Daily Spot

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

Today’s Highlight Gold’s bounce Tuesday was relatively shallow, compared to the long-bond’s plunge and the Euro’s surge. Of course, those markets remained relatively calm while Gold plunged Monday. Now that they’re in tune with each other, could Crude Oil be ready to trend?

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Tuesday’s gap down under last week’s lows tested 79.40, whose break would target 79.00. There is no other active signal.

Eurodollar Dec Contract (EC, ETF: (FXE)) Despite there being no buy signal putting 1.3100 back into play from 1.2950-1.2975, Monday night’s rally produced a gap up Tuesday attacking the 1.3080 prior high. Closing above it would target 1.3200 and potentially 1.3425. Closing back under 1.2950-1.2975 would signal a new downleg underway.

Gold Dec Contract (GC, ETF: (GLD)) The bounce from Monday’s attack on its 1727.00 target firmed a little further Tuesday. Back under 1736.50 would trigger its resumption, with potential for extending down to 1717.00.

Silver Dec Contract (SI, ETF: (SLV)) Tuesday’s session essentially ranged narrowly around 33.00, which had been the decline’s objective. A retest of Monday’s low is needed before the pullback can end.

30-year Treasury Dec Contract (US, ETF: (TLT)) Monday’s drop got aggressive Tuesday by gapping down to 148-26 and extending down to 148-04. In less than two days, more than 61.8% of the recent rally has been retraced. And more should be retraced, down to at least 147-26 before any bounce could gain traction to become a new upleg.

Crude Oil Nov Contract (CL, ETF: (USO)) Monday’s recovery from probing deeply intraday under 91.20 did not extend up very much Tuesday. Certainly not above 93.00, whose recovery should have been immediate if Monday’s recovery had been accumulation.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) The pullback extended Tuesday down to 3.40. Holding 3.45 would have been optimal, but recovering 3.48 without delay Wednesday would be credible for resuming the rally targeting 3.75.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

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

Today’s Highlight Precious Metals plunged within hours of triggering their declines’ resumptions Friday. They also tested or attacked targets. The question now is whether a correction has ended, or if it is just getting started.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Monday’s ranging attacked the 79.90 buy signal, but never triggered it. No other signal was created.

Eurodollar Dec Contract (EC, ETF: (FXE)) Relatively narrow ranging Monday continued to gravitate back into 1.2950-1.2975 resistance, without generating any new signal that might put 1.3100 back into play.

Gold Dec Contract (GC, ETF: (GLD)) Immediately following Friday’s bearish close under 1760.00, Monday’s plunge came within $3 of the decline’s 1727.00 target. A $12-13 reaction up did not alter the target, which remains a current attraction unless 1736.50 were recovered through the close.

Silver Dec Contract (SI, ETF: (SLV)) The drop’s 33.00 target remained in-play throughout t last week. Perhaps its delay accounts for probing it so deeply Monday down to 32.57. Fresh lows should touch 32.25 so long as 33.25 is not recovered.

30-year Treasury Dec Contract (US, ETF: (TLT)) closing back down at 149-16 Friday had signaled that the morning’s test of 149-24 had overdone it by extending up to 150-07. Monday’s gap down that extended to 149-00 confirmed as much. Bouncing back up to test 149-24 intraday still fell back down toward 149-00. A close under 148-16 is still needed to reverse momentum down.

Crude Oil Nov Contract (CL, ETF: (USO)) Monday’s selling pressure finally broke under 91.20 support, extending down to test 89.80. An afternoon bounce probed back above 91.20 resistance. Extending higher immediately Tuesday would undermine sellers, and should extend higher to close above 93.00 if valid. Otherwise, closing back under 91.20 would signal taht 87.00 is now in-play.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) Ranging narrowly Friday around the 3.58 target that had been met Thursday suggested the next higher target at 3.75 was in-play. If so, then Monday’s gap down that extended lower to test 3.45 support should be rejected, retraced and reversed without delay Tuesday.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

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

Today’s Highlight Precious Metals like Gold and Silver already had plenty of opportunity to resume their rallies by Thursday, unless deeper corrective dips are in store. Friday’s action suggests those deeper dips are ready.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Wednesday night’s failed rally that reversed down into Thursday was then extended down further into Friday’s open. Despite extending down initially, the Thursday’s lows were recovered. Now a recovery above 79.90 would target 80.55 and 81.00, but there is otherwise no signal.

Eurodollar Dec Contract (EC, ETF: (FXE)) Fresh highs that overnight extended to 1.300 were nevertheless retraced back into Thursday’s range down to 1.2945, settling within the 1.2950-1.2975 bounce limit. Potential for extending up to 1.3100 may have been lost.

Gold Dec Contract (GC, ETF: (GLD)) Thursday’s probing above 1770.00 resistance was not impressive and did not negate the potential for resuming the corrective drop targeting 1727.00 and 1717.00. Friday’s drop back under 1760.00 suggests that this move is underway, which would be confirmed by a second consecutive lower close Monday — although, this market tends to fulfill its objective the same day or next day as they are triggered.

Silver Dec Contract (SI, ETF: (SLV)) Thursday’s narrow ranging around the week’s ~34.15 prior highs did not negate the potential for extending the correction down to 33.00. Friday’s close

30-year Treasury Dec Contract (US, ETF: (TLT)) Closing so far above 149-00 during Thursday’s choppy ranging made a test of 149-16/149-24 likely. Friday’s rally extended momentarily up to 150-07 before reacting back down to 149-16. Any negative close on Monday would trigger at least a corrective dip targeting 148-16.

Crude Oil Nov Contract (CL, ETF: (USO)) The 93.00 resistance test still has not resolved up, but Friday’s reaction down once again held the 91.20 pullback limit instead of breaking lower. An early aggressive rallying would still be credible for extending to 100.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) Friday’s narrow ranging around the rally’s 3.58 target that was met Thursday — instead of rejecting it — maintains potential for extending higher to the next higher target at 3.75.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

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

Today’s Highlight Thursday’s action began Wednesday night. Not that any breakouts or trending got underway. In fact, overnight breakouts and trending were rejected forcibly Thursday. Energies, however — like Crude Oil and Natural Gas — firmed to levels vulnerable to surging if given just a gentle push Friday.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) A break above the 80.10 buy signal did trigger follow-through, but none of it survived past overnight. The regular session only dipped to 79.80. Now closing above 80.00 would target 80.55 and 81.00.

Eurodollar Dec Contract (EC, ETF: (FXE)) Back under 1.2880 did trigger follow-through to test Tuesday’s intraday 1.2865 low down to 1.2833. But that was recovered entirely overnight to gap up Thursday above Wednesday’s 1.2922 high. The 1.2950-1.2975 corrective bounce target was tested, and it held as resistance. Closing above it Friday would target 1.3100, and avoid resuming the decline.

Gold Dec Contract (GC, ETF: (GLD)) Wednesday’s narrow ranging that held 1760.00 support tried to rally Thursday, but only held its test of 1770.00 resistance. A higher close could gain traction to reinstate the 1814.00 target, but this action seems more vulnerable to resuming the corrective drop targeting 1717.00-1727.00.

Silver Dec Contract (SI, ETF: (SLV)) Firmer prices Thursday still only ranged narrowly around the prior three sessions’ ~34.15 highs, not at all attacking 34.50 or 35.00 whose recoveries would put into play 36.75. A deeper pullback to 33.00 remains likely.

30-year Treasury Dec Contract (US, ETF: (TLT)) Slightly higher highs overnight probed above 149-00 resistance before reversing down sharply Thursday to test 148-00 support. Its complete recovery was interrupted by an initially negative knee-jerk reaction to the 30-year auction. But it resolved up to test 149-08. Now 149-16/149-24 is likely to be tested before any sell-off could gain traction. Closing above this resistance would trigger a much bigger rally, which still seems unlikely considering the rally’s origins.

Crude Oil Nov Contract (CL, ETF: (USO)) Wednesday’s reaction down to its 91.20 pullback limit was recovered for another test of 93.00 resistance. It held again, but any early aggressive trending above it would be credible for launching an aggressive rally to 100.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) Favorable reaction to Thursday’s EIA report extended through the 3.51 prior high, testing the original 3.58 target. Now 3.75 is in-play so long as pullbacks hold 3.50 as support.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

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

Today’s Highlight Wednesday’s only real action was in bonds, with stocks falling into a 10-year auction. Thursday’s 30-year auction finds the long-bond precariously positioned, and not very capable of absorbing another dip.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) While Tuesday’s rally had essentially ignored 80.00 resistance on the way to 80.20, Wednesday’s session dipped to range around 80.00 down to test 79.95. Back above 80.10 would resume the rally next targeting 80.55 and potentially 81.00.

Eurodollar Dec Contract (EC, ETF: (FXE)) Potential for a corrective bounce to 1.2950-1.2975 barely extended Wednesday to test 1.2925. Regardless, back under 1.2880 would resume the decline next targeting 1.2805.

Gold Dec Contract (GC, ETF: (GLD)) Wednesday’s choppy narrow range tested Tuesday’s low and 1760.00, ultimately holding each. Its break is still required to remove all near-term potential of resuming the rally up to 1814.00.

Silver Dec Contract (SI, ETF: (SLV)) Wednesday’s narrow inside session kept alive potential for extending down to 33.00.

30-year Treasury Dec Contract (US, ETF: (TLT)) Wednesday’s gap down was recovered back into positive territory, extending sharply higher to test the 148-26 bounce limit. Now closing under 148-00 would signal momentum reversing down.

Crude Oil Nov Contract (CL, ETF: (USO)) The recent bounce up to 93.00 resistance did not extend higher Wednesday. It was almost rejected, falling back to the original 91.20 bounce limit. A recovery above 93.00 is still needed to even begin signaling a rally underway. Otherwise, the outstanding 87.00 target would be in-play under 91.20.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) A pullback barely pierced the 3.45 pullback limit Wednesday before recovering back to Tuesday’s 3.51 high. Thursday’s EIA report should extend the rally if it intends to extend at all.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…