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))
Several consecutive sessions of probing prior lows without breaking lower were possibly rejected by Tuesday’s gap up into the range that trended higher intraday. Closing Wednesday above 1.0650 would signal a rally leg underway.

Gold Feb Contract (GC, ETF: (GLD))
Tuesday initially extended the corrective bounce to 1074.00 from Friday’s gap down, but it was retraced to close back in negative territory under 1065.00 “higher prior lows.” Now that they’ve been tested as resistance, Friday’s 1054.50 gap under all prior lows can be filled to form a durable bottom.

Silver Mar Contract (SI, ETF: (SLV))
Gapping up Tuesday to probe above 14.20 was retraced to fluctuate around unchanged, despite there being no outstanding “unfinished business below” attracting price down.

30-year Treasury Jan Contract (US, ETF: (TLT))
One week of consolidating recent gains without buyers gaining any traction was nevertheless extended sharply higher by 2 points Tuesday, surging to the lower-end of 155-29/156-12 resistance. It should be tested fully so long as 155-00 now holds pullbacks as support..

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already having waited too long for the recent basing pattern to launch a rally, Tuesday morning’s dip back toward the range’s 41.00 low was unable to attract sponsorship for probing lower. And a fresh low has become required prior to a credible rally.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s fresh lows were recovered back into the recent 2.20-2.25 range, still not requiring any lower close before a credible recovery could begin.

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))
Trading flat-to-lower Monday wasn’t really lower, and certainly didn’t extend down. Any initial strength Tuesday would be credible for extending higher intraday.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s break under its Descending Triangle had not extended down intraday, and it was retraced Monday. Friday’s opening gap under all prior lows still requires being filled, but now the origin of that retest suggests that a bottom will form from it.

Silver Mar Contract (SI, ETF: (SLV))
Monday’s narrow ranging reflected its prior week’s gap down having been filled already to neutralize its attraction below. Perhaps it also reflects that the any delay to recovering is from waiting for Gold to form a bottom.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-flatter ranging ranged narrowly Monday, too high to stretch the rubber band above 156-00 for snapping back down, and seemingly not even contemplating dipping through the 154-10 sell signal.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Resuming or extending the rally could be dismissed Friday for the thinner participation, but there isn’t much excuse for the basing pattern not yet to have broken higher.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Friday’s gap down wasn’t rejected Monday as price ranged narrowly around it 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))
Gapping down Friday to test Wednesday’s low was retraced almost entirely intraday. The ongoing series of lower lows and lower highs remains intact, but recovering the last relative high above 1.0650 would allow a bottom to begin forming.

Gold Feb Contract (GC, ETF: (GLD))
It didn’t take long after forming a Descending Triangle for it to break sharply lower, gapping down Friday to attack 1051.50. The 1054.50 opening gap will need to be retested from above before a credible rally can begin.

Silver Mar Contract (SI, ETF: (SLV))
Retesting Monday’s opening gap down was required before a rally would be credible. Friday’s open filled it and firmed for the balance of the session.

30-year Treasury Dec Contract (US, ETF: (TLT))
Probing higher overnight stopped short of the 156-00 resistance where a reaction down could launch a new downleg. But a shallower gap up still reversed into negative territory. Back under 154-10 would signal momentum already reversing down.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Perhaps the more lightly-attended post-holiday pre-weekend session can be dismissed for not already launching a rally. But that won’t be allowed much past Monday’s open, not if the two-week long ranging is actually a base.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Friday’s dip to fresh lows was the second-consecutive lower close, confirming Thursday’s breakout from a multi-session range. At least an eventual third lower close is now required before any rally can be considered credible.

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))
Gapping down Wednesday was shallow enough not to trigger a new downleg. But it also didn’t confirm or resume any previous recovery attempt. The bottoming potential remains intact.

Gold Dec Contract (GC, ETF: (GLD))
Having held 1082.00 resistance again Tuesday, dipping back to the lows Wednesday makes a break lower likely. Probably not a shallow break, but potentially brief to react up sharply into a steep corrective bounce.

Silver Dec Contract (SI, ETF: (SLV))
Neutralizing the attraction below at Monday’s gap down helps to form a bottom, even if only for a corrective rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
Still not extending higher Wednesday is still not a sell signal, which would be triggered under 154-10. The rally can extend higher meanwhile.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down slightly Wednesday was not extended and didn’t last long before bouncing back into Tuesday’s range. That must qualify as the entire correction at this stage of the pattern if its basing is going to launch a rally leg.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down Wednesday was recovered again, bouncing back into positive territory but stopping at the 2.23 buy signal that would launch a rally leg.

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))
Gapping up Tuesday left no unfinished business below since Monday’s close was within the prior range. Extending higher Wednesday would help to confirm a bottom is still forming.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s gap up isn’t enough to undermine the downward momentum, which requires closing above 1082.00.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s gap down under all prior lows to 13.97 requires being retested as support before a rally would be credible. So, Tuesday’s gap up allows filling Monday’s gap to be recovered into a rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Initially extending Monday’s recovery made the rally doubly dependent on closing higher Tuesday to confirm the breakout is valid. Reacting back down into negative territory undermines the recovery.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting up Tuesday on the Russian fighter jet downing is as valid as any other surge for forming a bottom, so long as it is confirmed by a second consecutive gain — if not also a surge — Wednesday.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down Tuesday to retest Friday’s low and recovering back to unchanged can now begin to form a bottom, but only so long as any probe of fresh lows intraday is recovered to close positive. Any initial strength Wednesday would be credible for extending higher intraday.