Daily Spot… Crude Oil’s new paradigm?

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))
Stopping pessimistically short of touching the two prior days” highs around 1.0265 Wednesday inght suggested at least an obligatory probe up to 1.1075 before reversing down. But the bottom fell out Thursday morning under 1.0975 and extended down to 1.0867. The dip can extend down to 1.0805-1.0815 without reversing the trend down.

Gold Apr Contract (GC, ETF: (GLD))
The 1190.00 pullback limit wasn”t even threatened after fulfilling the 1197.00 target Wednesday, and the potential for extending to 1216.00 was over-delivered by Wednesday night”s surge up to 1219.50. Thursday did not retest 1216.00, but consolidated exclusively above Wednesday”s high around 1205.00. Closing above 1216.00 would be difficult, but very bullish.

Silver May Contract (SI, ETF: (SLV))
Only slightly higher highs Wednesday night continued to suggest the recent rally is weighted down by the need for a corrective dip targeting 16.45-16.60.

30-year Treasury Jun Contract (US, ETF: (TLT))
A brief bounce to the original corrective bounce limit at 165-07 Wednesday night couldn”t overcome Tuesday”s signal that the rally had peaked already. Perhaps the stock market”s recovery attempt was also a catalyst to pushing bonds lower to 162-09. A corrective dip would target 160-02 so long as 163-08 isn”t recovered first.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Is this a paradigm shift? The 49.55 corrective bounce limit had held Wednesday, and was probed considerably by $3 overnight on Yemen hostilities — which could have been only an extended corrective bounce. But the intraday low didn”t touch Wednesday”s high, and if not rejected by gapping down Friday to form an Island, closing above 51.45 would extend the rally to 55.45 and potentially much higher.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Failing to greet Thursday”s EIA report from a position of strength resulted in a reaction down through prior lows at 2.65. The recent range”s accumulation can become quickly distributed if a recovery back above 2.77 is delayed.