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 Sep Contract (EC, ETF: (FXE, UUP))
Monday’s upward biased inside day reflects “ineffectual optimism.” Tuesday’s probe of fresh highs above 1.1800 must close back under Monday’s 1.1750 low to confirm, and back under 1.1720 would still signal the trend reversing down.

Gold Dec Contract (GC, ETF: (GLD))
Still fluctuating between 1201.50-1209.50 Tuesday has failed to break either way which would signal the next leg’s direction.

Silver Dec Contract (SI, ETF: (SLV))
Still hovering under the 14.33 buy signal without extending down is not a position of strength, and the pattern remains vulnerable to extending down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s gap down to 141-08 under all prior lows wanted to be retested from above, which became possible after having bounced into Friday’s range. That had filled the gap back to Friday’s close, neutralizing its attraction and recovery potential. In fact, Tuesday gapped down to and through 141-08 on the way to fresh lows at 140-23.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up to the 69.50 buy signal instead of only probing it intraday from below was no better at extending through it. Tuesday’s high only filled the gap back to the week-old 70.35 high close by a nickel, one of the last two semblances of upside attractions. The second is the prior night’s 71.40 high, which also doesn’t otherwise require a retest. Now closing under 68.35 would signal momentum reversing down.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping up to the adjusted 2.83 buy signal Friday extended higher through 2.87, filling a 3-week old gap up to 2.92. Closing higher Wednesday would help to confirm that momentum had reversed up.

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))
Monday’s gap up back above Thursday afternoon’s low still produced only an “inside day” compared to Friday’s range. Its upward bias suggests the first range break will trend downward. Closing under 1.1720 would launch a downleg.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s gap up above the 1201.50 sell signal peaked at the 1209.50 buy signal without triggering either.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s choppiness hardly threatened to trigger the 14.33 buy signal, which essentially defaults to being bearish and targeting fresh lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Monday to fresh lows at 141-08 was recovered to fill the gap back up to Friday’s 141-22 close. The 141-08 gap open under all prior lows will want to be retested from above before a durable rally can begin, and meanwhile the decline’s momentum remains intact.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting the 69.50 buy signal into and out of Monday’s open still didn’t trigger it. But momentum hasn’t reversed down until closing back under 67.80, so breaking higher by Tuesday morning would still be credible for extending.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping up and firming intraday tested the lowered 2.83 buy signal. Recovering it through the close and then subsequently also recovering 2.87 would signal and confirm a new upleg underway.

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, UUP))
Probing Thursday’s 1.1700high overnight was retraced already into Friday’s open, and the morning extended down to test the 1.1645 sell signal.

Gold Dec Contract (GC, ETF: (GLD))
Probing overnight shallowly back above the 1209.50 buy signal was rejected even more substantially than was Wednesday’s probe, testing the 1201.50 sell signal.

Silver Dec Contract (SI, ETF: (SLV))
Attacking the 14.33 buy signal again was rejected through Friday morning down to 14.10. Unless another rally were attempted coming out of the weekend, a drop to fresh lows is now likely.

30-year Treasury Dec Contract (US, ETF: (TLT))
Potential for forming a bottom wasn’t exploited as Friday’s open gapped down to and through Tuesday’s 142-00 close that already had held a test at Thursday’s open. The close under a multi-session range is a breakout, which a second consecutive lower close Monday would confirm. But the proximity to prior lows enables early strength Monday to test 142-26.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Attacking the 67.80 sell signal to within 15 cents Friday morning was recovered to probe momentarily above the 69.50 pullback limit. Its recovery through the close would  target a retest of 71.20, probably through 71.40.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of strength didn’t ensure any reaction, let alone triggering the 2.87 buy signal which held. Nor has it prevented a break back down toward Monday’s 2.75 low.

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, UUP))
Favorable reaction to Thursday’s ECB meeting and especially to ECB Chair’s Draghi’s comments triggered a surge up to 1.1700. If that’s the recently formed Symmetrical Triangle’s false break, then back under 1.1600 would signal the trend reversing back down more substantially.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s probe above the 1209.50 buy signal didn’t extend any higher overnight, but it surged up to 1218.00 momentarily Thursday morning. Reacting back down under 1207.00 would be likely to trend down sharply into the weekend on almost any initial weakness Friday.

Silver Dec Contract (SI, ETF: (SLV))
The 14.33 buy signal continued holding as resistance overnight and was pierced only briefly Thursday morning. Almost any initial weakness Friday would be likely to trend down into the weekend.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging overnight greeted Thursday’s open at the gap back down to Tuesday’s 142-00 close. Surging probed above Wednesday’s highs, a couple of times. There is no unfinished business above if the pattern wants to establish a bottom with a second consecutive higher close Friday.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
After fulfilling the minimum upside objective at 71.20 Wednesday, overnight action tested the 69.50 pullback limit. Gapping down to it Friday extended through it to retest the original 68.40 buy signal. Closing above 69.50 would keep alive the upside momentum, and the attraction to retesting the 71.40 overnight high. Closing under 67.80 would resume the decline.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of strength didn’t have much reaction either way. But the bottoming pattern was unshaken, indirectly confirming it and the likelihood for soon rallying.

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, UUP))
Breaking lower from the Symmetrical Triangle that was forming through Tuesday could extend 1.618 and fulfill the outstanding 1.1495 downside objective. But Wednesday tried breaking higher, or at least firmed to test 1.1650, and any higher would invalidate the downside potential.

Gold Dec Contract (GC, ETF: (GLD))
More narrow ranging overnight firmed later Wednesday morning and probed the 1209.50 buy signal. A second consecutive higher close would confirm a new rally leg underway. Otherwise, back under 1201.50 would resume the decline targeting 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Flat-to-lower ranging into Wednesday’s open was recovered to attack the 14.33 buy signal. It didn’t trigger, but breaking higher Thursday morning would be credible for extending higher intraday, and potentially launching a new rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up slightly Wednesday only ranged narrowly sideways, without rejecting the ongoing decline of lower lows and lower highs.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already greeting Tuesday’s API from a position of strength enabled a post-close surge that extended higher Wednesday morning in reaction to EIA. The week-old gap up to 71.20 was filled to neutralize its attraction. The 71.40 overnight high preceding it was only attacked and is still likely to be retested.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Wednesday’s second consecutive higher close following Monday morning’s fresh pullback low now suggests a bottom is forming. Surging Wednesday morning to the 2.87 buy signal reacted down, but retesting it Thursday morning would be likely to extend higher since the EIA report is being greeted from a position of strength.