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))
Monday’s weaker open suggested that Friday’s bounce had neutralized excessive pessimism from Friday’s gap down. But it immediately began reversing up and probed above Friday’s high. Nevertheless, resolving to new lows remains likely so long as bounces hold 1.1265.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s reaction down from Thursday’s surge to 1156.50 extended down Sunday night to open Monday back under the surge’s 1136.00 low, testing Wednesday’s 1128.00 low. Closing back above 1137.50 would suggest the reaction down had ended, but it otherwise has potential to retest 1117.00

Silver Dec Contract (SI, ETF: (SLV))
Monday’s gap down under last week’s lows was probed under 14.65 support whose recovery would signal the drop is only a temporary correction. Closing under 14.50 would all but require new lows under 14.20.

30-year Treasury Dec Contract (US, ETF: (TLT))
Presumably facilitated by Sunday night’s stock market drop, the Island created by Friday’s gap down was recovered already Monday after gapping up and then extending to retest Thursday’s 157-16 high. Unfinished business below was left outstanding at 153-26, which would be put into play back under 156-16.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Renewed weakness only attacked last week’s lows, so far, on the way to fulfilling at least the 42.80 pullback target so long as bounces hold 46.00 as resistance.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
After Friday’s inside day had held the range’s lower-end, gapping up above its 2.60 upper-end had extended already to 2.64. It reacted down back within the range, but a second consecutive higher close Tuesday would confirm a new upleg is underway.

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 sharply Friday helped to confirm that Thursday did contain the corrective bounce’s peak. But the gap also created room for another slight bounce while awaiting the eventual third lower close in-play.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s runaway rally had already indicated its momentum was peaking before Friday’s open gapped down to test the 1141.50 prior highs as support. The inside day should next extend down to 1129.50-1134.00 and before filling the gap back up to Thursday’s close. Filling the gap first would be more toppy.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s rally had stopped pessimistically short of filling the gap back to Monday’s close, so Friday’s reaction down recovered entirely back to Thursday’s highs.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Friday formed an Island of Thursday’s gap up that had held its resistance. Filling the gap back to Thursday’s close would be bearish instead of extending down first to test 153-24 support.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-higher ranging Friday didn’t even bother trying to invalidate the decline underway, still targeting 42.80.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Friday’s inside day gapped down to probe the same 2.56 prior lows that Thursday’s dip had recovered, ending the day hovering around it. The price action doesn’t equate to being a buy signal, but any initial strength Monday 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))
Thursday’s gap up extended a little higher before reversing back down through the balance of the session, albeit maintaining positive territory. An eventual third lower close in the pattern remains outstanding, and a corrective bounce now may have run its course.

Gold Dec Contract (GC, ETF: (GLD))
The two prior sessions did not form a stable base, but that didn’t prevent Thursday’s oversized reaction that probed above the rally’s 1141.50 target to almost 1156.50. Back under 1147.00 would stat to target 1138.70.

Silver Dec Contract (SI, ETF: (SLV))
Breaking higher during Thursday afternoon in delayed sympathy with Gold stopped pessimistically short of filling the gap back to Monday’s 15.20 close. That’s potentially bullish from a contrarian perspective.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s shallow pullback didn’t launched an overnight rally as a flight-to-safety triggered a gap up Thursday to test 157-04 resistance up to 157-16. Gapping down Friday could form an Island — a vulnerability if stocks extend Thursday afternoon’s recovery. But holding 156-04 would keep alive the upside momentum.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows for the resumed decline were printed Thursday, down to 43.70 during the afternoon, still likely to continue deteriorating.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was not being greeted from a position of strength, or from weakness. An initially negative knee-jerk reaction down under the two-day consolidation wasn’t required, but it would be likely to recover. The news reaction was down, and it did recover back into the range. Almost any higher high Friday would be credible for extending 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))
Wednesday’s bounce obviously didn’t fulfill Monday’s confirmed breakout which now requires at least an eventual third lower close under Tuesday’s low.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up Wednesday peaked upon testing the decline’s bounce limit, only ranging sideways intraday, and unlikely to resume the rally without another dip first.

Silver Dec Contract (SI, ETF: (SLV))
Flat-to-narrow ranging Wednesday increased the likelihood for at least a slightly lower low testing 14.65.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s “ineffectually optimistic” retest of resistance above 156-00 was retraced Wednesday down to 154-22, which is still short of the gap back down to 153.24 but still confirms resistance isn’t ready to break higher.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s EIA report kept price under pressure attacking 44.50, and certainly not resuming or extending the rally.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Initially dipping at Wednesday’s open extended the narrow sideways ranging at the lows without signaling any rally soon.

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 reaction down had extended Monday to form a breakout under uptrending support. Extending lower overnight to gap down Tuesday then also extended down intraday. At least an eventual third lower close is required before the pattern can begin bottoming.

Gold Dec Contract (GC, ETF: (GLD))
Modest firming overnight was rejected sharply into and out of Tuesday’s open to test 1120.50. The pullback limit was violated, so back above 1134.00 is needed to begin signaling the pullback has ended.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down sharply Tuesday from Monday’s overlap of its 15.10 pullback limit spent the day ranging narrowly around 14.65. There is no buy signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s pullback to support at 153-12 reacted up sharply to 154-17 Tuesday in a flight-to-quality which extended as stocks fell apart to probe Friday’s high above 156-00. The gap back to Monday’s close should be filled before a durable rally can begin.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Tuesday to 45.65 failed to confirm Monday’s close above 45.65. Only ranging narrowly prevented any signal from triggering, but the upside continues to be suspect.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Still ranging narrowly under prior lows Tuesday prevents a bottoming pattern from yet forming.