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))
Retracing Monday”s gap up was likely because Monday morning”s tend to duplicate Friday”s price action, and Friday”s price action was down. Despite rejecting the gap up and having the excuse to trend back down, Friday”s lows held through the day. None of which is a signal, but early strength Tuesday would be credible for extending higher.

Gold Dec Contract (GC, ETF: (GLD))
Bouncing overnight extended higher by enough Monday to nearly touch the 1220.80 buy signal. But it once again failed to trigger. The attempt doesn”t change the pattern, which remains dangerously close to the precipice of tumbling into a new sizable downleg.

Silver Dec Contract (SI, ETF: (SLV))
Monday”s sideways ranging didn”t threaten to trend, and only extended the ongoing range. There is no active signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Rallying through the stock market”s decline Sunday night probed fresh highs up to 138-19, creating potential for extending higher to 139-12/139-24 so long as pullbacks now hold 137-24 as support. Regardless of whether the higher targets are met or if the pullback limit fails, this leg is still considered only a corrective bounce.

Crude Oil Nov Contract (CL, ETF: (USO))
Friday”s buy signal above 93.00 was retraced Sunday night, but the rally resumed after Monday”s open and extended to test 94.65 that confirmed Friday”s trigger.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Firming Sunday night extended through 4.08 resistance Monday to test 4.15, next targeting 4.25 so long as 4.08 now holds as support.

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))
Wednesday”s confirmed breakout already fulfilled its minimum requirement for at least a third lower close. Since Monday morning”s price action is likely to duplicate or to mirror Friday”s session, closing positive from probing fresh lows would be signal a bottom forming.

Gold Dec Contract (GC, ETF: (GLD))
Thursday”s retest of the 1222.80 buy signal did not immediately and aggressively extend higher Friday. Dropping instead to test prior lows at 1213.00-1215.00 didn”t gain traction, but delaying a rally makes the base”s failure increasingly likely.

Silver Dec Contract (SI, ETF: (SLV))
An overnight rally effort had disappeared before Friday”s open, but the reversal didn”t extend down intraday. And that was despite Gold probing prior lows. Back under 17.33 would start to signal a retest of prior lows, but there is otherwise no active signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
The minimum 138-02 objective was probed overnight up to 138-07, but reacted down sharply to Friday morning”s econ reports. Closing above 137-25 was the minimum requirement to maintain the rally”s momentum. Consolidating under it through the close doesn”t prevent the rally from resuming to at least retest the overnight high.

Crude Oil Nov Contract (CL, ETF: (USO))
The overnight retest of the 92.00 pullback limit firmed into Friday”s open to probe back above the 93.00 and attack 94.00 to within 15 cents. A second consecutive higher close Monday would confirm.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Nov, trading at a nickel premium to Oct] Initial weakness Friday threatened the 3,91 level but recovered it to pierce Thursday”s 4.02 high. Its reaction down also threatened 3.91, and also recovered to a fresh high. Extending through resistance at 4.08 would next target 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 Sep Contract (EC, ETF: (FXE))
Gapping down Thursday probed only slightly lower intraday before bouncing back above 1.2740-1.2750 support. But it was a second consecutive lower close, requiring there to be an eventual third lower close — not necessarily consecutive, but before recovering 1.2835. 

Gold Oct Contract (GC, ETF: (GLD))
Another fresh low under 1207.00 overnight produced a gap down Thursday. It reacted back up intraday to probe 1222.80 whose recovery through the close would signal momentum reversing up. There is one opportunity in the ongoing pattern for backing-and-filling to delay extending higher, and the consequence is to resume the decline with potential to 1167.50.

Silver Sep Contract (SI, ETF: (SLV))
.Fresh lows Thursday did not produce a close under prior lows, or a recovery. But closing back above 17.75 would be credible for triggering a corrective bounce to 18.85.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday”s steep drop was considered ineffectual pessimism because it held its pullback limit. Gapping up back to the morning”s high reflected impatience, preventing the rally from delaying fresh highs. It did extend higher intraday to attack its 138-02 target to within 2 ticks. Holding 137-25 as support keeps the recovery alive with potential to exceed the target.

Crude Oil Nov Contract (CL, ETF: (USO))
Room for a pullback down to 92.00. was almost fully utilized Thursday while not confirming Wednesday”s breakout above 92.50. Now a close above Thursday”s high is needed to resume the recovery.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday”s dip before the EIA report could not have been executed better if manipulated. Wednesday”s bounce to 3.91 resistance reacted down overnight and tested 3.83 support before the next. That launched a surge up to fresh highs testing 3.95. Its reaction down was testing 3.91 which can”t afford to delay extending the rally if valid.

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 Sep Contract (EC, ETF: (FXE))
Wednesday”s lower open rejected Tuesday”s bounce. At least, for now. Not confirming Wednesday”s breakout Thursday with a second consecutive lower close could start to seal a bottom.

Gold Oct Contract (GC, ETF: (GLD))
Tuesday”s pullback from probing its 1222.80 buy signal waited until Wednesday to try extending down. That never gained traction, while two attempts to recover 1222.80 also failed to gain traction.

Silver Sep Contract (SI, ETF: (SLV))
Monday”s failed overnight test of the 17.92 buy signal wasn”t repeated Tuesday, but it didn”t suffer a pullback until Wednesday extended down to fresh lows testing 17.51. Sellers gained no traction, and the 17.92 buy signal remains intact.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fresh highs to 137-13 after Tuesday”s close were retested overnight, and extended to intraday Wednesday. Reacting back down to attack Monday”s range in the 136-26/136-28 area is healthy pessimism that keeps 138-02 in-play.

Crude Oil Nov Contract (CL, ETF: (USO))
Probing above 92.50 Wednesday triggered the buy signal. Pullbacks must now hold 92.00 as support to maintain this leg targeting at least 95.00. 

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday”s failure to form a Pivot Reversal was compensated by Wednesday”s surge back through the 3.87 buy signal to also test 3.91 ahead of Thursday”s EIA report.

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Sep Contract (EC, ETF: (FXE))
Overnight strength produced a gap up Tuesday. There was no upside follow-through, but it avoided a second consecutive lower close that would have otherwise confirmed a breakout underway. It doesn’t prevent extending the decline, and it’s not a buy signal, but early strength would be credible for extending higher.

Gold Oct Contract (GC, ETF: (GLD))
Tuesday’s gap up through the 1222.80 buy signal to what was the decline’s original 1231.00 target held its test and reacted down to what was the decline’s ultimate 1220.30 target as support. Having cleared the way, a second consecutive higher close Wednesday is needed to confirm momentum reversing up.

Silver Sep Contract (SI, ETF: (SLV))
Overnight testing of the 17.92 buy signal had backed off before Tuesday’s open, and never retried intraday. But neither was it rejected, suggesting the pessimism was ineffectual and that the next rally effort would be credible.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s return to Sunday night’s 137-06 high confirmed Monday’s reaction down was ineffectual pessimism. Extending higher through the 137-10 objective confirmed the next higher objective at 138-02 was likely to be met, too.

Crude Oil Nov Contract (CL, ETF: (USO))
Gapping up Tuesday and firming to test 92.00 resistance now allows closing above 92.50 to trigger a retest of 94.05 and potentially 95.15.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up above Monday’s gap up served by proxy as if Monday had formed a Pivot Reversal. But the proxy was retraced, and soon extended back down to Monday’s low. A recovery must reject the retest of 3.83 without delay to avoid gaining traction for a deeper dip.

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