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, UUP))
Tuesday’s retest of the longstanding 1.1394-1.1430 target area extended down without delay overnight. The second consecutive lower close confirms the breakout, and now requires at least an eventual third lower close.

Gold Dec Contract (GC, ETF: (GLD))
Extending down overnight confirmed Tuesday’s break under the 1228.00 sell signal, which now requires at least an eventual third lower close.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s open gapped down under the rising channel’s lower-end, down to its last touch under 14.30. This sequence can repeat indefinitely and extend down again, although a second consecutive lower close would at least confirm the decline remains intact.

30-year Treasury Dec Contract (US, ETF: (TLT))
Still no catalyst for a flight-to-safety Wednesday, allowing the pullback to continue back to 138-04. Its break would still essentially seal a top to the bounce, so holding it all but relies upon stocks reversing back down.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially firming in reaction to Wednesday’s EIA, the session ultimately only ranged narrowly around unchanged. Back above 67.95 would trigger a new upleg.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping back up Wednesday extended higher intraday to test the 3.25 buy signal that Tuesday’s open had chipped away at. Thursday’s EIA report is being greeted from a position of strength.

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, UUP))
The longstanding 1.1394-1.1430 target that was already met last week was retested Tuesday. Friday’s gap down under all prior lows was retested, but its test did not trigger a reaction up. Not already rallying early Wednesday would be likely to extend the breakout another 1-2 sessions.

Gold Dec Contract (GC, ETF: (GLD))
Dipping pre-open to 1221.50 was recovered to only test 1224.50 intraday. But the 1228.00 sell signal held a test as resistance, so any initial weakness Wednesday would be credible for extending down intraday.

Silver Dec Contract (SI, ETF: (SLV))
Extending Monday’s break under the 14.57 sell signal to 14.40 support only hovered there through Tuesday, still vulnerable to resuming the decline.

30-year Treasury Dec Contract (US, ETF: (TLT))
Stocks in positive territory Tuesday mean no flight-to-safety, allowing Monday’s pullback to extend a little deeper and fill the gap back down to Friday’s 138-22 close. The bullish pattern could tolerate only a slight delay in resuming its rally.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having failed to maintain repeated probes of the 67.25 buy signal, a break lower had become likely. Tuesday’s gap down to the range’s 65.75 lower-end quickly fulfilled the objective, and held through the close. Avoiding a second consecutive lower close Wednesday would be bullish. Meanwhile, Tuesday’s post-close API is being greeted from a position of weakness that suggests at least probing lower temporarily.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up surged to fill the gap back up to Thursday’s 3.25 close. Reacting down filled the gap back to Monday’s close. Extending down under 3.14 would launch a new downleg. Back above 3.25 would be much likelier to break higher on its second attempt.

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, UUP))
Rallying overnight into a gap up Monday didn’t extend higher intraday, but also consolidated above Friday’s close. Having fulfilled its longstanding downside objective last week, near-term choppiness remains likely.

Gold Dec Contract (GC, ETF: (GLD))
Gapping down slightly Monday trended down to test the 1228.00 sell signal. It was still being overlapped at the close to avoid triggering, but any initial weakness Tuesday morning would be credible for extending lower.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s break under the 14.57 sell signal slid back down to the uptrending channel’s lower-end, coinciding at 14.40. Hesitation there seems almost obligatory — but isn’t, because that’s not a trendline or calculable feature, only structural. Nevertheless, any initial weakness Tuesday morning would be credible for extending lower.

30-year Treasury Dec Contract (US, ETF: (TLT))
Testing the 139-26 corrective bounce target Friday to within 1 tick was pierced Sunday night up to 139-29, but Monday dipped back down to “lower prior highs” at 138-28. Which doesn’t reverse momentum down, so rallying again before dipping any deeper could next target 140-26.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming overnight to a fresh high at 67.95 was again retraced to spend the session fluctuating around the 67.25 buy signal. The delay in triggering it does open the door to probing lower — if not also to resuming the decline.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday already produced the pattern’s fresh lows as had been likely. That didn’t prevent gapping down again Monday, once again within the prior lows. But this is that setup’s second time, so despite not requiring a retest, Monday’s lows are likely to be probed. And probing fresh lows would be vulnerable to trending down intraday.

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, UUP))
Gapping up Thursday from Wednesday’s fresh lows was reversed back under Wednesday’s lows and dip deeper into the 1.1395-1.1430 target area.

Gold Dec Contract (GC, ETF: (GLD))
Bouncing back up to 1241.00 resistance overnight was retraced to gap up Thursday only within Wednesday’s 1229.50-1236.00 range. Remaining within Wednesday’s range now allows breaking under 1228.00 to signal momentum reversing down.

Silver Dec Contract (SI, ETF: (SLV))
14.80 was tested again overnight, and only touched, before gapping up Thursday within Wednesday’s range. The balance of the morning trended back down under Wednesday’s lows to attack 14.60, whose break would signal momentum reversing down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Correlation to recent stock market gyrations have established the upside potential depends upon being a destination during flights-to-safety, which wasn’t needed Thursday morning, so price only fluctuated narrowly around the 138-18 buy signal.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Recovering from Wednesday’s reaction back down under 67.25 didn’t was recovered by Thursday’s open, but only to fluctuate narrowly around 67.25 intraday. Its test up to 67.72 Wednesday would now trigger the buy signal.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s choppy inside day gapped up before retracing back to Wednesday’s close. The open’s high was briefly probed, but also reacted down. Fresh lows for the pattern remain 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, UUP))
Gapping down Wednesday extended to test the upper-end of the longstanding 1.1395-1.1430 target, which corrects August’s Island pattern. Extending lower to close under 1.1370 would signal a complete retracement of the Island, whether to form a Double Bottom or to extend the already protracted downleg.

Gold Dec Contract (GC, ETF: (GLD))
Flat-to-lower ranging into Wednesday’s open probed back under 1235.00 through the morning. Not with any velocity that would add credibility to reversing momentum down. But any initial weakness Thursday would get a benefit of the doubt for trending down intraday. By the same token, rejecting Wednesday’s reversal attempt by closing back above 1243.00 would next target 1253.00-1256.00 and 1277.00.

Silver Dec Contract (SI, ETF: (SLV))
The surge back up to 14.80 wasn’t extended Wednesday, keeping alive its potential for resolving up to 15.15, unless Thursday opens weaker. A downleg must still break support at 14.60.

30-year Treasury Dec Contract (US, ETF: (TLT))
Having touched 138-04 overnight, recovering Wednesday to probe back above the 138-18 buy signal is more credible for launching the corrective bounce targeting at least 139-26, if not also 1 point higher.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing ahead of Wednesday’s EIA report had tested the 67.25 bounce limit, and started reacting down. Its knee-jerk reaction was muted, but eventually began firming to fresh highs above the 67.25 buy signal.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce was likely only noise so Wednesday’s gap up back to Tuesday’s high failed to extend higher. The inside day could produce a blip-up Thursday, perhaps a temporary knee-jerk reaction to EIA, but resolving down remains likely.