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))
Sunday night”s bounce to 1.2700 resistance held, but its reaction has so far avoided reversing back under 1.2645 and then to retest recent lows.

Gold Dec Contract (GC, ETF: (GLD))
Sunday night”s stock market slide Sunday night sent Gold up to fresh highs at 1238.00, but that was retraced to attack 1224.00 before Monday”s open. Its reaction up held a test of Thursday”s 1231.00 prior high, keeping the corrective bounce pattern in-play.

Silver Dec Contract (SI, ETF: (SLV))
Overnight firming Sunday reacted back down into the 17.25-17.40 range that has prevented multiple rally attempts from extending higher.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fresh highs Sunday night up to 142-05 were a reaction to the broader market”s decline, as was Monday morning”s extension to 142-17. It”s no longer just noise above 140-16, but a separate leg. Closing back under 141-26 would start to signal the separate extension was already done. Back under 141-20 would signal momentum reversing down — presumably aggressively.

Crude Oil Nov Contract (CL, ETF: (USO))
Sunday night”s drop avoided recent lows under 84.00 before bouncing to unchanged around 85.80. A rally isn”t yet underway, but should not be delayed much beyond Tuesday”s open unless the downleg is extending considerably.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Firming intraday Monday attacked the 3.91 buy signal, and still has potential to prove the recent drop was only a temporary correction before resuming the rally.

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 failed test of 1.2750 resistance extended its reaction down under 1.2700 support to probed the 1.2610-1.2645 sell signal whose break would target a retest of the week”s lows down to 1.2495.

Gold Dec Contract (GC, ETF: (GLD))
Initially shallow weakness Friday probed under the 1224.00 pullback limit to suggest it would extend down to 1210.00. Simply not gapping up to fresh highs already had undermined the rally as a false break. That”s still possible Monday, despite closing under 1224.00 Friday, because it wasn”t rejected very deeply.

Silver Dec Contract (SI, ETF: (SLV))
Friday”s action still held with the 17.25-17.40 that must break lower to resume the decline.

30-year Treasury Dec Contract (US, ETF: (TLT))
The rally”s 141-00 noise extreme was probed again overnight, almost touching Thursday morning”s 141-14. Almost. And even if only stopping 1 tick short of touching it, that”s still pessimistically short making a close under the 140-10 sell signal more difficult to anticipate.

Crude Oil Nov Contract (CL, ETF: (USO))
Lower lows overnight extended the decline considerably below its 85.85. target to 83.60. Friday recovered anyway back up to 85.85. That”s not necessarily a bottom, but it”s a big endorsement for the target”s relevance. Back under 85.35 would target the low”s retest down to 83.35. Closing first above 86.75 would start to signal 88.70 is in-play.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday”s narrow ranging was largely contained by 3.83-3.87 which prevented recovering above the 3.91 buy signal. A new trend low was avoided, which would have been very bearish for a Friday.

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 overnight probed the 1.2750 resistance but Thursday”s intraday action fell back to 1.2700 support. A bottom still has not formed.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday”s post-close surge to 1219.00 extended sharply higher overnight to test 1234.00. Thursday”s session was spent consolidating at 1224.00 support. Breaking under it would target 1210.00, and its break would resume the decline.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday”s underperforming post-close strength tried to compensate for its delay Thursday by gapping up above last week”s 17.40-17.55 highs, but still only ranged there intraday. A second consecutive higher close Friday would confirm momentum reversing up, but the bounce is otherwise still only temporary.

30-year Treasury Dec Contract (US, ETF: (TLT))
Room for noise probing above the 140-16 prior high to 141-00 was probed overnight up to 141-14. Thursday”s session essentially ranged around 141-00, but never revisited the overnight highs. Despite being above Wednesday”s range, the intraday action still suggests the rally”s sponsorship is waning.

Crude Oil Nov Contract (CL, ETF: (USO))
The decline”s next lower target at 85.95 was fulfilled Thursday morning down to 85.60. Back above 86.25 would signal the drop”s momentum was lapsing.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday morning”s surge tested 3.93 resistance, but reacted down on the EIA report to 3.83 support. None of which yet forms a pattern, but almost any initial strength above 3.87-3.91 Friday would be credible for extending higher inttraday.

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))
The corrective bounce extended higher Wednesday”s to 1.2750 resistance instead of neutralizing the attraction below. This does create more room to absorb selling pressure while eventually retesting the gap back to Monday”s 1.2520 close.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday morning”s strength retested last Thursday”s ~1219.50 highs before reacting down ahead of the FOMC Minutes to 1205.00. That news triggered a post-close retest of the morning”s high, too late to gain traction. But not reversing it down through Thursday morning would suggest a bigger rally is underway.

Silver Dec Contract (SI, ETF: (SLV))
The post-close reaction up to Wednesday”s FOMC Minutes stopped short of retracing all of the morning”s strength. That strength had been retraced entirely into the afternoon. Unless extending higher through Thursday”s open, fresh lows remain likely.

30-year Treasury Dec Contract (US, ETF: (TLT))
Room for noise around the 140-12 target up to 141-00 was attacked Wednesday to within 3 ticks. The market wasn”t very responsive intraday to other volatility elsewhere, suggesting that the rally may be peaking in its retest of the prior high.

Crude Oil Nov Contract (CL, ETF: (USO))
Fresh lows fulfilled the minimum objective for the extended decline to 87.25. Having gapped down, the decline”s next lower target at 85.95 is likelier to be tested, too. Just gapping up above 89.00 Thursday would form an “Island Reversal” setup, which is only a temporary detour.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday”s extended bounce to 3.97 without closing above it left the recovery attempt vulnerable. Wednesday”s drop under 3.87 now requires holding a test of 3.83 to maintain any potential for another rally leg preceding new lows.

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))
If the gap down to Monday”s new low open were the culprit inhibiting a Tuesday from rallying, then a lot of buying pressure was expended to avoid the retest, anyway. And that continues to suggest fresh lows remain in-play. At this stage, it is the intraday recovery from fresh lows that would signal a bottom.

Gold Dec Contract (GC, ETF: (GLD))
Overnight narrow ranging around unchanged was duplicated Tuesday, not gaining any upside traction, and only delaying the likely eventual probe of lower lows. The gap back to Thursday”s 1214.00 close was actually filled, so there shouldn”t be much further delay to resuming the decline.

Silver Dec Contract (SI, ETF: (SLV))
Narrow, choppy, sideways ranging didn”t extend Monday”s bounce, and mostly just expended Tuesday”s buying pressure without gaining traction for the effort.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday”s shallow downside follow-through had begun earning a retest of recent highs, both through last week”s 140-01 overnight high and back up to last month”s 140-15 intraday highs. So long as 140-05 holds as support, the retest can extend to 141-00 simply as noise, and still be only a retest of the prior high. Any higher would target 141-26/142-00.

Crude Oil Nov Contract (CL, ETF: (USO))
Firming overnight failed to gain traction and Tuesday”s session was defined mostly by attacking Monday”s lows around 89.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Not extending Monday”s drop to 3.91 still needed to recover back above 3.93 to suggest the decline could bottom. Tuesday bounced back to 3.97 resistance, and now must close above it to keep alive the recovery potential.