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 firming ahead of Wednesday’s open continued firming intraday. Thursday’s ECB policy statement is not being greeted from a position of weakness, albeit having bounced optimistically short of filling an outstanding gap.

Gold Dec Contract (GC, ETF: (GLD))
Retesting Tuesday’s lows overnight became very volatile Wednesday, probing a fresh pullback low and eventually recovering to 1280.50 as resistance. Almost any early strength Thursday would be credible for extending.

Silver Dec Contract (SI, ETF: (SLV))
An overnight blip-down pierced Tuesday’s lows, which already were challenging the bottoming attempt by not closing decisively above 17.00. There was no follow-through, but not closing back above 17.00 undermines the bottoming pattern.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s drop back to 151-18 support only held there instead of rejecting it, and trended down sharply overnight to probe the Employment Situation report’s 151-08 reaction low down to 150-14. Being the second consecutive lower close from the Fri-Mon multi-session range, at least an eventual third lower close is required before a durable bottom can again try forming.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Shallow overnight weakness still greeted Wednesday’s EIA report from a position of strength. Spending the entire session in negative territory still held high enough to be only an “inside day” from which any initial strength Thursday would be credible for extending higher intraday.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Two days of hovering at or above the 2.96 sell signal broke lower overnight, gapping down Wednesday on the way to its 2.84 target where a better bottoming attempt could form. But 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))
Monday’s late dip barely touched 1.1760 before bouncing yet again. The gap back up to Friday’s close was barely touched Tuesday morning, neutralizing its attraction above, and clearing the way even further for a break lower. ECB policy statement and Draghi’s press conference is two days away.

Gold Dec Contract (GC, ETF: (GLD))
Gapping down Tuesday ranged mostly within and around the original 1277.50-1280.50 pullback target that has already held a couple of tests. Closing above 1280.50 keeps alive the bottoming potential and above 1284.50 would suggest momentum reversing up. Closing above 1288.00 would signal a new upleg underway.

Silver Dec Contract (SI, ETF: (SLV))
Silver’s slight gap down to 17.00 probed under it Tuesday morning, holding within Monday’s range, and needing to hold 17.00 to maintain the bottoming pattern. Closing back above 17.11 would help to confirm, and above 17.30 would launch a new upleg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Tuesday opened at the 151-18 pullback objective which the two-week old recovery had avoided. Now closing back above 152-20 would launch a new upleg, likely fill the gap back up to last Thursday’s 153-14 close. Closing under 151-18 would make the recovery path difficult.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
An overnight dip was recovered into Tuesday’s open and extended back to recent highs intraday. There is still no bullish excuse to further delay the minimum 53.00 attraction above, whether only to neutralize it or to probe above it. API and EIA reports are being greeted from a position of strength.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday’s narrow ranging continued to hold the 2.96 support whose break would allow a more durable bottom to form back down to 2.84.

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))
Slipping further Sunday night retraced the balance of last week’s interim bounce from 1.1775. The next lower objective at 1.1760 remains in-play, as well as its likely break.

Gold Dec Contract (GC, ETF: (GLD))
The original 1277.50-1280.50 pullback target had been attacked as support Friday, and then probed entirely Sunday night into Monday morning’s attack on 1273.50. A Fed-related headline triggered a spike up into positive territory above 1280.50 to suggest sellers are trapped. Closing higher Tuesday — preferably above 1288.00 would reverse the trend up.

Silver Dec Contract (SI, ETF: (SLV))
Sunday night’s weakness initially held Friday’s 16.95 low, but Monday morning attacked 16.85. A Fed-related headline triggered a spike up into positive territory testing 17.11. Closing above 17.30 is still necessary to sealing a bottom, but closing Tuesday above Monday’s high would be credible for extending higher.

30-year Treasury Dec Contract (US, ETF: (TLT))
Narrow choppy ranging overnight firmed at one point Monday morning up to 152-20. Its recovery would be compelling for starting to reverse momentum up, but the actual buy signal remains 153-00, or else a deeper dip to 151-18 remains likely first.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Greeting Monday flat with Friday’s close firmed through the open, but mostly gravitated back to or toward unchanged. Regardless, the constructive backing-and-filling should be done, leaving little or no reason not to resume the rally by Tuesday morning.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s premature bounce from a fresh low to back above the inflection point had extended higher Friday, and then gapped up Sunday night. Testing resistance at 3.00 requires the recovery to hold 2.95 as support, and closing back under it would likely retest 2.84.

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 1.1830 close was tested overnight, but Friday’s open was higher. Nevertheless, the morning slid through it down to 1.1800, still likely resuming the decline and proving Thursday’s interim bounce was a detour.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s close above 1288.00 wasn’t optimal, requiring a second consecutive higher close. But Friday trended back down to retest the decline’s original 1280.50 target as support. Closing back above 1288.00 would still be credible for resuming the recovery rally.

Silver Dec Contract credible ETF: (SLV))
An overnight dip down to 17.11 extended down Friday morning to test 17.00 support. Now a clsoing above 17.30 is required to resume the recovery rally. But immediately recovering 17.11 would be credible for early warning.

30-year Treasury Dec Contract (US, ETF: (TLT))
Sliding overnight from Thursday’s close AT the 153-14 buy signal gapped down to Wednesday’s close at 152-20 lower prior highs. And then continued sliding through the morning to 151-25. The original pullback potential down to 151-18 that had been optimal to test before rallying is now a required test. And not holding it would suggest a new downleg underway. Closing back above 152-20 would put into play new recovery highs.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to Dec, which is trading at a 15-20 cent premium to Nov]. Extending down overnight back to the original 50.75 target buy signal coincided with uptrending pivotal support from the bottoming pattern, itself. Their near-term supportive influence reverse price back up into positive territory Friday morning, but didn’t assure the pullback had ended.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Fresh recovery highs overnight attacked 2.92, which was recovering into Friday afternoon. Thursday’s reversal back from a fresh trend low to close above a buy signal was premature, so restrained optimism like Friday’s pattern is constructive to a recovery next week.

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))
Thursday’s gap up extended higher to 1.1895 before reversing back down to its 1.1870 opening print. Gapping open Friday back to and through Wednesday’s ~1.1835 close would resume the decline.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s low had left only $1 of room to fully test the 1277.50-1280.50 pullback target, but overnight action fulfilled it to within a dime. Thursday’s open was already testing the 1288.88 buy signal, and probing it by up to $4, so not actually triggering it would be as bearish as it would have been bullish.

Silver Dec Contract (SI, ETF: (SLV))
Holding 17.00 Wednesday allowed closing back above 17.11 to signal the correction had ended. Thursday’s gap up to 17.11 extended higher through the morning. .

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s open gapped up to the 153-14 buy signal that had been probed by Wednesday’s gap down to 152-26 “lower prior highs.” Trending up through the morning filled the gap back to Tuesday’s 154-02 close. Closing any higher Friday would confirm the recovery was extending higher.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Thursday to attack 51.00 needed to close back above 51.55 for the 52.55 target to remain intact. The intraday bounce tested 51.55 by a dime.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeted Thursday’s EIA report from a position of weakness. So the knee-jerk reaction’s blip-up to 2.88 reversed down sharply through the 2.82 objective to fresh lows at 2.77. Closing back above 2.84 does begin to s the trend is at least bottoming.