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, UUP))
The gap back to 1.0855 was filled before Thursday’s open. Retracing it through 1.0905 suggests an earlier gap up to 1.1000 will be filled also before likely resuming the decline.

Gold Feb Contract (GC, ETF: (GLD))
Thursday’s gap up trended higher intraday for a second consecutive higher close confirming Wednesday’s breakout. At least a third higher close or more is required before a reversal down would be credible for extending. Meanwhile, upside potential on this leg is to the 1137.00 area.

Silver Mar Contract (SI, ETF: (SLV))
Recovering back to prior highs is being suggested by Thursday’s test of 14.10, whose recovery nearly filled the gap back up to 14.40.

30-year Treasury Mar Contract (US, ETF: (TLT))
Another overnight drop encouraged another flight-t0-safety Thursday that pushed price well above its last relative highs  of 155-14 and 155-29 to 156-25. Most of which had been retraced into the open. But closing back above 156-14 would likely retest 156-25, before reversing down to fulfill “unfinished business below” that is left outstanding.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Breaking sharply Wednesday under 36.00 extended down further Thursday morning to test support around 32.00. Resistance is at 33.55 was tested, but ultimately held, keeping alive the likelihood for at least one more lower close.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
The reaction to Thursday’s EIA report wasn’t down, although that likely would have been absorbed, if not also reversed up. Returning back to recent highs above 2.38 does posture the pattern to break higher without further delay, to avoid a deeper correction.