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))
Repeating Friday’s gap down under prior lows also repeated Friday’s dramatic recovery back above 1.1265. A little less so on Tuesday, reacting down from filling the gap back up to Monday’s close. Regardless, the trend remains down so long as 1.1265 is not recovered.

Gold Dec Contract (GC, ETF: (GLD))
Gapping down and then plunging at Tuesday’s open quickly fulfilled the longstanding 1296.00-1297.00 target, probing under it down to 1283.60. But consolidating there resolved down sharply, too, to 1269.00, next targeting 1266.00 so long as bounces hold 1293.00-1294.50.

Silver Dec Contract (SI, ETF: (SLV))0
The longstanding retest of 18.45 was met soon after Tuesday’s initial opening plunge. Then it was probed considerably down to 17.75. Bounces have room up to 18.25 whether maintaining the decline’s momentum or forming a bottom

30-year Treasury Dec Contract (US, ETF: (TLT))
Although Monday’s narrow ranging around Friday’s 167-30 low had only failed to reject its dip, and did not actually signal extending down, Tuesday did extend down to sharply lower lows at 166-12. This tests natural support back down to “lower prior highs” of the original bottoming pattern, and back above 167-00 would signal the pullback had ended.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having met its 49.00 target after Monday’s close, and then retesting it eventually Tuesday morning. The test held as resistance, but it was not rejected, and there is no change to the 47.95 pullback limit.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Recovering Monday from filling the next lower gap still needed to hold a retest of Monday’s low for any credible bottom to form so quickly. Tuesday’s low only retested the 2.88 gap before reversing up sharply into positive territory at 2.97. That’s bullish enough to suggest that any initial follow-through Wednesday not gapping up significantly would be credible for extending higher intraday.

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))
Friday’s recovery of its gap down wasn’t validated Monday, as price dipped back under 1.1265 again. While a second consecutive lower close would be helpful confirmation, an aggressive drop would be appropriate, and much better confirmation of a new downleg underway.

Gold Dec Contract (GC, ETF: (GLD))
Opening weaker Monday to extend Friday’s reaction down extended to probe 1311.00, as no more backing-and-filling should be needed to extend to the 1296.00-1297.00 target.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s opening slide probed last week’s low to test 18.75, presumably resuming the decline targeting fresh lows under 18.45.

30-year Treasury Dec Contract (US, ETF: (TLT))
Recovering from Friday’s close back under the 168-22 pullback limit needed Monday’s open to gap back above it, which it did not, instead of probing lower, which it did. But probing lower was still ranging around Friday’s intraday lows, preventing momentum from reversing down.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The outstanding 49.00 target was attacked overnight to within 13 cents, but that overnight high wasn’t retested until Monday afternoon. While this fulfills the rally’s objective, it could extend so long as pullbacks now hold any test of 47.95.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday’s lower close had already made the next lower gap likely to be filled, which was done at 2.81. Turning positive into the close does allow a retest of Monday’s low to hold Tuesday which would form a bottom.

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))
Tuesday’s confirmed break under the 1.1265 sell signal had made Thursday’s bounce up to 1.1285 likely to fail. And it did, retracing intraday and trending down sharply overnight to test 1.1190. But Friday’s big gap down has reversed right back up to Thursday’s high at 1.1290. Still testing 1.1265, the pattern remains defensive, if not impatient.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up and surging Friday attacked the upper-end of the 1329.00-1332.00 bounce limit. The limit held, and the session reversed back down sharply to fresh lows at 1316.00. More than a bounce limit, the pattern now has little if any tolerance for any more bouncing before resuming its decline.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s open gapped up and extended sharply higher to test its 19.75 sell signal, probing above its 19.35 bounce limit. They held their test, reversing price down to fill the gap back to Thursday’s 19.18 close.

30-year Treasury Dec Contract (US, ETF: (TLT))
Recovering into Friday’s open attacked the rally’s 170-02 to within 1 tick. But that was reversed to probe back under Thursday’s 168-09 low down to 167-30. Both dips tested the 168-22 pullback limit, whose recovery through Friday’s close would suggest the rally is ready to extend higher.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))0
An overnight dip attacking 47.00 held the 47.45 pullback limit Friday and recovered to attack Thursday’s ~48.30 high, keeping alive the 49.00 target.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Dipping even deeper ahead of Friday’s open wasn’t rejected intraday as it tested 2.89. This extended stage of the pullback must rally aggressively to avoid much deeper pullback being underway. So, every tick that isn’t rallying aggressively is essentially signaling that momentum has reversed down.

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 bounce back above the 1.1265 sell signal after two consecutive closes under it suggests the bounce will fail. In fact, testing Monday’s “higher prior lows” up to 1.1288.did reverse back under the signal.

Gold Dec Contract (GC, ETF: (GLD))
Dipping deeper overnight to attack 1318.50 into Thursday’s open was retraced into positive territory above 1326.00. Nevertheless, the decline’s momentum remains intact under 1329.00.

Silver Dec Contract (SI, ETF: (SLV))
Overnight weakness didn’t extend down and Thursday morning bounced as the decline’s momentum remains intact under 19.35.

30-year Treasury Dec Contract (US, ETF: (TLT))
Having reacted down already Wednesday from testing the 170-02 objective, gapping down Thursday extended down slightly further to test the rally’s 168-22 pullback limit down to 168-09. Its reaction bounced back to within 4 ticks of 170-02, suggesting the recovery remains intact.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The rally extended sharply higher Thursday and attacked its 49.00 target up to 48.32. No other upside attractions are outstanding, so back under 47.45 would signal the rally was ending, and under 46.90 would signal momentum reversing down.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s weakness was contained within Wednesday’s range. Having greeted the day’s EIA.report not from an optimal position of strength, the reaction suggests that its pessimism is ineffectual. Any initial strength Friday would be credible for extending higher into the weekend.

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))
Tuesday’s break back under its 1.1265 sell signal had not extended through the close, but Wednesday’s follow-through did. And the second consecutive lower close confirms that at least an eventual third lower close is outstanding.

Gold Dec Contract (GC, ETF: (GLD))
Extending Tuesday’s steep drop to 1321.00 both confirmed the break from a multi-session range, as well as broken under 1329.00-1332.00 support. At least an eventual third lower close is required, probably as part of a larger downleg, which is targeting 1296.00-1297.00 so long as 1332.00 is not recovered.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s confirmation of Monday’s 19.75 sell signal was extended on Wednesday, fulfilling the setup’s minimum required third lower close. The decline’s momentum remains intact so long as 19.35 is not recovered.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s open was still not rejecting Tuesday’s confirmation of Monday’s breakout, making higher highs likelier sooner, rather than later, Its 170-02 was tested at Wednesday’s high. Momentum doesn’t reverse down so long as 169-06 holds as support.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initial firming Wednesday on bullish OPEC headlines was extended to test 44.80 in reaction to the morning’s EIA report. That filled the gap back up to Monday’s close, enabling a steep reaction back down to attack Friday and Tuesday’s 44.20 lows. The retracement was recovered to 46.00 when another OPEC headline triggered a sure to 46.70, back above last week’s highs. A higher close remains outstanding, likely to test 49.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down Wednesday retested the 2.93 “lower prior highs” that had held Friday’s lows, and which already had produced Monday’s bounce. The retest down to 2.90 seems to have held by bouncing to 2.95, which maintains the recent dip as being only a temporary pullback.