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 Dec Contract (EC, ETF: (FXE, UUP))
Rather than extend the corrective pullback any deeper first, Friday’s bounce filled the gap back up to Wednesday’s 1.1020 close. This is more suggestive of topping, so that the next decline is durable. Rejecting a probe above Wednesday’s high would have been more bearish, and still could be.

Gold Feb Contract (GC, ETF: (GLD))
Sliding sharply to attack 1061.50 support from Thursday’s close under 1074.00 was reversed up sharply to test 1077.77. Now a recovery is even more dependent on holding 1074.00 as support, if not also there being no delay to extending up through 1077.70.

Silver Mar Contract (SI, ETF: (SLV))
Friday’s gap down was within the prior range, but that didn’t prevent extending to fresh lows intraday. The pattern was not very responsive to Gold’s recovery, ending under prior lows. Its downside risk is in being confirmed by a second consecutive lower close Monday.

30-year Treasury Jan Contract (US, ETF: (TLT))
Delaying and backing-and-filling from attacks on the 156-12 target better enabled its eventual test to extend through it Friday. The breakout is next targeting 157-22 so long as pullbacks hold 157-04 as support. Closing under 156-15 would reverse the trend back down.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending down overnight to test the 36.25 target wasn’t rejected to close back above 36.70, which would have sealed a bottom. But the new low at 35.35 into the weekend reflects excessive pessimism when there is often a geopolitical risk premium. It is not quite a second consecutive lower close, but it is at least a breakout.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Two consecutive lower closes into the weekend now require at least an eventual third lower close.