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))
Gapping up Wednesday threatened to confirm Tuesday’s breakout, but following-through only briefly then reversed down and filled the gap back to Tuesday’s close.

Gold Dec Contract (GC, ETF: (GLD))
Momentum from Tuesday’s close above 1280.50 extended overnight to test 1290.00 at Wednesday’s open. But the balance of the morning reversed back down well into negative territory to avoid confirming Tuesday’s reversal attempt.

Silver Dec Contract (SI, ETF: (SLV))
Initially following-through with Tuesday’s rally into Wednesday’s open had probed 17.11 resistance by nearly a dime before reversing back down into negative territory, testing the 16.95 sell signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Rallying overnight extended through Wednesday morning to probe the 154-02 bounce potential by 7 ticks, then reversed down to 153-12. Closing under 153-22 would be low enough to suggest the corrective bounce had ended already. Recovering to attack 154-02 helps to keep alive the bounce potential.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s test of the 55.35 pullback limit probed slightly lower overnight and into Wednesday’s open. But not closing under 55.35 held the pullback limit, and allows triggering a buy signal back above 56.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Probing slightly lower Wednesday morning initially reacted up from the 3.09 pullback limit to 3.15, but only to resolve down to Tuesday’s lows. Thursday’s EIA report is not being greeted 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))
While waiting for the 1.1635 sell signal to trigger, Monday’s close under 1.1700 gapped up Tuesday to 1.1760 resistance. And extended sharply higher intraday to test 1.1825. A second consecutive higher close Wednesday would confirm a bigger corrective bounce underway likely targeting 1.1965. Regardless, originating from a 2-week Island pattern suggests that any rally is only temporary.

Gold Dec Contract (GC, ETF: (GLD))
Probing lower overnight retraced all of Monday’s bounce, and extended deeper through Tuesday’s open. Stopping $` short of filling the gap back down to 1268.70 was recovered back above Monday’s attack on 1280.50, nearly attacking the 1285.00 buy signal. Triggering it Tuesday would be credible for launching a rally.

Silver Dec Contract (SI, ETF: (SLV))
Much of Monday’s bounce was retraced into and out of Tuesday’s 16.95 open, but not to fresh lows before recovering to retest Monday’s highs at the 17.05 bounce limit. The bounce limit held, but the decline must resume without delay if lower objectives remain in-play.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming overnight extended higher intraday to test the 153-00 resistance that had defined the two prior sessions’ upper-end. There’s still room up to 154-02 just as a corrective bounce.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Selling finally accelerated to break free from the week-long narrow range. The 55.35 pullback limit was touched and so far has held as support. Closing any lower would delay retesting last week’s 57.90 highs. Back above 56.65 would signal the high’s retest underway.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Trending down overnight from Monday’s bearish pattern greeted Tuesday’s open at 3.09 support. Fluctuating around it intraday down to 3.06 must be avoid a second consecutive lower close Wednesday to avoid greeting Thursday’s EIA report from a position of weakness.

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))
Monday’s narrow ranging up to 1.1700 didn’t gain any traction to extend the bounce, and back under 1.1635 would resume the decline.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s late break under the 1275.50 sell signal was still overlapping it. Monday’s gap up above Friday afternoon’s 1277.00 highs is trying to invalidate the break, but must still close above 1280.50 to be credible.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s gap up extended to test 17.05 which must hold as resistance to maintain the 16.95 sell signal that is targeting and 16.70 and 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s inside day began by gapping up to attack the 153-00 sell signal that had triggered Friday. the balance of the session drifted back down to unchanged. Immediately recovering 153-00 Tuesday would be credible for reversing up to test 154-02, but closing under 152-00 could target a retest of month-old lows under 151-00.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The narrow ranging that had begun last Monday afternoon persisted through Monday afternoon, momentarily piercing the range’s 56.45 low, still having room down to 55.35 before signaling momentum reversing down.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down several cents at Monday’s open was soon recovered to pierce Thursday and Friday’s 3.21 highs by 2 cents. That didn’t extend, and dipping back down toward the open’s gap at the multi-session low. Closing beyond the range Tuesday would be a high-confidence breakout, likely to extend in that direction.

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))
Flat-to-higher ranging up to 1.1700 Friday didn’t yet reject the bounce, which would fail by closing back under 1.1635.

Gold Dec Contract (GC, ETF: (GLD))
Gapping down slightly to 1284.00 at Friday’s open eventually plunged $10 to test the 1275.00 sell signal. Although that did fill the gap back down to Tuesday’s close and neutralize its attraction, it undermines the recovery potential, which must close back above 1285.00 to avoid a deeper pullback.

Silver Dec Contract (SI, ETF: (SLV))
There was already no bullish reason to attack 16.95 let alone to test it Thursday. Bouncing up to 17.11 into Friday’s open resolved down sharply by plunging to 16.80. A close above 17.11is required to avoid next testing 16.70 and 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Thursday to the 153-22 pullback limit and holding it didn’t prevent trending down overnight and gapping down to the 153-00 sell signal and trending down to 152-02. Closing under 152-00 would put into play “lower prior highs” at 151-04 and potentially also new lows under 150-16.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow ranging Thursday continued to not extend Wednesday’s intraday surge and collapse, further suggesting that its 57.90 peak will at least be retested. But fresh relative lows Friday morning suggest a pullback to 55.35 first, with potential for being stopped short at 55.70.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s narrowly ranging reaction to the morning’s EIA report persisted into the weekend. Monday’s pattern has no specific likelihood in this setup..

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))
Surging overnight to gap up Thursday was retraced post-open to fill the gap back down to Wednesday’s close. Resuming the rally instead of rejecting the gap up give the corrective bounce a window to extend before resuming the decline, unless the decline were to resume into the weekend.

Gold Dec Contract (GC, ETF: (GLD))
Initially firming overnight to fresh highs at 1289.00 was reversed through Thursday’s open but largely recovered into the afternoon. The recovery wasn’t strong enough to confirm Wednesday’s rally, but it avoided rejecting the recovery attempt.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s open slid to 16.95 and ranged there choppily through the session. There was already no bullish reason even to attack it as support, so any further weakness would be credible for extending down to 16.70 and 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Thursday extended to test the 153-22 pullback limit. It was pierced momentarily before firming into the afternoon, barely filling the gap back to Wednesday’s close.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s intraday surge didn’t reverse down deeply enough to complete a reversal signal. Still ranging narrowly overnight and Thursday failed to exploit any opportunity to confirm by proxy. So, a retest of Wednesday’s high remains likely.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Already greeting Thursday’s EIA report from a position of strength, gapping up created extra room to absorb a relatively shallow negative knee-jerk reaction down. It was recovered back into positive territory, confirming the recovery remains intact.