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))
Monday morning did not duplicate Friday”s post-open uptrend. A pullback to the 1.2495 breakout signal did not hold as support. But 1.2460 was still being tested, so another breakout attempt Tuesday is still possible.

Gold Dec Contract (GC, ETF: (GLD))
Flat-to-slightly lower narrow ranging Monday avoided touching the 1178.40 pullback limit, keeping alive Friday”s momentum. But Friday”s breakout wasn”t confirmed by a second consecutive higher close, so there is little reason not to resume the rally Tuesday.

Silver Dec Contract (SI, ETF: (SLV))
Monday”s gap down created an attraction back up to Friday”s close. Regardless, the pullback should be isolated to one session, and Tuesday should make clear whether the rally attempt is valid.

30-year Treasury Dec Contract (US, ETF: (TLT))
Despite gapping up to attack 142-12 Monday morning, the gap back down to Friday”s close attracted price back down through the morning. Sellers did not gain traction, but the rally has little reason to be delayed any further if a bottom is actually forming.

Crude Oil Dec Contract (CL, ETF: (USO))
Monday”s opening weakness suggested Friday”s late blip-up through the 75.40 bounce limit was only a weekend risk premium. But the balance of the session ranged narrowly, and didn”t resume the decline that is still targeting 72.00-72.75.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeting Friday”s EIA report from the 3.92-3.96. support got a benefit of the doubt for having overly-discounted a potentially negative reaction. The modestly optimistic reaction up became much more pronounced Monday. The gap up extended through resistance to attack 4.37. The rally has resumed, with pullbacks now having room down to 4.25.

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 back up above 1.2460 was rejected by Friday”s gap back down under it. Or, was it? Follow-through only touched the 1.2400 sell signal before reacting up sharply through 1.2495 to a fresh relative high. Now at least 1.2560-1.2585 is targeted, and potentially 1.2750.

Gold Dec Contract (GC, ETF: (GLD))
The Swiss Gold referendum too the spotlight Friday, but not until after the open had gapped down sharply. Never mind that, its reaction up surged to fresh highs. A second consecutive higher close Monday is needed to confirm, which last Friday”s surge did not. Pullbacks should meanwhile hold 1187.40 1178.40 to maintain the recovery”s momentum.

Silver Dec Contract (SI, ETF: (SLV))
Rallied sharply Friday in sympathy with Gold. A second consecutive higher close Monday is needed to confirm momentum has reversed up.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming into the open to once again test the 141-14 buy signal was probed intraday, but only to retest Wednesday”s peak. Closing higher Monday would confirm momentum had reversed up.

Crude Oil Dec Contract (CL, ETF: (USO))
One day after extending through its longstanding 75.40 target, a bounce tests 75.40 as resistance. So long as it holds, the decline still targets 72.00-72.75. Price action can be skittish in Crude Oil ahead of the weekend due to its unique exposure to geopolitical threats.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeting Friday”s (delayed) EIA report from the rally”s 3.92-3.96 maximum pullback limit reacted up to test 4.06. Closing higher Monday would signal momentum is reversing up. Otherwise, more bottoming is likely.

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 Thursday back above 1.2460 rejected Wednesday”s close under what had been the pullback limit. Testing 1.2495 still needs to be exceeded through the close to launch a rally leg.

Gold Dec Contract (GC, ETF: (GLD))
More relatively narrow sideways ranging at or above 1159.70 support is still delaying unnecessarily the resumption of last Friday”s rally. And that undermines whether it can resume at all without first retesting Thursday night”s lows.

Silver Dec Contract (SI, ETF: (SLV))
Narrow ranging under prior highs isn”t compelled to extend higher on any time frame. Not until actually probing a fresh high.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday”s failed gap up was retraced to fill the gap back down to Tuesday”s Veteran”s Day close. Thursday”s session held above the 140-20 sell signal, and firmed back up to the 141-14 buy signal.

Crude Oil Dec Contract (CL, ETF: (USO))
Spurred by Qatar becoming so concerned it announced tighter supply, my longstanding 75.40 target was finally met Thursday. Perhaps not so finally, as late-afternoon price action broke lower. Next targeting 72.00-72.75 so long as 75.40 isn”t recovered.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
EIA reports one day late this week. It is greeted by an extended pullback that nearly pierced the 3.92-3.96 pullback limit on Thursday. 

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))
Intraday weakness Wednesday didn”t hold the optimal 1.2460 pullback limit as support, and the 1.2495 buy signal wasn”t recovered. Rallying Thursday morning would be credible for extending higher intraday. But there is otherwise no bottoming pattern.

Gold Dec Contract (GC, ETF: (GLD))
.Holding the pullback Monday and recovering resistance Tuesday should have extended higher without delay Wednesday. Wednesday traded flat-to-lower. Delaying the rally”s resumption, and further distancing Friday”s upleg, undermines whether a rally leg is actually underway.

Silver Dec Contract (SI, ETF: (SLV))
No higher highs were probed intraday Wednesday, so no higher highs were rejected. But the rally potential is not indefinite, and hovering off the lows should start extending higher to avoid resuming the decline.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up above 141-09. and 141-14 Wednesday was the earliest  optimal signal that the recent flat-to-lower ranging has ended.

Crude Oil Dec Contract (CL, ETF: (USO))
Flat-to-lower narrow ranging avoided recovering Wednesday, while also keeping in-play the decline”s 75.40 target.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
After holding the 4.25 buy signal Tuesday, the 4.12 pullback limit was retested overnight and into Wednesday”s open.

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 reaction down from testing 1.2495 resistance had retraced 61.8% of the bounce from testing 1.2400 support. Tuesday firmed back up to 1.2495, and shouldn”t hesitate before extending higher.

Gold Dec Contract (GC, ETF: (GLD))
Monday”s pullback to 1259.70 support had extended down after the close to also test 1250.00. Closing back above 1259.70 Tuesday confirmed the pullback had ended. In fact, post-close action extended higher.

Silver Dec Contract (SI, ETF: (SLV))
Firming Tuesday back up to 15.75 doesn”t yet signal a bottom has formed, but almost any immediate follow-through Wednesday would be credible for extending higher intraday.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday”s reaction down had failed to hold the base”s breakout point. Initially lower lows Tuesday were recovered. A bottom would be triggered by closing above 141-14.

Crude Oil Dec Contract (CL, ETF: (USO))
Monday”s bounce to 78.70 resistance had reacted down Tuesday to  within $1 of the outstanding 75.40 target. Tuesday”s low also stopped optimistically short of touching last week”s low, which is potentially bearish from a contrarian perspective.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Monday night”s dip to the 4.25 minimum pullback objective extended down to its next potential low at 4.12. Closing back above 4.25 would signal the rally had resumed, confirmed above 4.37.