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))
Already having confirmed Thursday’s breakout close that requires at least one eventual higher close, Monday was free to back-and-fill. There wasn’t much backing-and-filling, but the rally did pause.

Gold Dec Contract (GC, ETF: (GLD))
Neutralizing the attraction below Friday at 1098.40 was still testing the prior low close, so the decline’s momentum isn’t yet signaled it has ended. Closing above 1111.00 would be a good first step, but it was only attacked Monday as resistance.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s narrow ranging held the 14.35 attraction below that had been neutralized finally Thursday. But a couple of closes above 14.65 is still needed to launch a rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up again Monday held 155-12 resistance and ranged around Friday’s high, inhibited from extending higher with unfinished business outstanding below at last Wednesday’s 153-12 gap down. In fact, late-morning weakness extended down through the afternoon into negative territory.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s weakness attacking Wednesday night’s 43.35 low is the opposite price action needed to help ensure a retest of the highs above 50.00 is underway.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Has the ongoing narrow (but not narrowing) range finally broken out? Downtrending resistance at 2.72 was broken by Monday’s early firming that extended higher to 2.77 resistance. A second consecutive higher close Tuesday would confirm.

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 was no more room or time allowed Thursday for further delaying an obvious recovery. Firming did produce a breakout above the multi-session range, now needing confirmation Friday from a second consecutive higher close.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s drop to 1100.00 bounced overnight to gap up Thursday morning at 1110.00 resistance. Retesting Wednesday’s low down to 1098.50 would help to form a durable bottom to the recent pullback. Extending much higher too quickly could be too impatient to be maintained.

Silver Dec Contract (SI, ETF: (SLV))
Narrow ranging continued to avoid the unfinished business below at 14.35, while barely participating in Gold’s gap up, so trending is still not yet credible.

30-year Treasury Dec Contract (US, ETF: (TLT))
Overnight weakness stopped short of filling the gap back down to Wednesday’s 153-12 open. Two dips had attacked it to within a quarter-point before spiking up on the 30-year auction results. But that reaction melted away, keeping alive the attraction down to 153-12.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight follow-through to Wednesday’s weakness was recovered enough pre-open and extended higher enough post-open to keep alive potential for probing fresh highs soon. But that doesn’t allow room to hesitate in continuing to extend higher, to avoid a much steeper drop.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping up Thursday from the range’s 2.65 lower-end and extending higher intraday to test the range’s 2.73 upper-end still hasn’t broken above the ongoing channel to trigger a rally leg 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))
Wednesday’s gap down immediately began failing to exploit Tuesday’s firming, which had avoided confirming any prior breakout. Reversing up almost immediately does barely qualify as exploiting the recent stability. But there is no time left for a bullish pattern to delay extending higher.

Gold Dec Contract (GC, ETF: (GLD))
Having tested the 1125.70 bounce limit at Tuesday’s high, the decline was free to resume Wednesday, which it did aggressively by falling to new lows testing 1100.00. Extending under 1098.40 would require new lows under 1078.00.

Silver Dec Contract (SI, ETF: (SLV))
Still delaying the gap-fill back down to 14.35 despite Gold now tumbling makes the pattern even less decipherable, and less interesting to trade without it first resolving that issue.

30-year Treasury Dec Contract (US, ETF: (TLT))
Extending Tuesday’s 154-17 sell signal gapped down Wednesday to fresh lows testing 152-14. That was recovered as stocks fell, back into positive territory probing 10 ticks above the 154-17 sell signal. The sell signal was not confirmed, but retesting Wednesday’s gap open at 153-14 would help a recovery attempt to extend higher intraday.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sliding only slightly Wednesday to 44.10 still managed to probe under Tuesday’s low. Now there’s a timing requirement to begin probing fresh highs above 50.00, as any aggressive weakness Thursday would be credible for extending down.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Still bouncing within its recent narrow range is greeting Thursday’s EIA report from the range’s lower-end, but still within the range. That’s still not an enviable position of strength, unable to avoid an initially negative knee-jerk reaction down. But recovering a reaction down that originated within the channel would help to form a bottom.

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))
Firming Tuesday didn’t quite exploit last week’s failed breakout, but almost any initial strength Tuesday night or Wednesday would be credible for extending higher intraday.

Gold Dec Contract (GC, ETF: (GLD))
The pullback had extended slightly lower to test 1115.00, which was retested Tuesday without breaking lower. Back above 1125.70 would suggest the pullback had ended — it was touched Tuesday but not pierced.

Silver Dec Contract (SI, ETF: (SLV))
Weekend weakness still avoided filling the outstanding opening gap at 14.35 that presumably has been inhibiting a recovery from launching. But that may be left outstanding by a rally leg if not being filled soon.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s sudden pop above a multi-session range had never extended higher intraday, and it held tests of its 155-16 buy signal. Gapping down Tuesday back toward the prior range all but ensures probing under it to fresh lows before another bounce would be credible for extending higher.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Holiday weakness never touched the prior low, or probed under it to threaten reversing down. There is no required timing for retesting the recent high and probing above 50.00.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Firming off of the lower-end of the recent narrow range only attacked the upper-end. That restrained optimism isn’t new, but it still makes credible any early strength Wednesday for extending higher.