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))
Probing lower overnight didn’t ensure finally triggering the 1.1860 sell signal that was still being tested during the two prior sessions. In fact, Thursday morning rallied up to the 1.1930 sell signal that had triggered Monday. Its resistance held, and closing back under 1.1860 would still signal the trend reversing down.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s break under the 1288.00 sell signal extended down a little deeper overnight and through Thursday morning, accelerating through 1283.50 and 1280.50 to 1273.00. Next targeted is 1269.00, so long as bounces now hold 1278.00 as resistance.

Silver Mar Contract (SI, ETF: (SLV))
Further weakness overnight and Thursday morning extended under the 16.60 objective met Wednesday. Stopping optimistically short of the 16.80 objective previously had ensured a deeper test of the next attraction. And now fresh lows are being probed. This is not a pattern that reverses up sharply, not durably, so no buy signal is expected until next week.

30-year Treasury Dec Contract (US, ETF: (TLT))
Several overnight probes under 153-00 support weren’t very promising for recovering 153-20 to resume the rally. Indeed, the morning broke sharply lower to 152-04, targeting at least “lower prior highs” down to 151-06.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already bouncing overnight above the 57.40 buy signal, Thursday morning dipped back down to the 56.80 pullback limit that had held Wednesday. It was tested throughout the balance of the session, still needing to hold for the pullback to have ended.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping back down Thursday under 3.12 was the only way to reject Wednesday’s close above 3.16. Extending down sharply intraday to test 3.01 already indicates the trend reversing down, attracted to gaps outstanding below, and to a fresh low targeting 2.87.

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’s probing of the 1.1860 sell signal still wasn’t resolved Wednesday, despite probing a little lower overnight and generally remaining under the signal all day.

Gold Dec Contract (GC, ETF: (GLD))
Upside momentum had become jeopardized by two consecutive sessions holding the recently filled 1295.50 gap instead of extending through it. Interim weakness was not exploiting its test of support. The consequence was Wednesday’s break lower, to and through the 1285.50 sell signal. A second consecutive lower close Thursday under 1280.50 would confirm a bigger downleg underway.

Silver Dec Contract (SI, ETF: (SLV))
Holding last week’s test of the 17.11 buy signal had reacted down to 16.95 support, and then to almost fill an outstanding gap at 16.70 to within 2 cents. Stopping optimistically short of the objective suggested that testing the next lower objective at 16.50 would be done more aggressively. Breaking sharply lower Wednesday morning extended to fresh lows at 16.45.

30-year Treasury Dec Contract (US, ETF: (TLT))
Repeated failures to extend intraday bounces had continually held 154-00 as support. Its eventual break could have bottomed at 153-20, but Wednesday opened there and extended down to test 153-00. Back above 153-20 would signal a pullback had ended, and recovering 154-00 and higher would be only a formality. Closing under 153-00 would signal a much deeper downleg underway.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s failure to recover 58.15 compounded with Monday’s similar failure, keeping alive the pullback’s downside potential. Weakness after Tuesday’s API and Wednesday morning’s EIA extended the pullback to test “lower prior highs” and to fill a gap down to 56.75. Closing back above 57.40 would signal the pullback had ended and momentum is reversing up.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up again Wednesday probed the 3.12-3.16 bounce limit. Closing higher suggests the lows won’t be retested before a more substantial rally develops. Unless confirmed by a second consecutive higher close Thursday, the likelier scenario would reverse down first to retest the lows and an outstanding objective at 2.77.

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))
Probing slightly lower overnight and a little more so Tuesday morning only extended the break under 1.1930, but has yet to close under 1.1860 where a bigger downleg would be signaled.

Gold Dec Contract (GC, ETF: (GLD))
Initially weak Tuesday morning held “lower prior highs” at 1291.00-1292.00, and recovered the 1293.00 pullback limit to maintain potential for confirming Monday’s breakout attempt.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s opening break under 16.95 collapsed to attack 16.70, whose break would next target 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging overnight began firming Tuesday morning and extended to fresh highs attacking 154-28. The rally has no excuse not to resume without further delay, or else break back under 154-00 to 153-00 or lower.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight weakness retested Monday’s low, still needing to close above last Thursday’s 58.15 highs — decisively — to confirm having absorbed the pullback and resuming the rally.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up several cents Tuesday continued to leave outstanding the gap back down to Friday’s 2.92 close, and now also the gap back down to Monday’s 3.02 close, both of which undermine a recovery attempt. Tuesday’s test of 3.14-3.16 resistance is likely to hold through the close to contain the corrective bounce.

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))
Slightly higher highs Sunday night were probed Monday morning up to 1.1975 before reversing down sharply to test 1.1910. Just closing under 1.1930 suggests momentum is already reversing down, which would be confirmed back under 1.1855.

Gold Dec Contract (GC, ETF: (GLD))
Sunday night’s rally greeted Monday’s open gapping up to the prior Friday’s opening gap at 1295.50. Extending to probe fresh relative highs at 1299.00 must now hold the 1293.00 pullback limit to suggest the rally’s momentum remains intact. Extending higher Tuesday could be substantial, but back under 1285.00 would target new lows.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s gap up to 17.11 tried probing higher momentarily before being reversed back down to 17.00. Closing under 16.95 would target new lows..

30-year Treasury Dec Contract (US, ETF: (TLT))
Opening flat-to-higher Monday only ranged choppily around unchanged, supported by a test of 154-00. Delaying a break higher above 154-00 is only making an aggressive downside resolution likelier.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap down leaves a gap outstanding back up to Friday’s close around 59.00. The intraday dip probed well into Thursday’s range, filling its gap and recovering back above Thursday’s highs to maintain the upside momentum.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up Monday created new “unfinished business below”  at the gap back down to Friday’s 2.82 close. It also delays the likely probe under Friday’s 2.97 low, which was likely for Friday having trended down to fresh trend lows.

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))
Retesting last Wednesday’s 1.1860 open overnight before Thanksgiving waited for Friday morning before extending through last Wednesday’s 1.1880 high. And higher. Closing higher Monday would be problematic to resuming the decline before testing 1.2000.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s surge resolved likely Friday’s, not being confirming by a second consecutive higher close instead of dipping back down overnight. Unlike the prior failed surge, the overnight didn’t extend, and remained in proximity to resume the rally.

Silver Dec Contract (SI, ETF: (SLV))
The 17.11 buy signal had only been tested Wednesday, so its overnight reaction down fell to 16.95 support could have triggered a new downleg if broken. The pullback held, and recovering 17.11 would still be credible for extending the rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday failed yet again to extend another probe above 154-00. It yet again failed to reverse down, only forming a sideways “inside day.” That remains in proximity to Wednesday’s 154-24 prior high in case the rally wants to resume prior to testing 153-00 as support.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow sideways ranging around the 58.00 objective, which had been recovered Wednesday, finally resumed rallying ahead of Friday’s open. Fresh highs now target well above 61.00.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Trending down overnight was extended to gap down Friday. The distance of the open under all prior lows makes a bounce to “higher prior lows” unlikely, and unlikely to retrace and fill Friday’s gap to form a bottom.