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 reaction down to the upper-end of the 1.1275-1.1345 range extended down overnight to gap down Monday at the range’s lower-end. Extending lower intraday tested 1.1200, so that back above 1.1275 would now resume the rally. There is otherwise no active sell signal.

Gold Dec Contract (GC, ETF: (GLD))
The reaction down from having fulfilled the 1141.50 target tested 1129.40 Sunday night, which must hold to maintain the rally’s momentum. Back above 1138.70 would resume the rally.

Silver Dec Contract (SI, ETF: (SLV))
The 15.10 pullback limit held another shallow test Sunday night. Back above 15.33 would resume the rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s steep rally to 155-24 resistance reacted down into Monday’s gap down at 155-00 that trended down intraday to test 153-28. Back above 154-14 would resume the rally. Otherwise, the correction could extend next down to test 152-30.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Rallying Sunday night back to 46.00 resistance wasn’t rejected Monday, so Friday’s break lower wasn’t confirmed, but the rally’s resumption is not signaled without also recovering 46.60.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping down Sunday night and extending lower into Monday’s open prevents a buy setup from triggering without first retesting Monday’s 2.55 opening gap from above 2.61 “higher prior lows.”

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))
Fresh highs overnight were retraced by Friday’s reaction down that retraced 61.8% of Thursday’s range, correcting the rally but not reversing back down.

Gold Dec Contract (GC, ETF: (GLD))
Testing the rally’s 1141.50 target to within 20 cents created a reaction down that failed to hold its 1139.20 pullback limit, suggesting the rally’s momentum has now lapsed.

Silver Dec Contract (SI, ETF: (SLV))
Fresh highs Friday morning tested 15.45 before reversing back down under 15.25, and also under the 15.10 pullback limit. Another buy signal must be generated before resuming the rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
Closing above 152-30 Friday had signaled momentum reversing up, and gapping up sharply Friday extended even higher to retest Monday’s prior highs u to 155-24.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Not confirming Wednesday’s break higher to 47.70 Thursday was vulnerable to reversing down without delay, which Friday seems to have begun doing by dropping to 42.25.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Recovering back within the channel Thursday didn’t prevent Friday from retesting Thursday’s 2.60 intraday low. It held, but it wasn’t rejected, and must still recover at least 2.68 to signal momentum reversing up.

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))
With no excuse for further delaying the rally’s resumption, Thursday’s open gapped up to the range’s upper-end and the session extended higher. It eventually surged in reaction to the FOMC non-decision, fulfilling the requirement for a third higher close. Momentum remains intact so long as 1.1365 now holds as support.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s low utilized all but 20 cents of room for a pullback to 1114.50 before being likely to resume the rally. The FOMC reaction did spike up to test 1131.00, now requiring pullbacks to hold 1126.00 as support.

Silver Dec Contract (SI, ETF: (SLV))
Initially dipping Thursday didn’t threaten the 14.65 pullback limit before reacting up sharply to the FOMC statement, testing 15.25. Pullbacks must now hold 15.10 to maintain the rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
Already having fulfilled its third lower close Wednesday, Thursday eventually firmed ahead of the afternoon’s FOMC events. Then it surged and extend higher to test 153-16. Since a fresh low was avoided intraday, closing above 152-30 allows a bigger rally to get underway.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
No matter the margin by which Wednesday’s gap up extended through 46.00, lacking a second consecutive higher close Thursday could be very bearish.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report while attacking the ongoing channel’s lower-end wasn’t a position of weakness, but it wasn’t enough to prevent a knee-jerk reaction to fresh lows. That knee-jerk reaction recovered back up into the range, potentially forming a bottom — at least, making any initial firming Friday likely to extend higher, but requiring a close above 2.68-2.70 to reverse the trend up.

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))
One last blip-down at Wednesday’s open may have marked the end of digesting last week’s confirmed breakout. Quickly recovering into positive territory can now extend higher without further delay to produce at least a third higher close.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s 61.8% retracement of the recovery from the 1098.40 target proved a launching pad for Wednesday rocketing through 1111.00 and sharply higher to attack 1124.00. The rally remains intact and targeting 1141.50 so long as pullbacks hold 1114.50

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Wednesday from 14.35 support extended higher through 14.65 resistance to fresh highs attacking 15.00. The rally targeting 15.35 remains intact so long as pullbacks now hold 14.80.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s plunge through its 153-12 objective ranged narrowly Wednesday under prior lows, still having potential for extending down to 151-30 unless 152-30 were recovered.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Days of narrowly ranging flat-to-lower above support reacted up sharply on Wednesday’s EIA report. But closing above 46.00 only stretches the rubber band to snap back down if there’s no second consecutive higher close Thursday.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Not confirming Monday’s close above 2.77 on Tuesday extended down deeper Wednesday, for what could be a healthy and constructive retest 61.8% back into the prior channel at 2.68. But that extended down to 2.65, the maximum weakness without actually reversing the trend down. Closing above the channel would have greeted Thursday’s EIA report from a position of strength, but this is not necessarily a position of weakness.

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 didn’t really exploit its opportunity to back-and-fill after Thursday’s confirmed breakout. Tuesday exploited the opportunity just a little more.

Gold Dec Contract (GC, ETF: (GLD))
Reacting down from attacking 1111.00 resistance Tuesday now creates a credible base for launching a durable rally leg, but the setup won’t tolerate much delay before resuming the decline instead.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s narrow ranging around 14.35 was unnecessary since its attraction below was neutralized already, but not necessarily bearish so long as rallying becomes obvious Wednesday without much further delay.

30-year Treasury Dec Contract (US, ETF: (TLT))
Unfinished business below at 153-12 was satisfied by Tuesday’s drop, which first reacted up from fulfilling the objective and then broke another point under it to 152-19. Holding 152-30 as resistance would allow the break to extend down to 151-30.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still avoiding a rally leg Tuesday is more relevant to the pattern than not yet extending down sharply, which the pattern is vulnerable to doing at any time.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Probing a few cents higher overnight was retraced before Tuesday’s open, when a second consecutive higher close above 2.77 would confirm Monday’s breakout.