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))
Still holding tests of 1.1760 support through Wednesday’s open all but ensures at least filling the gap back up to last Wednesday’s 1.1860 open before a durable break lower can begin.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s early test of the 1285.00 buy signal was finally probed Wednesday morning. The gap up extended sharply higher intraday to 1292.50, again requiring a second consecutive higher close Monday to confirm a rally underway.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s opening bounce had not extended that afternoon or overnight, but the reaction to Wednesday’s econ reports triggered another surge. Follow-through was limited, and held the 17.11 buy signal instead of triggering it.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s probe of fresh highs was still overlapping 154-02 resistance instead of exceeding it, which an overnight dip exploited by attacking the range’s lows. The gap down was recovered intraday back above 154-02, almost closing the door to extending the reaction down to 153-00.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The overnight rally fulfilled the retest of the two-week old 58.00 high. It wasn’t retested intraday until noon,despite gapping up. Its test held, and wasn’t rejected, suggesting further upside Monday.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Tuesday’s fresh close had already suggested Wednesday’s EIA report would not be greeted from a position of strength. Already gapping down Wednesday now prevents a durable recovery from forming prior to retesting the gap from above.

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))
Softening a little deeper Tuesday morning to 1.1730 still firmed back up to 1.1760, whose break through the close would trigger a deeper retracement if not also resume the decline.

Gold Dec Contract (GC, ETF: (GLD))
The volatility persisted Tuesday by the morning’s surge back up to 1285.00 resistance, whose recovery would be likely to resume Friday’s rally, especially if confirmed above 1288.00. Not closing above 1285.00 all but confirms Monday’s reversal down as being likely to extend to fresh lows.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday morning’s bounce did not extend above 16.95 and only overlapped it through the afternoon, requiring a close above 17.11 to reverse the trend back up and to avoid fresh lows at 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Probing above 154-00 overnight again was maintained this time for Tuesday morning to trade exclusively above the buy signal. Closing above it would trigger a new rally leg, still requiring confirmation of a second consecutive higher close Wednesday. But still overlapping it keeps the door open to at least testing 153-00.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s reaction down from Friday’s close above the 56.20 buy signal was recovered overnight and extended to fresh highs intraday. Wednesday’s EIA report is already being greeted from a position of strength. But also closing above the 56.85 confirmation would next target a retest of the two-week old intraday surge’s 58.00 test.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
A fresh low overnight was recovered into Tuesday morning to range between the 3.04-3.06 triggers, whose break either way would be likely to trend in that direction. The afternoon drifted back down to the overnight lows, probably not on the way to greeting Thursday’s EIA report from a position of strength.

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))
Gapping down Sunday night on Germany politics held tests of 1.1760 as support. Bouncing sharply to 1.1826 filled the gap back to Friday’s close, and then collapsed back down to 1.1760. Closing any lower would retrace all of last week’s rally, for starters.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s gap up to 1280.50 and extension through the 1285.00 buy signal had extended to 1297.00, waiting for a second consecutive higher close to confirm. But Monday’s open gapped down and slid through the 1288.00 pullback limit to probe fresh relative lows down to 1274.00. Only closing back above 1288.00 without further delay would avoid targeting 1267.00 and possible fresh lows.

Silver Dec Contract (SI, ETF: (SLV))
Closing above 17.30 Friday still needed pullbacks to hold 17.11 while awaiting confirmation of a asecond consecutive higher close. But Monday’s open gapped down back to 17.20 and collapsed back to last week’s lows attacking 16.80. Immediately recovering 16.95 would suggest the dip was absorbed, but otherwise 16.70 and 16.50 are targeted again.

30-year Treasury Dec Contract (US, ETF: (TLT))
Probing fresh recovery highs overnight up to 154-14 was retraced in time for Monday’s session to open back within the 3-day range under 154-00. The balance of the session hovered there narrowly, still not rejecting the overnight strength.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to Jan, with trades at a 20-cent premium to Dec] Gapping down Monday didn’t confirm Friday’s close above 56.20 as Thursday’s “lower prior highs” were attacked, but the gap back to Thursday’s close was narrowly avoided. Closing back above 56.20 would be credible for resuming the rally, especially if confirmation included recovering 56.85.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up and probing higher Friday held 3.11-3.12 resistance through the close, failing the breakout attempt. Gapping back down Monday under last week’s 3.05 lows  .held through the close, allowing another chance to recover 3.11-3.12. It’s as much a requirement, to avoid extending the decline.

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))
Not confirming Tuesay’s breakout on Wednesday had made Thursday weakness likely. Thursday’s shallow weakness was unlikely to extend Friday, so it firmed back up into the range. Ultimately, 1.1760 remains unlikely to be recovered before returning to new lows.

Gold Dec Contract (GC, ETF: (GLD))
Rallying sharply to fresh highs Friday above 1285.50 is targeting 1301.00 and potentially 1313.00. Being a Friday breakout, immediately follow-through requires pullbacks to hold 1290.50.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s rally above 17.11 probed the 17.30 buy signal through the noon hour’s exit. A second consecutive higher close Monday would confirm a breakout.

30-year Treasury Dec Contract (US, ETF: (TLT))
Dipping a little deeper overnight still avoided trending Friday beyond the prior several sessions’ range, despite bouncing into the noon hour up to 154-05.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Holding the 55.35 pullback limit for three days finally resolved by rallying sharply overnight to the 56.00 buy signal, and then through it Friday to attack the 56.65 confirmation level.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Rallying overnight probed above downtrending resistance of the two-session Falling Wedge pattern, but held the trendline’s last contact point and 3.12 to avoid reversing the trend up. At least a retest of 3.05 is likely.

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))
Wednesday’s failure to confirm Tuesday’s breakout extended slightly lower into Thursday’s open, and essentially remained exclusively in negative territory intraday.  Price was still contained within Tuesday’s range for a second consecutive session, suggesting that momentum hasn’t yet versed down — or else requires gapping down.

Gold Dec Contract (GC, ETF: (GLD))
Firming to range Thursday within the 1277.50-1280.50 range leaves the pattern vulnerable to break in either direction into the weekend, which would be credible for extending into next week.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up slightly and extending slightly higher intraday was largely contained between 17.05-17.11 and remained vulnerable to closing under 16.95 and resuming the decline.

30-year Treasury Dec Contract (US, ETF: (TLT))
Dipping overnight didn’t help to confirm that Wednesday’s test of 154-02 would resolve up. Thursday’s narrow inside day at least avoided closing back under 153-22. Back under 153-00 would start to signal a retest of 151-16 or new lows under 150-16.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fluctuating narrowly for a second consecutive session Thursday essentially held the 55.35 pullback limit which keeps alive the 56.00-56.65 buy signal.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted neither from a position of weakness nor strength. The session’s initial bounce was retraced to retest Wednesday and Thursday’s lows down to 3.05. Closing back above 3.12 would resume the rally, but there is otherwise room down to 2.97-3.00.