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 Sep Contract (EC, ETF: (FXE, UUP))
Probing fresh lows Monday didn’t trend down, but the optimal bottoming pattern would have rallied already into the afternoon. Initial strength Tuesday would still be credible for extending higher intraday, but nothing any later would be as reliable.

Gold Dec Contract (GC, ETF: (GLD))
Trending down Sunday night retested last week’s 1064.00 intraday low but not its overnight low $2 lower. The nearest buy signal in this pattern remains a close above 1082.00.

Silver Dec Contract (SI, ETF: (SLV))
Sunday night’s drop probed fresh lows Monday but recovered above prior lows later. None of which is a buy signal, and not confirming an immediate recovery attempt would likely launch a new downleg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s gap down filled the gap back Wednesday’s close, fulfilling the minimum consequence to Thursday’s failed breakout. Bouncing immediately from there extended higher intraday to close again back above the 154-10 signal.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight were recovered on Saudi defensive statements. Iranian comments sent price back down, but never back to overnight lows or even under prior intraday lows. The pattern still requires a surge and then next day follow-through to avoid launching a new downleg already.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Bouncing Monday helped to set the stage for attacking Friday’s low again  to form a bottom. No other setup would qualify as bullish at this stage of the pattern.

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’s rally was denied a second consecutive higher confirming close. But Friday was still constructive to forming a bottom. Its gap down created an attraction back up to Thursday’s close, and its low filled the gap back down to Wednesday’s 1.0665 close. Closing back above the 1.0680 prior low would have been optimal, but almost any initial strength Monday would be credible for extending higher.

Gold Dec Contract (GC, ETF: (GLD))
Overnight strength settled back intraday to range between the decline’s 1074.50-1082.00 target range, closing lower on the day but still potentially basing.

Silver Dec Contract (SI, ETF: (SLV))
Thursday night’s surge was retraced Friday back down to the range’s lower-end at 14.00.

30-year Treasury Dec Contract (US, ETF: (TLT))
Intraday weakness touched what had been support at 154-10 and held, but didn’t close positive, which left Thursday’s breakout unconfirmed.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initial weakness reacted up sharply intraday. Perhaps it helps to confirm that sellers aren’t being attracted to current levels. But it is also reminiscent of a last-minute risk premium for weekend geopolitical uncertainties. At least an obligatory probe of fresh lows is likely if Monday doesn’t immediately extend Friday’s bounce, for whatever reason.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Frideay fell on further consequences to not triggering a buy signal after Thursday’s EIA report. Now two consecutive closes under a multi-session range require there be at least an eventual third lower close before a recovery would be 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))
Thursday was the session that Wednesday tried to be. Gapping up and extending higher intraday helped to reject the one-day close under last week’s low. There is no unfinished business below, so any strength above 1.0785 would be likely to extend intraday.

Gold Dec Contract (GC, ETF: (GLD))
Not confirming Tuesday’s breakout on Wednesday allowed Thursday’s overnight and intraday rallies to probe above 1082.50 resistance. Closing higher Friday would all but confirm a bottom has formed.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday night’s rally was retraced into Thursday’s open, but then repeated intraday, to suggest that a bottom is forming. No new low is required.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up through 154-10 resistance and extending higher to attack 155-00 is a breakout that still must be confirmed Friday by a second consecutive higher close. Otherwise, it will have served only to trap longs and then launch a new downleg.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Momentarily probing under Wednesday’s low Thursday held the 40.00 area as had its previous attacks and tests. Its support is being chipped away and becoming vulnerable to breaking lower, so a recovery cannot afford to wait past Friday.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t being greeted from a position of strength, but neither was it positioned as weak as could have been the case. Nevertheless, the session trended back down under 2.31. It’s not a sell signal or a breakout, so any initial strength Friday would still be credible for extending higher.

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 slightly Wednesday didn’t prevent probing intraday back under Tuesday’s lows. But that did create the basis for a Pivot Reversal which would be triggered by closing back above the morning’s high.

Gold Dec Contract (GC, ETF: (GLD))
Choppy overnight ranging was relatively narrow, and Wednesday’s post-open action didn’t extend in either direction.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down Wednesday probed under Tuesday’s low, which had recovered to overlap the range’s lows at the close. Closing positive would be the earliest confirmation that a bottom was forming.

30-year Treasury Dec Contract (US, ETF: (TLT))
Choppy action nevertheless remained within the 152-16-154-10 range which is only noise until broken.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s probe of fresh lows officially fulfilled the decline’s 39.95-40.00 target whose attack had already produced a bounce to 42.00. Just closing back above 41.05 would now start to signal momentum reversing up into an upleg.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Testing 2.41 resistance pre-open reacted down intraday to attack 2.31. Closing above 2.37 and 2.41 would be increasingly bullish.

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 last week’s 1.0680 low must be rejected Wednesday, or at least not confirmed, to maintain potential for the interim pattern to be forming a bottom.

Gold Dec Contract (GC, ETF: (GLD))
Gapping down within its multi-session range and then trending down intraday Tuesday extended to fresh lows at 1064.50, closing under prior lows. Confirming the breakout with a second consecutive lower close Wednesday would likely launch a substantial downleg. Otherwise, a false break would resolve by rallying sharply Wednesday.

Silver Dec Contract (SI, ETF: (SLV))
Probing fresh lows intraday Tuesday was recovered at least to close around the range’s ~14.15 lower-end. Rallying by mid-day Wednesday would be credible for launching a new rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s dip attacked the 152-16 sell signal but didn’t trigger it as the market consolidated Sunday night’s reaction down from attacking its 154-10 buy signal as closely.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 41.00 pullback limit was essentially tested Tuesday, which would require extending higher aggressively by midday Wednesday if the recent downleg has ended.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Sliding overnight allowed another attempt to recover two relevant resistance levels simultaneously, 2.31 and 2.37. The latter was still being overlapped, so almost any initial strength Wednesday would be credible for extending higher intraday.