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))
Monday’s bounce had retraced 61.8% of Friday’s steep drop through its 1.1265 sell signal, which Tuesday honored by not probing any higher, and by dipping back down toward Friday’s low. Not closing any lower would form a multi-session range which would be vulnerable to another breakout lower Wednesday.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s gap up extended no higher intraday, but it wasn’t rejected Tuesday. At least, not yet. New lows targeting 1296.00-1297.00 remain in-play.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s dip to 19.15 was recovered to attack the 19.35 bounce limit, but not recover it. Holding 19.35 Monday made the decline likely to resume, its retest of prior lows remaining intact.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gaping up Tuesday and extending higher intraday to 166-23 was retraced back down to the 165-30 bounce limit, further suggesting the gap back down to 165-02 needs to be filled before a rally can begin.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Coverage rolls forward to Nov which trades at a 75-80 cent premium to Oct] Could the pattern have bottomed? Last week’s failed Pivot Reversal tried, but resolved down. Now Tuesday’s Key Reversal is leaving no structural “unfinished business below” — gapping down within the range and recovering from a fresh low to close positive. Only measurable attractions remain outstanding, like 43.00 and 42.30. Closing above the Pivot Reversal’s 45.00 intraday high would be credible for reversing the trend back up.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping up to fresh highs Tuesday and extending higher through the morning is essentially already fulfilling the 3.04 target. Higher targets will be in-play, especially upon confirming with a second consecutive higher close on Wednesday.

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 deep drop under its 1.1265 sell signal (basis Dec) did not extend down Monday to confirm. But gapping up and firming within Friday’s range is not an appropriate bottom, making the decline likely to extend down anyway.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s gap up from Friday’s test of support was not an appropriate finish to the decline, making it likely to resume, and still targeting 1296.00-1297.00.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Monday above last week’s ~19.15 highs tested 19.35 resistance, which is likely to hold and launch another downleg targeting fresh lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Still testing the 165-20/165-30 bounce limit Monday didn’t range any wider than Friday’s test, making the gap back down to Thursday’s 165-02 close even likelier to be filled regardless of the resolution.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Monday to 43.65 and extending higher intraday to test 44.15 only filled the gap back up to Thursday’s close, neutralizing its attraction above. The pattern remains likely to resolve in new lows targeting a test of 42.25.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping down slightly on Monday only ranged narrowly around 2.91. Friday’s breakout wasn’t confirmed, but neither was its intraday recovery rejected, remaining likely to launch a new upleg targeting at least 3.04.

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 Sep Contract (EC, ETF: (FXE, UUP))
Chipping away at the 1.1225 sell signal was finally exploited Friday, and with a vengeance, as the opens’ gap down to 1.1225 extended sharply lower intraday to test 1.1150. A second consecutive lower close Monday would then require at least an eventual third lower close.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s bounce from testing 1212.00 support was retraced into Friday’s open, and eked lower during the day to eventually attack 1309.00. The 1296.00-1297.00 target is in-play.

Silver Dec Contract (SI, ETF: (SLV))
Initially holding the multi-session range Friday morning eventually probed fresh relative lows, needing a second consecutive lower close Monday to confirm the prior low’s retest is likely underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
Having held a retest of Tuesday’s low Thursday, the overnight probe above the 165-20 bounce limit was maintained through Friday morning. Its recovery through the close signals a bottom having formed and probably also momentum reversing up, still needing confirmation from a second consecutive higher close.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s attempt at forming a Pivot Reversal still needed Friday’s open to gap up, which it did not, which essentially confirmed the outstanding gap and fresh lows down to 42.25 remains in-play — which Friday’s fresh lows have now attacked to within 50 cents.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Friday’s initial weakness was recovered to probe back above Thursday’s high, itself being the recovery of initially dipping ahead of the EIA report. A second consecutive higher close isn’t so much a buy signal at this stage of the pattern, as it is confirmation the uptrend targeting 3.04 remains intact. But it is also a breakout of the recent range.

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 Sep Contract (EC, ETF: (FXE, UUP))
Thursday morning’s surge retested 1.1265 resistance. Again. And it held. Again. Chipping away at its resistance doesn’t yet assure breaking higher. But not yet reversing down Friday morning would make a break higher much likelier.

Gold Dec Contract (GC, ETF: (GLD))
Sliding sharply Thursday morning thoroughly tested support down to 1312.00, and reversed up sharply to attack 1324.50 resistance. It’s the new bounce limit, and reversing its test back down under 1313.00 would next target the 1296.00-1297.00 objective still outstanding.

Silver Dec Contract (SI, ETF: (SLV))
Spiking up at Thursday’s open to 19.25 was reversed down to 18.88, but not to extend down. In fact, recovering into positive territory essentially ranged around unchanged and 19.00. Retesting prior lows should get underway before the weekend or else a bigger corrective bounce would become very likely.

30-year Treasury Dec Contract (US, ETF: (TLT))
Retesting Tuesday’s 164-22 low Thursday down to 164-17 didn’t extend down, but still needed to be recovered into positive territory and above 165-30 to signal that a bottom had formed.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Did Thursday form a bullish Pivot Reversal? Gapping up slightly was reversed down from 44.21 to almost fill the outstanding gap at 43.22. It was attacked to within a nickel while piercing its bar by 2 cents. Regardless, reversing back above the morning’s high attacked 44.35. Any initial strength Friday would be credible for extending sharply higher intraday. Otherwise, almost any delay would be likely at least to probe fresh lows down to 43.25 42.25.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Wednesday’s reversal down from its 2.98 pre-open fresh high to 2.85 extended only slightly lower to 2.83 before the EIA report triggered a recovery up to 2.95. The 3.04 target remains in-play, although a second consecutive higher close Friday would help to confirm.

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 Sep Contract (EC, ETF: (FXE, UUP))
Tuesday’s probe under 1.1225 reacted back up Wednesday to retest 1.1265 resistance, which had held already Sunday and Monday. A new downleg has yet to be confirmed.

Gold Dec Contract (GC, ETF: (GLD))
Probes lower after Tuesday’s close and overnight didn’t extend down, but buyers weren’t attracted Wednesday as the 1329.00-1332.00 bounce limit continued to hold.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s gap up tested the recent range’s 18.15 upper-end and spent the entire session in positive territory. But the range’s upper-end held as resistance, which is “ineffectual optimism” that should resolve down almost immediately if a bigger bounce will be avoided.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up slightly Wednesday and extending up to 166-12 held a test of the 165-30 bounce limit. Now holding a retest of Tuesday’s 164-22 low — especially if recovered to close positive territory — would form a bottom.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down to fresh lows Wednesday found support at the recovery’s original 44.20 bounce limit. Reacting up into positive territory in reaction to the morning’s EIA report was rejected by a return to lower lows testing 43.45, confirming a retest of the 43.00-43.25 prior lows remains in-play.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Probing above prior highs overnight to 2.98 before reversing down intraday into negative territory at 2.85. Now closing back above 2.94 would confirm the 3.04 objective remains in-play..