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 Dec Contract (EC, ETF: (FXE))
Gapping down Wednesday probed under the month-old low whose outstanding retest had been one of the main impediments to recovery attempts. Being a second consecutive lower close following Tuesday”s break under uptrending support, at least a third eventual lower close should develop as well, targeting either 1.2250 or 1.2157.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday”s gap up back above 1200.00 helped to confirm that Tuesday”s drop was “ineffectual pessimism.” Extending higher intraday to test 1215.00 helped to confirm, too. Stopping pessimistically short of filling the gap back to Monday”s close keeps alive the potential for extending to the 1226.00-1229.00 target.

Silver Mar Contract (SI, ETF: (SLV))
Morning strength Wednesday was largely retraced as unchanged levels proved difficult to leave behind. But Tuesday”s drop didn”t extend down any lower, leaving the gap back to Monday”s close outstanding and an attraction.

30-year Treasury Mar Contract (US, ETF: (TLT))
Wednesday”s narrow ranging around 141-04 didn”t reverse up by noon to try rejecting Tuesday”s 61.8% retracement of the 140-00 buy signal. The delay is not optimal, so extending the retracement Thursday would start to suggest a much bigger drop underway.

Crude Oil Jan Contract (CL, ETF: (USO))
Tuesday”s dip to the 66.55 pullback limit didn”t extend down deeper Wednesday, but the pullback wasn”t recovered either. The 70.85-70.90 bounce target remains in-play.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
The trend extended Wednesday beyond its requirements that were satisfied already Tuesday. Gapping down Wednesday doesn”t allow a reversal up Thursday to become a recovery without at least another day spent bottoming, so the decline is not likely done. Having said that, gapping up Thursday (with EIA reporting) could form an Island that bounces for 1-3 sessions before ultimately failing.

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 Dec Contract (EC, ETF: (FXE))
Monday”s gap up to 1.2495 resistance was rejected overnight to gap back down Tuesday under Friday and Sunday night”s ~1.2420 lows. The outstanding retest of the 4-week old 1.2360 low remains in-play.

Gold Feb Contract (GC, ETF: (GLD))
Gapping down Tuesday consolidated under 1200.00.Back above 1206.50-1207.00 would signal the bounce targeting 1226.00-1229.00 had resumed. The pullback otherwise has further room down to 1187.00 before starting to suggest a retest of Sunday night”s lows underway.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday”s gap down ranged sideways intraday just under 16.50. Back above 16.62 would signal a retest of Monday”s high to 17.05 underway.

30-year Treasury Mar Contract (US, ETF: (TLT))
The reaction down from Monday”s fulfillment of the 143-00 target tested 141-04. That is the 61.8% retracement of the original 140-00 buy signal. The retest of 143-00 should begin without much delay, confirmed above 141-18. Closing first under 140-20 would signal new lows in-play instead.

Crude Oil Jan Contract (CL, ETF: (USO))
The corrective bounce off of Sunday night”s sentiment extreme still targets 70.85-70.90 so long as pullbacks hold 66.45-67.55. Tuesday”s dip tested the pullback limit.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Monday”s second consecutive lower close confirmed Friday”s break under uptrending support, requiring at least a third lower close eventually. Tuesday already fulfilled that minimum requirement. The pattern nonetheless remains vulnerable to lower lows unless 4.00 is recovered.

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 Dec Contract (EC, ETF: (FXE))
Initially dipping overnight to 1.2420, the Euro reversed course in time to open regular trading hours back at Friday”s high testing 1.2495 resistance. Resistance held and a fresh low under 1.2365 remains outstanding.

Gold Feb Contract (GC, ETF: (GLD))
Selling off into the weekend was extended down sharply Sunday night in reaction to the Swiss referendum. That was retraced entirely before Monday”s open, and the recovery”s momentum extended through the 1181.50 bounce limit to test 1217.00 intraday. The original bounce potential to 1226.00-1229.00 is probably back in-play, already tested post-close up to 1221.00.

Silver Mar Contract (SI, ETF: (SLV))
Reversing up sharply from Sunday night”s plunge had already expended a lot of buying pressure just to open in positive territory. But rallying 2.55 intraday didn”t gain any traction for the effort. Prior highs held their test through the close, and gapping down overnight under all prior lows will need to be retested. But an intraday probe of fresh highs potentially to 17.11 is likely so long as pullbacks hold 16.30 as support.

30-year Treasury Mar Contract (US, ETF: (TLT))
Fulfilling the 143-00 target up to 143-09 into Monday”s open immediately began reacting down until filling the “gap” back to Wednesday”s 142-00 close. New highs cannot contain a sell signal, so reversing down so quickly to neutralize the attraction below makes a retest of 143-00 all the likelier.

Crude Oil Jan Contract (CL, ETF: (USO))
Friday”s drop to 65.80-66.55 support was probed Sunday night down to 63.72, but that extra probe was recovered entirely before Monday”s open. Isolating the extra selling helped to identify it as excessive pessimism. In fact, the reversal extended up to 68.91. The low didn”t form an accumulative pattern, but the bounce could extend to 70.85-70.90 before retesting the low.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping down Sunday night was unable to recover intraday. The second consecutive lower close under uptrending support now requires at least an eventual third lower close before a recovery is credible. Having formed across Friday-Monday, gapping up to form an Island would be credible for launching a sizable bounce.

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 Dec Contract (EC, ETF: (FXE))
Probing above 1.2460 resistance to test 1.2495 didn”t stop there, and extended higher to 1.2534. Having originated from an incomplete base, the bounce is likely to fail. Back under 1.2495 would start to suggest as much. But another higher close at this stage of the pattern would be bullish.

Gold Dec Contract (GC, ETF: (GLD))
Narrow ranging Wednesday didn”t reject the rally, but undermined its momentum, which is not optimal for the rally at this stage of the pattern.

Silver Dec Contract (SI, ETF: (SLV))
Narrow ranging Wednesday didn”t reject the rally, but undermined its momentum, which is not optimal for the rally at this stage of the pattern.

30-year Treasury Mar Contract (US, ETF: (TLT))
The 142-12. inflection point finally breathed enthusiasm into the repeated probes above 141-14, already extended to 143-16. Now pullbacks should hold 142-28 to maintain the 144-14 objective.

Crude Oil Jan Contract (CL, ETF: (USO))
Fresh lows fulfilled the rest of the 73.25-74.00 target that had only been pierced through Tuesday. The next lower objective is 72.05 so long as bounces now hold 74.45 as resistance.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Initially firming a dime up to 4.50 reacted down intraday to 4.33, still managing to hold 4.40 (4.25 basis Dec) through the close to maintain the recovery”s momentum.

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 Dec Contract (EC, ETF: (FXE))
Monday”s gap up above 1.2400 had extended but didn”t gain traction. Tuesday”s opening dip touched 1.2400 and then surged through 1.2460 to attack 1.2495. The bounce should start being retraced Wednesday morning to maintain the likelihood for probing the lows.

Gold Dec Contract (GC, ETF: (GLD))
Overnight weakness bled into Tuesday”s open which tested Friday”s low. The test was recovered back into positive territory, albeit not as aggressively as would be optimal for the rally pattern at this stage. Just closing above 1200.00 isn”t bullish without extending higher aggressively without delay.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Tuesday dipped back into the range, but continues to reflect upward momentum remaining intact.

30-year Treasury Dec Contract (US, ETF: (TLT))
Probing above Monday”s highs tested the ultimate buy signal at 142-12. Its recovery should no longer be restrained if the rally is underway targeting 144-14.

Crude Oil Jan Contract (CL, ETF: (USO))
The pullback from Friday”s 77.75 sell signal extended back down to 74.25 Tuesday. A knee-jerk reaction to new blipped-up to attack the 75.40 bounce limit, but resolved back down, still targeting 73.25-74.00.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
A second consecutive higher close Tuesday confirmed Monday”s recovery back above 4.01-4.02. But that included a test of 4.25 resistance. Greeting Wednesday”s rescheduled EIA report from closing above 4.25 would be likelier to react bullishly.