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 fresh low intraday under 1.1500 was still above the fresh low overnight under 1.1490. And the session bounced back into negative territory, although never back above Monday’s highs. The 1.1395-1.1430 objective remains intact.

Gold Dec Contract (GC, ETF: (GLD))
Reversing down from testing the lower-end of the 1236.00-1241.00 bounce target had repeatedly held 1222.50. Surging overnight tested the target’s upper-end to 1243.00 before dipping back down to 1236.00. Closing under 1236.00 would reverse the trend back down.

Silver Dec Contract (SI, ETF: (SLV))
Still testing 14.60 support kept alive potential for another bounce, or simply to retest last week’s test of 14.80. Tuesday’s gap up there ranged flat-to-lower intraday, still needing to close under 14.60 to reverse the trend back down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up to the 138-18 buy signal extended up to 139-07 as stocks continued sliding. That was retraced back down to the open’s gap as the stock slide began reversing. Closing AT the relevant level instead of below or above it keeps the door open to resolving either way. Filling the gap first back down to Monday’s close below would be more bullish for forming a bottom.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 73.90 sell signal extended even deeper during Tuesday’s $3 drop to 65.75. Reversing up immediately wouldn’t be credible, and bounces are meanwhile likely to hold a test of 67.25 as resistance.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday to 3.15 extended another dime to attack 3.24 and nearly fill the gap back up to Friday’s close, which is meanwhile resistance, and likely to push back down..

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))
Slightly higher highs Sunday night didn’t prevent gapping down Monday and extending lower intraday to attack Wednesday’s low. Stopping optimistically short of touching the prior low suggests that a lower low will be that much more substantial to compensate for the ineffectual optimism.

Gold Dec Contract (GC, ETF: (GLD))
Gapping down slightly Monday and piercing Thursday’s low ran into an outstanding gap that held intraday, but is likely to almost break sharply lower on any fresh low at Tuesday’s open.

Silver Dec Contract (SI, ETF: (SLV))
Retesting Thursday’s lows and also 14.60 uptrending support at Monday’s open avoided breaking lower, but didn’t reject the test, keeping alive the attraction to a break lower.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s inside day was also “ineffectual pessimism,” but neither was rejected without Monday reversing up, and instead only remaining within Thursday’s range.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s Shallow narrow ranging didn’t exploit the possible bottoming forming after Friday avoided extending Thursday’s fresh low. A break higher would be credible for extending, but shouldn’t be positioned prematurely, as the pattern remains vulnerable to extending down.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Sunday night’s gap down was largely retraced Monday, before extending down much more decisively to confirm Thursday’s break to fresh 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, UUP))
A slightly lower low overnight was recovered to trade flat-to-higher intraday Friday, still leaving outstanding the confirmed breakout’s requirement for at least an eventual third lower close.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s early probe under the prior two sessions’ lows wasn’t repeated Friday. It wasn’t rejected either, so any initial weakness coming out of the weekend could still get a benefit of the doubt for extending down.

Silver Dec Contract (SI, ETF: (SLV))
Dipping Thursday to test uptrending support at 14.60 was not broken, as Friday bounced back to attack 14.75. But momentum didn’t reverse up, and its reaction attacked 14.60 again, whose break lower would still be likely to extend.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s break under 138-04 wasn’t likely to extend, and was recovered well before the close. But not reversed back above 138-18, which would initially target 140-26. Friday’s dip back under 138-04 also didn’t extend, but wasn’t recovered. So, opening lower Monday can still extend, albeit unlikely without another corrective bounce.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s inside day didn’t reject the ongoing decline, which remains intact unless a close above 69.80 starts to reverse the trend up.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Bouncing Friday avoided confirming Thursday’s break under the 3.26 sell signal. Another attempt to reverse down would be just as credible, so long as 3.31 isn’t recovered through a close.

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))
Wednesday’s gap down had trended down intraday, and now Thursday has trended down further to confirm the breakout from the multi-session range. Some obligatory support from the recent 1.1500 low being tested might produce a temporary bounce, but the trend has meanwhile reversed.

Gold Dec Contract (GC, ETF: (GLD))
Fresh relative lows under 1222.00 reacted back up into the recent range testing 1233.50. A bigger bounce still has room up to 1241.00 before reversing down, which the pattern is otherwise free to do at any time.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s fresh lows tested and retested the rising channel’s uptrending resistance as support around 14.60. Its break would next target the channel’s lower-end within currently coincides around 14.35.

30-year Treasury Dec Contract (US, ETF: (TLT))
The extended delay in breaking under the 138-04 sell signal had made it either less likely to break, or likely to recover a break. It was the latter, as Thursday gapped down to 137-24 and barely extended any lower before beginning a reversal back into positive territory, and back above 138-04. Back above 138-18 would target 139-26.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s gap down to fresh lows comes after Wednesday had already fulfilled the confirmed breakout’s minimum requirement for. Thursday’s bounce from gapping down was retraced entirely back down to the low. The trend remains down.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down Thursday back to the 3.25 sell signal extended through it to 3.20. A second consecutive lower close on Friday would confirm, but the trend does appear to be reversing down.

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))
Reversing down overnight essentially confirms the two intraday tests of last week’s highs had held, and that a top may have finished forming. Regardless, a second consecutive lower close on Thursday is still needed for confirmation.

Gold Dec Contract (GC, ETF: (GLD))
Still hovering under the lower-end of the 1236.00-1241.00 bounce limit Wednesday means still not reacting back down. Attacking or testing the bounce limit’s upper-end and closing under its lower-end should launch a new downleg. Otherwise, early weakness could extend but must still close lower to confirm.

Silver Dec Contract (SI, ETF: (SLV))
Flat-to-lower ranging Wednesday essentially held around unchanged at 14.70. Closing back under 14.60 would now signal momentum reversing down to 14.35 and possibly lower.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday continued hovering narrowly above the 138-04 sell signal. Having avoided its break for four consecutive sessions, the potential has grown for extending the corrective bounce to 140-26.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Greeting Wednesday’s EIA report from a position of weakness broke to fresh lows at 69.63, on-track for fulfilling the minimum requirement for at least a third lower close.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
The gap back up to 3.28 was tested Wednesday morning, and was still holding or being tested into the afternoon. Closing under 3.25 can now greet Thursday’s EIA report from a position of weakness.