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))
Thursday”s strength helped to confirm that the confirm breakout was resuming on schedule, after Wednesday”s corrective dip held the 1.1400 pullback limit through the close. The gap back to Tuesday”s 1.1500 close was still being tested, so extending higher without delay Friday would be helpful, too.

Gold Apr Contract (GC, ETF: (GLD))
Initially dipping Thursday suggested the decline”s resumption remained intact. The dip didn”t extend, and a close under 1257.50 should make the decline”s resumption obvious by extending down sharply.

Silver Mar Contract (SI, ETF: (SLV))
Gapping down Thursday helped to confirm that Wednesday”s fresh reaction high was entirely distributive. Closing under Thursday”s low would help to confirm the decline has resumed.

30-year Treasury Mar Contract (US, ETF: (TLT))
Immediately spiking down Thursday suggested Wednesday”s late bounce was being rejected. That would be interesting, because the late bounce had prevented yet confirming Tuesday”s sell signal. Regardless, Friday”s pre-open Employment Situation report should either resume the decline, or else trigger backing-and-filling up to 150-15.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
Wednesday”s deep drop absorbed slightly lower pullback lows overnight to rally sharply Thursday, testing 51.50 resistance. Recovering it would have been suspiciously impatient. But the rally is free to extend at any time.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Wednesday”s dip prevented greeting Thursday”s EIA report from a position of strength. A reaction down to the news did probe the 2.61 prior lows. The drop didn”t extend and was still overlapping prior lows, so another bottoming setup may develop. Closing back above 2.70 would be bullish.