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))
Friday’s surge didn’t extend Monday, and barely enhanced intraday volatility.

Gold Dec Contract (GC, ETF: (GLD))
Initially trending higher overnight to attack the 1169.00 target was retraced back to Monday’s high, but not into negative territory, maintaining the rally’s momentum.

Silver Dec Contract (SI, ETF: (SLV))
Firming ahead of Monday’s open still barely even attacked last week’s 16.08-16.11 highs. But the session closed positive, keeping alive the recovery’s momentum and its potential to become a new rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
The cash market was closed for Columbus Day which continued to inhibit trending beyond either sell signal currently being tested.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s dip attacking “lower prior highs” at or under 47.00 helps to confirm the recent surge wasn’t sponsored by strong hands, but it doesn’t yet reverse the trend down. That would be signaled by closing under 46.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Flat narrow ranging didn’t offer any early strength that would have been credible for extending higher intraday, and which still 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 Sep Contract (EC, ETF: (FXE, UUP))
Gapping up Friday filled the 1.1370 gap back up to prior highs. Closing above or below the gap for two consecutive sessions would be the first available signal of whether the break higher is durable, or else peaking..

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s FOMC reaction had ultimately resolved down to fill the gap back to Thursday’s open around 1137.50. Holding it would allow the rally to resume, which it did overnight by probing fresh highs up to 1159.00. The rally remains intact so long as pullbacks now hold 1148.00 as support.

Silver Dec Contract (SI, ETF: (SLV))
Holding the 15.55 pullback limit’s test Thursday still hasn’t resumed the rally, as Friday ranged widely around Thursday’s close.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s overnight bounce didn’t prevent Friday morning’s fresh lows, but the 156-16 sell signal held its test to avoid confirming the 157-24 sell signal’s break..

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Not confirming Wednesday’s breakout did not equate to being a sell signal,  but Friday’s probe of fresh highs held Thursday’s high to suggest that buyers have expended all available energy without gaining traction for the effort.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday morning’s subdued trading didn’t offer any strength to take credibly, perhaps because of the impending weekend. The same setup applies Monday, and early strength would be credible for extending higher intraday targeting 2.67.

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))
There is no active signal, so Thursday’s probe above 1.1265 resistance doesn’t have any predictive value, regardless of it also extending intraday to probe last Friday’s 1.1330 high..

Gold Dec Contract (GC, ETF: (GLD))
Having filled the gap Wednesday back to the 2-1/2 week old close, and then closing flat-to-positive after reacting into negative territory, Thursday’s gap down was not expected to extend lower. In fact, it was retraced entirely back up to Wednesday’s “higher prior lows” as resistance.

Silver Dec Contract (SI, ETF: (SLV))
Extending higher to 16.10 through Wednesday never altered the pattern to raise its pullback limit any higher than 15.55. Thursday’s gap down had probed under it to 15.37, but still overlapping it keeps alive the potential for recovering the gap down and then resuming the rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
More flat ranging ahead  Thursday’s auction and FOMC Minutes came and went, without budging beyond its recent narrow range supported by the 157-24 sell signal. The door remains open to fill the gap back up to 158-24 before a more convincing break under the 157-24 and 156-16 sell signals.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Not confirming Tuesday’s breakout Wednesday had not reversed the trend down, but Thursday only firmed back to Wednesday’s high, aided by bullish comments from OPEC about future demand.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from neither a position of strength nor of weakness — mostly the latter — enabled a favorable reaction that returned back up to Wednesday’s highs. Already having neutralized the gap above at 2.51, extending through it could target a higher gap outstanding at 2.67.

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 gap up and intraday extension had gone out probing the pattern’s 1.1265 bounce limit, but Wednesday’s inside day attacked Tuesday’s lows. There is no current signal.

Gold Dec Contract (GC, ETF: (GLD))
Having trended sharply higher during Tuesday’s breakout and then extending higher overnight, Wednesday’s gap up peaked almost immediately up filling its gap back to the high’s close. Reacting down into negative territory did manage to the 2-1/2 week old high close. Reacting down into negative territory was recovered, albeit not decisively enough to confirm Tuesday’s breakout.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s extension higher had already indicated the rally was stretched, but Wednesday’s hesitation ranged flat-to-higher, attacking 16.10, and still having room for a pullback down to 15.55.

30-year Treasury Dec Contract (US, ETF: (TLT))
Momentarily probing Tuesday’s low overnight was recovered Wednesday, but only for a largely inside day ahead of Thursday’s auction.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trading higher into Wednesday’s open to a fresh high at 49.71 was cut short by a surprising EIA report that sent price into negative territory. Tuesday’s breakout wasn’t confirmed.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Wednesday’s opening surge filled the gap back up to 2.52, so that closing above it would now trigger a new upleg. There isn”t otherwise a sell signal.

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 and extending higher is retesting the 1.1265 bounce limit, suggesting that a move down is unlikely, and likely at least to probe higher .

Gold Dec Contract (GC, ETF: (GLD))
Resuming the rally Tuesday is now another multi-session breakout, needing second consecutive session’s confirmation if a new uptrend is underway.

Silver Dec Contract (SI, ETF: (SLV))
Extending sharply higher Tuesday to test 16.00 doesn’t have any near-term higher objectives, and there’s still room for a pullback down 15.55 without reversing the trend down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Initially following-through Tuesday on Monday’s break under the 157-24 sell signal was retraced to the signal itself, still needing confirmation that the trend is reversing down.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Breaking higher from a multi-session range, even if only on news, still could be confirmed by a second consecutive higher close Wednesday. I’m otherwise not bullish.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Initial strength Tuesday didn’t extend. I still trust early strength as being credible for extending, but would also want to see the resolution of filling the gap back up to 2.52..