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))
Wednesday’s narrowly ranging, flat-to-higher session filled the gap back up to Monday’s 16.30 close, neutralizing its attraction above, and leaving little if any reason not to resume the decline without delay.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s gap up from Tuesday’s test of 1275.50 extended to probe last week’s 1285.00 high up to 1288.00. Closing above 1288.00 would confirm a close above 1285.00 had put into play 1301.00 and 1313.00, but 1285.00 was still being tested as support into the afternoon.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s close at 16.95 support produced a gap up Wednesday that extended to test last week’s 17.25 high. Closing any higher and above 17.30 to confirm could leave behind a wide trading range. But the afternoon reacted back down from testing prior highs. Closing under 16.95 — if not just testing or attacking it — would target 16.70 and 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s flat-to-lower ranging at 154-10 still had room down to 153-20 before suggesting the rally is ending —  although it is suspicious for not yet becoming aggressive, only relentless.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A very volatile session started weaker and blipped-down only slightly further on Wednesday morning’s EIA report. Its recovery soon surged to fresh highs attacking 58.00, but only momentarily before retracing to within a dime of the morning’s low. Firming into the afternoon was essentially unchanged on the day, and still having room down to 55.35 before signaling the trend reversing down.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Not already gapping down under 3.09 Wednesday all but confirmed the bearish setup wouldn’t trigger. In fact, the session extended to recovery highs, attacking 3.20.

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))
Fresh lows overnight and Tuesday’s gap down confirm that Monday’s fluctuation at the lows was not accumulation, and that the decline’s momentum remains intact.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s surge was retraced overnight to its 1275.50 buy signal. It was probed as support Tuesday morning, fluctuating around it intraday, and must launch another upleg without further delay Wednesday to avoid a deeper pullback.

Silver Dec Contract (SI, ETF: (SLV))
Retracing Monday’s surge back down to the original 16.95 sell signal must still break lower to confirm Monday’s surge was only noise, and that 16.70 and 16.50 remain in-play.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gradually probing another half-point higher Tuesday morning does not qualify as the aggressive behavior needed at this stage of the rally to prove it’s unlikely to only hold a retest of prior highs and then reverse down.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow sideways ranging consolidated Monday’s surge through Friday’s test of the rally’s 55.70 target. A second consecutive higher close was needed to confirm the rally is extending.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Slightly piercing Monday’s high overnight had reversed down to attack 3.09 Tuesday morning. Post-open weakness held a test of 3.09 before bouncing to probe more fresh highs attacking 3.18. Breaking under 3.09 any later than Wednesday morning would be less reliable for extending down to the pattern’s 2.94 target before extending the recovery.

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))
Fresh lows overnight spent Monday mostly fluctuating choppily at recent lows, still likely to extend the long-awaited break lower.

Gold Dec Contract (GC, ETF: (GLD))
Monday morning’s rally attacked above last week’s 1285.00 high up to 1284.00, extending Friday’s recovering from testing 1266.50 support. Closing above 1285.00 only needs confirmation from a second consecutive higher close on Tuesday to likely complete a bottom.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s reaction down had all but invalidated Thursday’s gap up that got out of the orbit of 16.50 below. But the new week didn’t extend it, and instead retraced back to the last week’s 17.25 high. The base is suspect for being qualified to launch a durable upleg, and back under 16.95 would target 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s gap up to the 4-week old prior highs at 154-00/154-04 probed fresh recovery highs, but suffered much the same lack of intraday momentum as did Friday. Tuesday may yet extend higher, too. But extending any higher at this stage of the pattern must begin behaving more aggressively intraday to be valid and relatively safe from being reversed back down.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite having met and held the 55.70 target Friday afternoon, Saudi turmoil had already pushed price higher Sunday night. Extending sharply higher Monday to test 57.60 now requires pullbacks to hold 55.30 as support to avoid reversing momentum down.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Barely triggering the 2.97 buy signal Friday didn’t prevent gapping up sharply Monday, and extending higher intraday to eventually test 3.12 resistance. Closing 2 cents above it will next target 3.20 unless Tuesday were to close back under 3.09 and signal momentum reversing down to fill a couple of gaps outstanding down to 2.94.

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))
Blipping-up in reaction to Friday’s Employment Situation report stretched the rubber band more tightly than had the corrective bounce into Tuesday’s high. Snapping back down through the morning probed under Wednesday’s 1.1635 low, positioned to resume the decline into and out of the weekend.

Gold Dec Contract (GC, ETF: (GLD))
Already testing 1277.50 as support before Friday’s Employment Situation report, the reaction eventually broke lower to test 1266.50 support which the prior Friday’s dip had held. Any lower would require probing under the month-old 1263.00 area low.

Silver Dec Contract (SI, ETF: (SLV))
Hesitation at the 17.11 buy signal suffered its consequence Friday of spiking back under 16.95. The gap back down to Tuesday’s 16.66 close is an attraction, and its test would be vulnerable to extending to the outstanding 16.50 target.

30-year Treasury Dec Contract (US, ETF: (TLT))
Spiking up ever slightly touched 154-00 in reaction to Friday’s Employment Situation report. The balance of the session ranged choppily and narrowly back to Thursday’s test of 153-14, not decisively recovering it, so keeping alive potential for another dowddraft to 152-10.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Rallied overnight to fill the gap back to Wednesday’s 54.88 gap up. It was eventually repeated intraday, while extending to within a dim of the 55.70 target.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Overnight action had firmed to open Friday at the 2.97 buy signal. Firming further intraday tested 2.99, triggering the buy signal. Almost any further strength Monday morning would confirm momentum is reversing up.

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))
Wednedsay’s gap down tried resuming the decline immediately after Tuesday had filled the gap back up to last Thursday’s close. That would have been credible, had the gap down extended lower intraday. But it did not, keeping alive potential for a bigger corrective bounce, which was attempted Thursday morning by probing above Tuesday’s highs. The decline is free to resume at any time.

Gold Dec Contract (GC, ETF: (GLD))
Probing above Wedneday’s high to 1295.00 was still reacted back down to test 1277.50, which must be maintained as support to keep alive the potential for launching a new rally leg in to the weekend, instead of a retest of last month’s Employment Situation report lows.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s close above the 17.11 buy signal was still only overlapping it, which Thursday also did despite probing slightly higher intraday.

30-year Treasury Dec Contract (US, ETF: (TLT))
Sideways ranging overnight hovered above the 152-20 bounce limit that had been probed intraday up to 153-10. That was only improved intraday Thursday up to 153-22, filling the 2-week old gap that was created on by launching the interim downleg. Back under 152-10 would signal momentum reversing down, but Friday’s Employment Situation report is otherwise being greeted from a position of strength.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s dip back down to the 53.88 pullback limit didn’t extend lower intraday, despite having room down to 53.50 without reversing momentum while still targeting 55.70.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength, but not from a position of weakness, either. Gapping up slightly firmed intraday to attack 2.97 whose recovery would signal the next rally leg is underway.