers had already expended much energy overnight when rejecting Thursday night”s opening probe into positive territory, So, probing fresh trend lows before Friday”s open were retraced into positive territory. Closing back above 3.05 would be the earliest signal that at least a corrective bounce is underway targeting 3.20 or 3.27.