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))
Having filled two gaps above, the corrective bounce was likely to fail. But gapping down Friday was too abrupt to be credible for being able to extend intraday. The consolidation is now free to resume the decline.

Gold Feb Contract (GC, ETF: (GLD))
Gapping down Friday filled the gap back to Wednesday’s close and its tested 1092.00 “lower prior highs”, which could be probed more deeply while “unfinished business above” remains outstanding.

Silver Mar Contract (SI, ETF: (SLV))
Thursday’s bounce back up to 14.35 resistance was late to begin and not a breakout, making it easier for gapping down Friday back under 14.10. There is no requirement to probe any lower while bottoming.

30-year Treasury Mar Contract (US, ETF: (TLT))
Thursday’s overnight high that was the flight-to-safety’s peak can  still be retested up to 156-30 and form a durable top to the recent bounce. All the more so, since Friday’s knee-jerk reaction down to 154-14 after Payrolls was recovered up to 156-16.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another test of 33.55 resistance Friday was retraced back down toward Wednesday’s lows, still likely to probe under 32.00 before a recovery would be credible.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Having probed recent highs intraday Thursday without closing higher, a close above recent highs Friday was required to avoid at least a corrective dip down to 2.14. Friday’s fresh highs up to 2.45 qualified as a breakout.