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))
Te new week continued its ranging between 1.2750 support and 1.2835 resistance. The extended ranging suggests that the first break in either direction will be false and then reversed more substantially in the opposite direction.

Gold Dec Contract (GC, ETF: (GLD))
Since Friday failed to reject Tuesday”s break above 1231.00, freh highs up to 1259.00 became likely. Sunday night”s action already tested last week”s 1249.00 highs .

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Monday still reversed back into the ongoing 17.25-17.40 range that has continually attracted price back to it for the past couple of weeks, still offering no setup or signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Narrow sideways  ranging suggests the pattern will try to absorb the recent wide gyrations, perhaps through Tuesday, before trying to trend again.

Crude Oil Dec Contract (CL, ETF: (USO))
[Rolling coverage forward to Dec, a 70-cent discount to Nov] A deeper test of the 81.80 pullback limit Monday was recovered back to 82.30, suggesting the dip was only temporary if not also intended to create a rubber band effect that extends higher sharply.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Two days of downward momentum not gaining traction didn”t prevent Monday”s open from gapping down under prior lows and extending to 3.66. There is no active signal.

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))
Not yet breaking back under 1.2750, a bounce back into the 1.2835-1.2880 range was likely. And Friday did probe it, but just above the lower-end and not at all attacking its upper-end before returning to 1.2750, not yet resolving the pattern.

Gold Dec Contract (GC, ETF: (GLD))
A brief fresh pullback low Friday morning was retraced as quickly, but only to range sideways through the day. Having avoided a break back under 1231.00 for so long, fresh highs are likelier, presumably up to 1259.00.

Silver Dec Contract (SI, ETF: (SLV))
The week ended with Silver nestled quietly in its 17.25-17.40 range, which has been part of each session throughout this pattern.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fresh lows Friday recovered back above 142-28, but not back above 143-16 which would have signaled the reversal”s momentum had lapsed.

Crude Oil Nov Contract (CL, ETF: (USO))
Firming overnight was brief as Friday”s session returned to the 82.50 support that must hold to maintain the recovery”s momentum.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday”s blip-down to 3.71 was recovered back above Thursday”s 3.76 low, which was itself a brief dip under prior lows that had recovered to 3.83 resistance. The decline may have no momentum, but that doesn”t equate to being a buy signal without recovering 3.87.

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))
Still only teasing at the 1.2750 pullback limit Thursday morning made a bounce back into the 1.2835-1.2880 range likely. And a bounce did pierce its lower-end briefly Thursday. Back under 1.2750 would signal momentum reversing down to retest lows.

Gold Dec Contract (GC, ETF: (GLD))
Choppy ranging Wednesday night and Thursday morning down to 1235.00 did recover to fill the gap back to Wednesday”s 1243.00 close. Extending to 1259.00 can”t be ruled out, not until reversing back under 1231.00.

Silver Dec Contract (SI, ETF: (SLV))
Another dip back into the 17.25-17.40 range held as support, but did not launch a rally, still undermining any longer-term bullish case for precious metals from this stage.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday afternoon”s 146-04 high had reacted down sharply to 143-06. It was recovered overnight, but the optimistic interim consolidation had all but doomed the high”s retest to failure. That much of the pattern was reviewed during Thursday morning”s Market Tour, and the 143-04 interim low was retested in the afternoon. Momentum”s reversal remains intact unless the interim consolidation”s 144-14 high is recovered.

Crude Oil Nov Contract (CL, ETF: (USO))
The Double Bottom reversal pattern described during Thursday morning”s Market Tour was very productive very quickly. Retesting the prior low at 80.00 down to 79.80 was reversed back up to the 82.44 interim high, the pattern”s minimum objective. The deeply oversold pattern surged even higher to 84.83. A pullbacks held the upper-end of its 82.00-82.75 limit. This being the reversal of the week”s earlier Symmetrical Triangle break, the next higher objective is 88.45 and 91.45 so long as 82.00 now holds as support.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
A knee-jerk reaction to Thursday”s EIA report reversed down to a fresh low at 3.72 from firming to 3.83 resistance. That was retraced back into positive territory. Closing Friday above 3.87 would signal the decline”s momentum had lapsed.

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))
Just touching 1.2700 Wednesday made a test of 1.2835-1.2880 only a formality. Just that quickly, it was fulfilled. The reaction down held 1.2750, whose break would suggest the corrective bounce had ended.

Gold Dec Contract (GC, ETF: (GLD))
An overnight slide down to 1222.00 was recovered amid crashing stocks to test fresh highs at 1250.30, targeting 1259.00 if not rejected immediately Thursday back under 1240.00 and 1231.00.

Silver Dec Contract (SI, ETF: (SLV))
Fresh lows recovered back up to the 17.60 recent highs, but no higher. This underperformance compared to Gold probing fresh highs suggests that Silver must still test new lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Despite there being no unfinished business above, the collapsing stock market created a flight-to-safety and the long bond exceeded 143-06 on the way to 148-00. Its reaction down to 144-16 was retraced up to 145-00 before reversing to fresh relative lows testing 144-12.

Crude Oil Nov Contract (CL, ETF: (USO))
Fresh lows overnight tested the lower-end of the 80.45-80.60 target and bounced a little. A drop to 80.00 was recovered up to 82.45 before returning back down to the upper-end of the 80.45-80.60 target. No new lower targets were created.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
The drop extended Wednesday to a fresh low at 3.76. Being a new low, no trend reversal signal could be triggered on the following day. But closing above 3.83 Thursday would be a good start to bottoming.

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 bounce did not extend higher to touch 1.2700 which would have put into play a bigger corrective bounce. Not that Tuesday”s gap down extended, or seemed any more interested in resolving the outstanding retest of recent lows so a better bottom could form.

Gold Dec Contract (GC, ETF: (GLD))
Fresh highs overnight didn”t extend Tuesday, and held 1231.00 support intraday. That”s the make-or-break setup which either launches an obvious upleg or else retraces the upleg preceding it — in either case, without much further delay.

Silver Dec Contract (SI, ETF: (SLV))
Overnight strength was relatively muted, but Tuesday”s intraday weakness did react up from dips into 17.25-17.40 support.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday”s dip held 141-26 to make the day”s 142-28 high likely to be retested, with room for noise above it to 143-05. Both were tested Tuesday morning up to 143-06 before reversing back down under Monday”s high, hesitating optimistically short of filling the gap back down to Monday”s close — the first suggestion of unsustainable enthusiasm.

Crude Oil Nov Contract (CL, ETF: (USO))
Fresh lows Tuesday retested overnight lows that had not yet printed intraday, triggering a Symmetrical Triangle. Probing under 82.75 put into play 80.45-80.60.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Despite Monday”s bounce to 3.91 resistance initially extending higher Tuesday, filling the week-old gap back to 3.95 reacted down sharply to fresh lows at 3.80. The next plausible buy signal would be to close above 3.87.