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))
Dropping from Friday’s close to 1.1540 filled an outstanding gap below, but leaves outstanding the minimum likely attraction below at 1.1400.

Gold Dec Contract (GC, ETF: (GLD))
Sharply lower lows coming out of the weekend down to 1195.00 could finally be fulfilling a retest of the recent 1167.00 overnight low, at least own to its 1172.50 objective, but needs a second consecutive lower close to confirm.

Silver Dec Contract (SI, ETF: (SLV))
The delay in filling the month-old gap had made new lows likely under 14.30, which Tuesday’s slide out of the weekend fulfilled down to 14.03. A second consecutive lower close Wednesday would suggest much lower lows to follow.

30-year Treasury Dec Contract (US, ETF: (TLT))
Last week’s bounce was rejected immediately back under the 143-18 sell signal, probing it down to 143-02. A second consecutive lower close Wednesday would confirm last week’s bounce was only a temporary correction.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Stopping short of its 70.55 corrective bounce objective last week was not reversed down, and its reaction held the 69.50 pullback limit. Surging before Tuesday’s open gapped up to 71.22 and reacted down sharply to attack 69.50. Potential for extending higher would invalidated by closing under 69.50.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping back down to 2.83 Tuesday all but rejected Friday’s close above the 2.93 buy signal. Closing under 2.83 now requires a second consecutive lower close to confirm the decline’s momentum has resumed.

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))
Still overlapping the 1.1675 sell signal into Friday’s open immediately extended to a fresh pullback low testing 1.1600. Closing any lower would confirm the trend has reversed down.

Gold Dec Contract (GC, ETF: (GLD))
Cleanly triggering the 1207.50 sell signal Thursday didn’t extend down any deeper than Thursday afternoon’s 1202.00 low before rallying overnight to attack 1215.00. That reacted back down under 1207.50, which remains intact.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s 14.82 sell signal was probed that day down to 14.55, but no lower overnight. Friday was almost an inside day, but dipped lower into the afternoon, as the sell signal’s momentum remains intact.

30-year Treasury Dec Contract (US, ETF: (TLT))
[Rolling coverage forward to Dec, which trades at a 18-tick discount from Sep]…. Thursday’s failure to reinstate Tuesday’s break lower to 144-10 was rewarded by extending the bounce into and out of Friday’s open up to 145-16. Closing back under 144-26 would trigger another attempt to resume the decline.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Coming to within a nickel of the 70.55 minimum bounce objective Thursday already created a reaction down without yet touching 70.55. It remains in-play, with potential to extend higher through 72.00, so long as 69.50 holds pullbacks.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Testing the 2.87 buy signal for a second consecutive close finally broke higher overnight, gapping up at Friday’s open and extending higher to 2.93. Leaving the gap outstanding below is not optimal to extending higher near-term, but it forms support below that helps to prevent a reversal down from extending.

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))
Thursday quickly dipped to retest Wednesday’s low, which itself had touched the 1.1675 sell signal. Its break would leave no unfinished business above, and initially target 1.1445.

Gold Dec Contract (GC, ETF: (GLD))
Breaking through the 1207.50 sell signal Thursday only attacked 1202.00, still targeting 1191.50 and probably 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
[Rolling coverage forward to Dec, which trades at a 13-cent premium to Sep]… Thursday’s open was greeted trending down from the 14.82 sell signal that was tested throughout Wednesday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s failure to confirm Tuesday’s break under 144-19 was extended by bouncing further Thursday. Last-minute sentiment ahead of next Friday’s Employment Situation report is likely having an effect, but the news is not being greeted from a position of weakness that would have been reliable to react negatively.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The rally extended to within a nickel of its 70.55 minimum corrective bounce objective. Reversing down wouldn’t be credible until the target is fully tested, and the corrective bounce could meanwhile extend higher. But closing under 69.50 would suggest that a bounce peak is forming.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Wednesday’s bounce from retesting the decline’s 2.82 target failed again to close above 2.87 and reverse momentum up. It was being tested at the close, but the decline remains vulnerable to extending.

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))
Wedneday’s open gapped down to the 1.1675 sell signal and immediately bounced into slightly positive territory. Filling the gap back up to Tuesday’s close neutralizes its attraction above, better enabling sellers if they can trigger the sell signal through the close.

Gold Dec Contract (GC, ETF: (GLD))
Dipping overnight tested the 1207.50 sell signal by almost $1, but Wednesday’s intraday action only hovered slightly above it. Its break would initially target 1191.50 and potentially 1172.50.

Silver Sep Contract (SI, ETF: (SLV))
The 14.69 sell signal was tested overnight by at least a dime, but less so intraday Wednesday. Its break would target 14.45 and probably also retest the 14.30 low.

30-year Treasury Sep Contract (US, ETF: (TLT))
Closing under the 144-19 sell signal Tuesday didn’t extend lower overnight. Wednesday morning probed a fresh low at 144-08 that also didn’t immediately extend lower. Not closing lower Wednesday would not confirm Tuesday’s break.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap up from the three-day test of 68.00-68.25 pullback limit extended through Friday’s 69.30 high to 69.75, while still targeting 70.55.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Oct which trades at a 2-cent discount from Sep]… Gapping up Wednesday was reversed back down through the morning to retest the 2.83 target that Tuesday had fulfilled already. RSIs improved, but only triggering the 2.87 buy signal can diminish the potential for extending lower.

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))
Gapping up Tuesday peaked upon retracing 61.8% of the May-Aug descending triangle. The sell signal can be raised to 1.1675.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s high had touched the lower-end of the 1215.00-1220.00 corrective bounce objective. Its upper-end was pierced overnight, before reversing back down under 1215.00 through Tuesday’s open. Back under 1207.50 would resume the decline targeting 1272.50.

Silver Sep Contract (SI, ETF: (SLV))
Overnight follow-through on Monday’s close above 14.79 stopped short of its 15.05 potential and got to only 14.95 before reversing back down to 14.79 through Tuesday morning. Closing under 14.67 would target 14.45 and probably also fresh lows to compensate for the detour’s delay.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s dip back down to Friday morning’s 145-02 low gapped down slightly and extended lower during the morning to 144-10. Its reaction tested 144-19 as resistance, whose break would signal a deeper pullback underway next targeting the original 143-11 buy signal.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s pullback to the upper-end of the 68.00-68.25 pullback limit had bounced overnight back up to Monday’s 69.20 high. But fresh lows into the noon hour retested Monday’s low, still needing to hold the pullback limit to maintain upside momentum targeting 70.55.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
The decline extended through Tuesday morning to fulfill its minimum 2.85 target. Back above 2.90 would start to signal momentum reversing up. Meanwhile, the decline is vulnerable to extending down to 2.79.