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))
Another narrowly ranging inside day Tuesday has now formed a Descending Triangle, if not a Symmetrical Triangle. Breaking under 1.1560 would start to signal the 1.1395 target is back in-play.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s slightly lower low under 1293.00 was recovered back into positive territory, but still too shallow to consider the ongoing decline is yet reversing direction up.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s open slid to fresh lows under 14.00, with the nearest buy signal now being a close back above 14.33.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s inside day didn’t improve overnight, and Tuesday morning only resumed the decline to attack 142-00, now more than 1-1/2 points under last Tuesday’s sell signal. The decline remains intact so long as bounces now hold 142-10. Back above 142-20 would start to signal momentum reversing up.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Rallying Tuesday morning soon retested the 68.40 buy signal that had held as resistance Monday morning. Its retest was likely to extend higher without delay. The fresh recovery highs attacked 67.50, and a second consecutive higher close on Wednesdays would confirm the 71.30-71.40 objective is in-play.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Narrow ranging Tuesday morning didn’t extend Monday’s rally above 2.82, which closing above Tuesday would signal that a bottom is forming.

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))
Initial weakness Sunday night didn’t extend Monday, as the session ranged narrowly sideways, still likely to resolve down to lower objectives.

Gold Dec Contract (GC, ETF: (GLD))
Narrow, choppy ranging Monday doesn’t confirm or undermine the pattern, which remains likely to resolve lower targets beginning at 1272,50.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s very narrow ranging would normally suggest the first trending attempt will reverse back into the range. But beginning explosively, either up or down, would be much likelier to trend in that direction.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging Monday consolidated Friday’s collapse to fresh lows. It also avoided confirming Friday’s breakout that would otherwise require at least one more lower close. But the decline’s momentum otherwise remains intact for at least an intraday probe lower.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night bounced to test the 68.40 buy signal, but its resistance sent price back down into Thu-Fri’s range at 67.33. A second test of the buy signal would be much more reliable for extending higher intraday.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
A fresh low at 2.75 Monday morning snapped up slightly to 2.81, which is too shallow to signal momentum reversing up. But a second consecutive higher close on Tuesday would suggest at least that a bottom is forming.

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))
Dipping again on Friday suggests the 2-day bounce has held its resistance, but the dip wasn’t yet deep enough to confirm downside momentum is reinstated and that lower targets are back in-play.

Gold Dec Contract (GC, ETF: (GLD))
Firming both before Friday morning’s payrolls report and after it were each rejected by reactions down. Which is how the afternoon was entered, ready to resume the decline next targeting an intraday retest of at least 1272.50.

Silver Dec Contract (SI, ETF: (SLV))
Flat-to-higher ranging both before and after Friday morning’s payrolls report apparently absorbed the reactions without triggering a buy signal. Almost any immediate buying pressure coming out of the weekend would be credible for reversing the downtrend that targets fresh lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s Employment Situation report was greeted from a position of weakness for still testing its 143-18 sell signal, or at least not from a position of strength above its 143-26 buy signal that was only attacked Thursday. The reaction was to gap down and probe under prior lows down to 142-12. Fresh lows into a weekend are difficult to reverse without first following-through.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight firming didn’t persist into Friday’s session, which ranged sideways back down to Thursday’s 67.00 low, and under the 68.40 buy signal.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Friday’s slightly lower lows into the weekend both confirmed that Thursday’s fresh low close did not completely fulfill downside selling pressure, while also being likely to extend the downtrend coming out of the weekend.

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))
Wednesday’s extension of Tuesday’s post-open bounce probed slightly higher overnight, but Thursday’s flat-to-lower ranging needs to represent the decline’s resumption to keep in-play lower objectives.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up to attack 1213.00 Thursday was retraced entirely to fill the gap back down to Wednesday’s 1203.00 close, and to maintain the likelihood for resolving down to fresh lows at 1272.50.

Silver Dec Contract (SI, ETF: (SLV))
Overnight firming up to 14.35 didn’t reach high enough for a retest of Tuesday’s gap down to neutralize its downside attraction.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s 143-02 low had held as support Wednesday, and launched a bounce back up to the 143-18 sell signal ahead of Friday’s Employment Situation report. That’s not high enough to greet the report from a position of strength.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The break under the 69.50 pullback limit extended down to 67.00 on Thursday’s (delayed) EIA report. Back above 68.40 would now signal momentum reversing up, targeting a retest of 71.20-71.40 to likely form a durable top.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Already extended down Thursday 2.77 fulfills the minimum third lower close required by the confirmed breakout. The trend can extend down so long as 2.85 isn’t recovered.

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))
Tuesday’s gap down had  held the 1.1550 week-old gap it filled, and bounced back to almost unchanged. Lower objectives remain outstanding, but that didn’t prevent the obligatory bounce from probing higher Wednesday. The decline is likely to resume so long as 1.1675 isn’t recovered.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s gap down from a multi-session range had triggered a breakout. But Wednesday’s bounce failed to confirm with a second consecutive lower close. There’s still room above to 1206.00-1207.50 while still being likelier to reverse down to lower objectives at 1272.50.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s flat-to-higher ranging wasn’t going to launch a recovery from Tuesday’s gap down under all prior lows, which will want to be retested from above, assuming the decline hasn’t already extended.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s gap up only touched the 143-18 sell signal that was broken already on Tuesday. The gap up was reversed quickly down to fresh lows at 142-28, but the balance of the session only ranged narrowly at Tuesday’s 143-02 low.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already probing under the 69.50 pullback limit after Tuesday’s close, gapping down Wednesday extended down to 68.75. Thursday’s (delayed) EIA report is not being greeted from a position of strength, and could be weaker only had Wednesday’s break been confirmed already. Retesting Tuesday’s 71.40 pre-open high would likely form a durable top.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap down had rejected Friday’s gap up that closed above its 2.87 buy signal. Extending down deeper Wednesday to 2.78 has confirmed a reversal, now requiring at least an eventual third lower close.