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 test of the 1.1425 resistance was probed momentarily, but Friday only ranged narrowly. Not closing higher prevented confirming Thursday”s breakout, which requires extending higher without delay to avoid becoming bearish.

Gold Apr Contract (GC, ETF: (GLD))
Friday”s gap up is suspicious for developing from Thursday”s “ineffectual pessimism.” The close was still overlapping Thursday”s ~1227.00 high, so not extending higher immediately after the weekend would be likely to resolve down.

Silver Mar Contract (SI, ETF: (SLV))
Friday”s gap up extended sharply higher intraday. The 1-1/2 week old gap back to 17.40 was tested and held. This sort of surge is often exacerbated by the weekend”s impending illiquidity. That”s not necessarily bearish, but it does make it difficult to extend higher immediately.

30-year Treasury Mar Contract (US, ETF: (TLT))
The past several sessions” intraday probes of fresh lows had never reacted up to fresh highs, so the decline remained intact into the weekend. New lows down to 145-24 now make 144-18”s test likely.

Crude Oil Mar Contract (CL, ETF: (USO, UWTI))
Friday”s gap up that extended during the morning to test 53.40 was retraced down to 52.00. Positive territory was maintained throughout, and 52.85 was still being overlapped near the close. Since the 54.00 prior highs weren”t touched first, optimism remains restrained, and the recovery”s momentum remains intact.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Friday”s open retested the 2.68 low of Thursday”s negative reaction to the weekly EIA. The test held, and the earlier breakout eventually resumed the breakout by rallying sharply to 2.81. A new relative high close remains in-play.