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))
Ranging narrowly Tuesday did not affect the pattern’s 1.0655 target that remains in-play so long as bounces hold 1.0835.

Gold Dec Contract (GC, ETF: (GLD))
The bounce off of Monday’s 1211.00 low didn’t much extend Tuesday, and more fluctuated in slightly positive territory, keeping alive the 1206.00 and 1196.50 targets.

Silver Dec Contract (SI, ETF: (SLV))
Bouncing Tuesday held 17.10 resistance to maintain the likelihood of retesting Monday’s 16.62 low.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s range was relatively narrow compared to Monday, which undermines the credibility of any recovery attempt before Friday. And possibly also Monday, while a bigger bottom can start forming and should revisit at least 153-07.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up more than $1 to 44.55 Tuesday extended another $1 intraday. Now holding 44.15-44.30 would allow the rally to extend, potentially targeting 48.25.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up to test 2.80 could have extended higher Monday, but Tuesday’s attempt wasn’t likely to extend. But its intraday reaction down should still extend to fill the gap back to Friday’s 2.62 close, and possibly also probe the 2.55 low.

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))
Monday’s gap down extended sharply through the open to test 1.0725. So long as 108.30 holds as support, the next lower objective in-play is 1.0655.

Gold Dec Contract (GC, ETF: (GLD))
Overnight weakness extended down intraday to 1211.00. Bouncing $7 into positive territory at 1231.00 then reacted back down to close in negative territory. The next lower objective is 1196.50, with some potential support at 1206.00.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down Monday extended sharply lower through the morning to 16.62, is all the allowable room for noise on a retest of last months’ 17.11 overnight low. Any lower — especially through the close — would suggest a much deeper drop underway. It’s premature for a bottom to begin forming, but a steep temporary corrective bounce is possible.

30-year Treasury Dec Contract (US, ETF: (TLT))
Dropping Sunday night more than 2-1/4 points to 152-24 was recovered almost entire before Monday’s open, but still gaped down to 154-00 and dipped less deeply intraday. The gap back up to Friday’s close held when another bounce filled it. It’s not premature for a bottom to begin forming, but it’s too soon for a recovery to begin.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s open gapped down and probed fresh lows to 42.20. Bouncing back up to unchanged and higher has created an opportunity to bottom. Any strength above 44.15-44.30 would be credible for reversing momentum up.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up and extending to 2.78 Monday stopped short of 2.80, which would actually signal momentum reversing up. Filling the gap back down to Friday’s 2.62 is now required before a durable bottom can form.

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))
Thursday’s gap down to the 1.09.15 sell signal had failed several intraday attempts to trend lower. Friday’s open blipped-up before reversing down sharply to fresh lows at 1.0845. No immediate recovery is likely before extending lower, especially so long as bounces hold 1.0885.

Gold Dec Contract (GC, ETF: (GLD))
Probing under 1252.50 overnight didn’t suffice for fulfilling its test. Instead, it chipped away at support, which gave way through the morning for new lows testing and retesting 1227.00. The drop undermines the prior rally’s confirmed breakout, and is unlikely to recover suddenly after the weekend.

Silver Dec Contract (SI, ETF: (SLV))
Breaking under 18.25 Friday morning extended down sharply through its 17.80 objective to attack prior lows at 17.10 to within a dime. Closing back above 17.45 is the minimum requirement to begin signaling the drop has ended.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fulfilling the 155-30 target extended lower Friday to 155-03 instead of recovering 156-16 to establish that a bottom is forming. Closing back above 156-16 Monday would still keep the door open to bottoming.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 44.15-44.30 pullback limit failed to hold overnight and Friday gapped down to the decline’s 43.75 target then extended down to fresh lows. A new downleg is underway, next targeting 38.70.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Friday’s narrow ranging extended Thursday’s inside day, and again did not reject recent lows, suggesting that any rally effort short of 2.80 would be unreliable.

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))
Thursday’s open gapped down to 1.0915 and probed under it several times, but continually returned to 1.0915 to avoid a clean break under it that would require extending to fresh lows before the next credible rally effort can begin.

Gold Dec Contract (GC, ETF: (GLD))
A shallower bounce than Tuesday night’s test of 1291.50 was reversed down again into Thursday’s open, and extended lower under 1266.00 down to 1258.00 before returning to 1266.00. The next lower objective at 1252.50 would be in-in play unless 1275.00 were recovered first.

Silver Dec Contract (SI, ETF: (SLV))
Flat-to-higher ranging Thursday within Wednesday’s range seemingly awaited Gold’s resolution to its attraction below. Regardless, closing back above 18.80 would signal at least a retest of Tuesday night’s rally to 19.00.

30-year Treasury Dec Contract (US, ETF: (TLT))
Without already trying to bounce overnight out of Wednesday’s intraday plunge to new lows, lower lows targeting 155-30 are likely to be fulfilled before a credible recovery attempt can begin.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat or flat-to-lower ranging Thursday does not fulfill the requirement to quickly validate Wednesday’s test of 45.70 resistance. The window remains open for a break above it until it holds another test, and so long as 44.15 holds as support.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping down Thursday held 2.60 support and largely remained within Wednesday’s range throughout an otherwise muted reaction to the morning’s EIA report. The first breakout from this setup in either direction would not be reliable for extending until confirmed the following day.

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))
Fluctuation between closes can’t be prevented, but it doesn’t necessarily affect the objective in-play. Tuesday night’s surge up to 1.1315 didn’t prevent opening flat-to-lower Wednesday and extending to the 1.1010 target. Potential to 1.0965 was fulfilled soon afterward by fresh lows testing 1.0940. Back above 1.0995 would signal the decline’s momentum was ending.

Gold Dec Contract (GC, ETF: (GLD))
Attacking the pullback’s 1266.00 target to within $2 overnight was recovered to sharply higher highs overnight testing 1338.00. Its reaction down Wednesday morning probed under the 1291.50 buy signal down to 1270.00. Now recovering 1284.00 would signal another rally leg, and prevent extending down to 1252.50.

Silver Dec Contract (SI, ETF: (SLV))
Surging overnight to test 19.00 was retraced entirely Wednesday morning to fill the gap back to Tuesday’s 18.30 close. An intraday retest of the overnight highs is likely before a durable decline would be credible.

30-year Treasury Dec Contract (US, ETF: (TLT))
Surging overnight to attack 165-02 was reversed down sharply, back under the 162-16 sell signal and through its minimum 160-10 objective to test 159-16. The decline extended intraday down to 158-22, next targeting 155-30 while bounces are likely to hold 158-04.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already retesting the decline’s 43.75 target overnight and recovering to open Wednesday flat-to-higher has created potential for avoiding a new downleg. Closing above 44-30 helps to seal a bottom. Already testing 45.70 now requires breaking it to launch a rally to and through 48.25.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Wednesday’s open was essentially flat with the close of Tuesday’s gap down session. Extending down to 2.56 was recovered to the week’s “higher prior lows” at 2.74. The prior week’s higher prior lows above at 2.86 must be recovered to seal a bottom. Meanwhile, Thursdays open is not being greeted from a position of strength, although a bottom pattern does not require fresh lows..