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 gapped down again and immediately stopped trending down again, retracing back into the prior day’s range again. But unlike Monday, the open’s gap down under all prior lows to 1.1495 remains open and all but requiring being filled from above before a credible rally could begin. The trend otherwise remains down.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s chippy open eventually firmed into positive territory, not reversing  Monday’s drop or even probing above Monday’s post-open high, but also not producing a second consecutive lower close that would have confirmed Monday’s breakout from a multi-session range. Extending the decline Wednesday should begin without further delay to be credible for extending down.

Silver Dec Contract (SI, ETF: (SLV))
Flat-to-higher ranging Tuesday tested “higher prior lows” at 14.40, bouncing again off of the attack on uptrending support that had halted Monday’s drop. Breaking under 14.27 would be credible for extending the decline intraday.

30-year Treasury Dec Contract (US, ETF: (TLT))
Slightly lower lows overnight down to 136-15 confirmed that no bottom has formed over Monday’s government holiday. A new trend extreme precludes triggering a reversal signal on the same day. Extending Tuesday’s intraday bounce above its 137-24 high to also recover 138-04 would start to signal momentum reversing up. The downtrend meanwhile remains intact.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s recovery back above its 73.90 pullback limit / sell signal was extended overnight, but only to attack the 75.30 buy signal, which must still be recovered through a close to reinstate the 78.10 target above.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday’s dip to the 3.11 pullback limit had needed to resume the rally without delay, which Monday did by rallying to fresh highs attacking 3.30. But the rally began by gapping up sharply, creating a new attraction below back down to Friday’s close. Maintaining the rally Tuesday required extending higher without delay, too, but probing higher overnight to 3.37 was still retraced before the open and only ranged narrowly sideways intraday. A corrective dip has become likelier than extending the rally near-term.

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))
Friday’s inside day didn’t end the decline’s momentum, let alone reverse the confirmed breakout back up after Thursday had fulfilled the decline’s minimum objective. With the decline’s momentum intact, Monday’s open gapped down under all prior lows and ranged narrowly sideways .

Gold Dec Contract (GC, ETF: (GLD))
Probing and testing the 1202.30 sell signal through most of last week seems to be compensating for the break’s delay by gapping down Monday to 1193.00 and extending down intraday to 1186.00. The gap back up to Friday’s close will want to be filled eventually, but the 1172.50 remains intact.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down sharply Monday rejected last week’s ranging around 14.65 and under uptrending support at 14.55, but still requires closing under 14.25 to confirm momentum is reversing down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s Bank and Government holiday sapped both participation and volatility from the market, where narrow ranging formed an inside day that doesn’t reverse the prevailing downtrend.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing off of the 73.90 pullback limit Thursday had stopped short of reversing momentum up above 75.30. Sunday night’s drop to fresh lows attacking 73.05 was already bouncing into Monday’s open, but still stopped short of recovering the 73.90 pullback limit.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Dipping further Friday had held the 2.12 pullback limit which required resuming the rally without delay to avoided reversing the trend down. Gapping up Monday extended to fresh highs that tested 2.29, creating new room for only a corrective dip down to 2.23.

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))
Friday could almost be construed as an inside day, but its high did pierce Thursday’s range. So did its low, if ignoring the overnight low that was never revisited intraday. Regardless, the delay in exploiting Thursday’s recovery from overnight lows now requires adjusting the buy signal up to 1.1630, still targeting 1.1740. Fresh lows would instead resume the decline.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s close at or under the 1203.00 sell signal never extended under 1201.50 to confirm before bouncing Friday back up to the 1209.50 yet again. It held, yet again, keeping alive the potential for a break lower that would target 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Closing under the 14.65 pullback limit Thursday didn’t gain any traction before bouncing back up Friday morning. The pattern remains vulnerable to probing above 14.80 so long as the pullback limit continues to hold.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s fresh low close fulfilled the minimum requirement for at least an eventual third lower close, which had been created by Wednesday’s confirmed sell signal. Further lower lows are possible, and likely until a reversal signal forms. But the pattern of two consecutive slightly lower lows following Wednesday’s plunge tends to reflect pent-up selling pressure that makes the decline likely to persist.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s bounce helps offers further validation to the 73.90 sell signal being influential, following Thursday’s intraday slide that ended upon touching it. But it doesn’t ensure resuming the rally to its 78.10 target without further delays before triggering its 75.45 buy signal.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s retracement of the recent rally eventually extended Friday morning after gapping up to 3.22. Its reaction more fully tested the room for a pullback down to 3.11. Back above 3.20 should resume 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, UUP))
Gapping down to a fresh low on Thursday at 1.1560 was well above the 1.1526 overnight low. Its recovery probed positive territory up to 1.1606 before dipping back into negative territory. Back above 1.1595 would now trigger at least a corrective rally up to 1.1740. The trend otherwise remains down.

Gold Dec Contract (GC, ETF: (GLD))
Closing at or under 1203.30 Wednesday was recovered Thursday morning to test the 1209.50 bounce limit. It was retraced entirely back down under 1203.30. Closing under the original 1201.50 sell signal should resume the decline targeting 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Dipping overnight under the 14.65 pullback limit was recovered Thursday morning to test the 14.80 gap fill. Its resistance resolved down to fresh lows at the original 14.56 gap fill, and under the 14.65 pullback limit. Closing any lower would resume the decline.

30-year Treasury Dec Contract (US, ETF: (TLT))
Extending lower overnight gapped down Thursday. The entire session ranged sideways in negative territory. Its second consecutive lower close confirmed Wednesday’s breakout from what had been a multi-session range, which now requires at least an eventual third lower close.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down to and through 76.00 Thursday extended sharply lower to touch the 73.90 sell signal. Just closing under the 75.45 pullback limit requires its immediate recovery Friday to resume the upside momentum.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Room for a pullback down to 3.11 was attacked by Thursday’s morning’s drop from 3.25 in reaction to EIA. It was greeted from a position of strength, so the pullback should be recovered at least to retest the high.

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))
Flat-to-lower ranging Wednesday extended the decline, regardless of Tuesday already having fulfilled its minimum third required lower close.

Gold Dec Contract (GC, ETF: (GLD))
Still holding the 1209.50 bounce limit intraday, Wednesday reversed down to at least overlap the 1203.30 sell signal, if not actually probing under and triggering it.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s 14.65 pullback limit had held but was still being tested Wednesday, maintaining the upside momentum or at least not letting sellers regain traction.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s bounce was rejected by gapping back down into Tuesday’s range under 140-00. The balance of the session trended down sharply to attack 138-00, and no immediate bounce would be free from the requirement to retest Wednesday’s low.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending higher Wednesday confirms the 78.10 target is in-play. Pullbacks must now hold 75.45 as support, and under 73.90 would reverse the trend down.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Extending higher Wednesday without delay confirms Tuesday’s breakout. Its 3.28 high now has room for a pulback down to 3.11 while still maintaining the upside momentum.