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))
This week’s two gaps down did not extend down intraday. Wednesday didn’t gap down, but trended back up to the 1.1830 sell signal, filling the gap back up to Monday’s close. There is little excuse to further delay extending down to 1.1760, let alone to break under it and to trend down.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s drop to 1288.00 extended down overnight to probe the 1277.50-1280.50 targeted support. Post-open action ranged flat-to-higher, but exclusively in negative territory. Closing back above 1288.00 would signal the correction had ended, allowing the recent rally to resume. Extending any deeper would target 1273.00, if not also 1269.00, while still being considered only a temporary correction.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down Wednesday under Tuesday’s 17.20 low didn’t extend lower, and the session ultimately fluctuated choppily around 17.20. Closing back above 17.11 would signal the correction had ended without extending to 16.75 first.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s gap down to test “lower prior highs” at 152-26 doesn’t invalidate the recovery, and introduces a buy signal that would be triggered back above 153-14.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap up to Monday and Tuesday’s highs soon reacted down into Tuesday afternoon’s range, and held, barely recovering into positive territory. The 52.65 objective remains intact.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday’s reversal from having gapped up to the sell signal at 3.00 had reversed down intraday to 2.95. Wednesday’s gap down to the sell signal’s 2.89 target extended lower intraday to within 4-5 cents of potential for filling the gap outstanding from the two-week old low close.

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 gap down from Friday’s intraday round trip gapped down Tuesday to attack 1.1760. Neither session extended down intraday — Tuesday firmed to attack Monday’s 1.1830 close. Breaking under 1.1760 remains likely and likely to extend down sharply.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s failure to confirm Friday’s opening surge extended down sharply overnight to test the pivotal 1288.00 level. Closing any lower would next target a complete correction to 1277.50-1280.50. Probing it intraday attacked 1283.00, which would allow a correction to end by rejecting a fresh low Wednesday morning.

Silver Dec Contract (SI, ETF: (SLV))
Dipping Monday to attack 17.30 support extended lower overnight to open Tuesday at 17.11. Extending down lower through the morning tested 17.00, whose break would target 16.85.

30-year Treasury Dec Contract (US, ETF: (TLT))
Narrow ranging overnight found strength Tuesday morning, recovering to attack Friday’s 154-5 highs. That’s not yet sufficient to confirm the rally is resuming.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight strength stopped short of Monday morning’s high, and then Tuesday morning dipped on peace seeming to break out between Iraq and the Kurds. The gap back down to Friday’s 51.40 close was filled, neutralizing its attraction below, and maintaining the minimum 53.65 upside objective.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Despite still having at least 1 cent remaining in its minimum pullback objective to 2.92, rallying overnight returned to  the 3.00 pullback limit which had broken lower Sunday night. It was eventually probed up to 3.02, but the afternoon reacted down to 2.96, stopping optimistically short of filling the gap back to Monday’s close, still having potential down to 2.89 and 2.82.

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 gap down to 1.1820 all but confirms that Friday’s picot reversal-like pattern has overwhelmed the corrective rally whose next higher objective is otherwise 1.1970.

Gold Dec Contract (GC, ETF: (GLD))
Monday didn’t reject Friday morning’s surge through 1296.50. But gapping up didn’t extend higher, and instead dipped back down to Friday morning’s high. But there’s still room down to 1296.50 before reversing momentum down.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Monday to test 17.59 was retraced back down to Friday’s 17.37 high. Closing under 17.30 would reverse the trend back down at least for a correction down to 17.00.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging Monday held the 153-14 level whose recovery Friday all but confirms the bottom has fully formed and already reversed the trend up.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Monday to test 52.35 was reversed through the morning for a shallow pullback. The 3-week old 52.65 gap up above all prior highs still require a retest, which is likely on this leg.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Essentially meeting both corrective bounce targets at 3.00 and 3.04 last week, Sunday night’s slide greeted Monday’s open back at 2.92. This puts into play a retest of 2.89, for which there’s no bullish reason to retest — only to break lower targeting 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))
Blipping-down on Friday morning’s data barely attacked the 1.1830 pullback limit. and was reversed up to a fresh high for the current correctioN. The balance of the session drifted back down, not triggering a sell signal, but undermining potential up to 1.1970.

Gold Dec Contract (GC, ETF: (GLD))
Despite Thursday having held the test of Tuesday’s 1286.50 high, the rally extended overnight and Friday morning probed fresh highs up to 1300.00. Rather than react down, that was extended higher intraday to probe 1305.00 and to all but suggest the bottom had completed already.

Silver Dec Contract (SI, ETF: (SLV))
Fresh highs overnight extended higher Friday morning, positioned to close a dime above 17.30 and reverse the trend back up officially.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s close above 152-20 and 153-02 was exploited by surging in reaction to Friday morning’s econ reports. That was extended nearly 1 point to probe above 1540-04 Closing above 153-14 is the final confirmation that the trend has reversed back up, making a corrective dip down to 151-18,.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s gap down had originated from a position of strength, which was proved by an overnight rally that probed above Wednesday’s prior high. Intraday action settled back to test prior support, but the recovery attempt remains valid.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Extending the corrective bounce overnight attacked its 3.04 potential objective to within 1 cent. Its reaction down tested what had recently been a buy signal.

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))
Fluctuating narrowly Thursday keeps alive the corrective bounce targeting 1.1970, with room meanwhile down to 1.1830 before resuming the decline.

Gold Dec Contract (GC, ETF: (GLD))
Testing 1300.00 overnight was retraced enough for Thursday’s open only to overlap Tuesday’s 1296.50 high. It was still being overlapped through the afternoon, and needs to hold as resistance for a near-term pullback to remain likely.

Silver Dec Contract (SI, ETF: (SLV))
Probing higher overnight was unable to extend higher intraday, consolidating within the 17.11-17.20 range. A fresh high intraday Friday is possible in this pattern while still maintaining potential for one more corrective dip.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming overnight nevertheless spent much of Thursday still overlapping 152-20, before the afternoon trended back up to test this week’s 153-02 high. Closing above 152-20 does help to greet Friday’s barrage of econ reports and Fed speakers from a position of strength, which might be called upon to help absorb an initially negative knee-jerk reaction down to test 151-18 as support.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Thursday under Wednesday’s lows extended down to the 50.25 buy signal. Its first intraday reaction up was retraced only up to 50.75 before dipping back down to 50.25, keeping alive the upside momentum — which is likely anyway, since Thursday’s EIA was greeted from a position of strength.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping back up above 2.89 Thursday all but invalidated Wednesday’s close under it. Invalidated, in that the EIA reaction extended higher to test 2.99, and has potential for extending to 3.04. All but, in that the news was greeted from a position of weakness, which should limit its upside and still fill the gap back down to Monday’s 2.83 close.