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 up Monday back above 1.2400 didn”t quit reject Friday”s probe under it, not when the probe under it had stopped optimistically short of touching the prior low. But it does create room to help absorb another dip, as would extending the bounce first to 1.2460 or 1.2495 resistance.

Gold Dec Contract (GC, ETF: (GLD))
Overnight weakness was recovered by Monday”s open, but the recovery wasn”t extended, as the session at least avoided probing under Friday”s low so the upside momentum remained intact.

Silver Dec Contract (SI, ETF: (SLV))
Monday”s narrow inside day hovered above the gap back to Thursday”s 16.15 close, which Friday”s post-open dip had avoided filling. It is natural support, and although its test isn”t required, testing it is required to recover aggressively if the upside remains intact.

30-year Treasury Dec Contract (US, ETF: (TLT))
Sunday night”s probe above 142-03 resistance was retraced before Monday”s open, but Monday”s opening dip was recovered back up to Sunday night”s highs. The pattern remains accumulative.

Crude Oil Jan Contract (CL, ETF: (USO))
Momentary firming Sunday night and intraday Monday never really threatened to recover Friday”s post-open dip. But neither was the decline”s momentum reinstated as 75.40 support still held.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Despite holding the 4.25 pullback limit Friday, Sunday night”s decline tested 4.00. Post-open action had recovered already back above 4.02 and extended higher to 4.17 resistance. That”s the minimum to suggest the drop can still be only a correction. Closing any lower — if not also failing to extend the recovery Tuesday — would next target 3.70.

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))
Gapped down sharply Friday to 1.2400 support and eventually trended down through there, but not touching the 1.2360 prior low. Trending down on a Friday is somewhat likely to trend down Monday morning — at least, that”s the initial filter to view Monday morning”s action.

Gold Dec Contract (GC, ETF: (GLD))
Friday gapped up to fresh highs but didn”t extend higher before reversing down to fill the gap back to Thursday”s close. The gap held and the session closed positive, confirming that 1226.00-1229.00 is in-play.

Silver Dec Contract (SI, ETF: (SLV))
Gapped up sharply Friday but only to test recent highs before reversing down. Momentum did not reverse down and positive territory was maintained.

30-year Treasury Dec Contract (US, ETF: (TLT))
Initially no movement through Friday”s open despite having closed Thursday above the 141-12 signal, but firmed through the session to test 142-00. That”s still within the range, and not yet at an inflection point requiring the slope to steepen.

Crude Oil Jan Contract (CL, ETF: (USO))
Friday gapped up sharply in reaction to China”s interest rate cut, although price was already firming overnight before the news. Resistance at 77.75 was expected to hold, and did reverse price down to fill the gap back to Thursday”s close $2 lower. The balance of the session ranged sideways back to 76.50.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down Friday to the 4.25 pullback limit wasn”t rejected intraday, but the support held, and left outstanding a gap above back to Thursday”s 4.50 close.

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))
Thursday”s flat-to-lower ranging hovered close enough to Wednesday”s high that the door remains open to extending the recovery attempt into a durable rally leg. Early strength Friday would be credible for extending higher.

Gold Dec Contract (GC, ETF: (GLD))
Ranging narrowly sideways Thursday was no small victory compared to Wednesday”s post-close dip that had attacked the morning”s low. Holding the 1190.70 pullback limit also keeps alive the upside momentum, although the pattern probably can”t afford much more delay in extending higher.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday”s post-close dip back toward the morning”s lows was recovered before Thursday”s open, and not repeated intraday, keeping alive potential for resuming the rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Thursday above 141-12 ranged flat-to-higher, keeping the market postured to launch a rally leg. There is no high-profile econ report due Friday that might be considered a catalyst.

Crude Oil Dec Contract (CL, ETF: (USO))
Narrow ranging hasn”t been accumulative, nor did it prevent Thursday from firming $1, still testing the 95.40 bounce limit.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Overnight optimism to 4.50 ahead of Thursday”s EI report didn”t prevent reacting down to the 4.25 pullback limit. Its test reacted back up to 4.50, helping to confirm the rally”s momentum remains intact.

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))
Fresh highs at Wednesday”s open tried to confirm Tuesday”s breakout. A reaction down on the Swiss vote news was recovered to fresh highs, suggesting that momentum is reversing up. The next confirmation would be to close above 1.2560-1.2585 before closing back under 1.2495.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday”s deep reaction down to the Swiss vote was recovered as quickly, but not to fresh highs. Extending higher should not be delayed Thursday if the recovery is valid.

Silver Dec Contract (SI, ETF: (SLV))
Not following-through aggressively Monday or Tuesday to Friday”s rally effort left the pattern vulnerable to a downdraft. The Swiss vote”s catalyst happily obliged, and triggered a deep intraday drop Wednesday. But it was recovered entirely and as steeply. There should be no delay to extending higher Thursday if the recovery is valid.

30-year Treasury Dec Contract (US, ETF: (TLT))
Not extending Tuesday”s gap up suffered the consequence Wednesday of gapping back down. But gaps aren”t sell signals, and no relevant support was broken. In fact, the gap was filled and 141-12 was recovered to prevent sellers from gaining any traction for their effort.

Crude Oil Dec Contract (CL, ETF: (USO))
Narrow ranging isn”t forming any accumulative pattern, keeping alive the decline”s next lower targets.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
The rally resumed back to prior highs. Greeting Thursday”s EIA report from above 4.37 helps to absorb an initially negative knee-jerk reaction, but doesn”t prevent it.

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))
Having held 1.2460 support, Monday”s dip didn”t gain traction. Tuesday”s gap up back above 1.2495 resistance produced a fresh breakout which still needs confirmation from a second consecutive higher close Wednesday.

Gold Dec Contract (GC, ETF: (GLD))
Monday”s shallow dip was rejected by gapping up Tuesday to fresh highs. Pullbacks must now hold 1190.70 to maintain the rally targeting 1226.00-1229.00.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down Monday created the attraction above back to Friday”s close, which was also resistance if retested. Tuesday”s gap up filled the gap back to Friday”s close, and held there through the day. The rally shouldn”t hesitate extending higher or else its momentum could reverse down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday”s gap up confirmed what Monday afternoon”s narrow ranging at support had suggested already, that Monday morning”s sellers gained no traction for their effort. The open didn”t extend higher intraday, but it did hold above 141-12, which still gives the rally potential a benefit of the doubt.

Crude Oil Dec Contract (CL, ETF: (USO))
Briefly firming to a fresh high Monday night was retraced before the open, and rejected through the morning as price dipped back under the 75.40 bounce limit to possibly resume the decline targeting 72.00-72.75.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday”s opening dip held a test of 4.17 support before recovering to unchanged, and back above 4.25 resistance — which was still being tested through the afternoon. No second consecutive higher close to Monday”s breakout does now require Wednesday to resume the rally, or else undermine its validity.