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))
Tuesday’s intraday bounce was mostly retraced through the close, but its high was already probed overnight ahead of Wednesday’s open. That test was also reversed into the afternoon, still likely to trend under 1.1760 and lower.

Gold Dec Contract (GC, ETF: (GLD))
Firming overnight from Tuesday’s temporary intraday probe under Monday’s low stopped short of triggering a buy signal like 1287.00. All of the rally was retraced intraday.

Silver Dec Contract (SI, ETF: (SLV))
The decline’s likely 16.50 objective remains outstanding, despite surging pre-open above 16.80. The attraction below helped to absorb Wednesday’s pre-open strength, and to retrace it down to 16.55.

30-year Treasury Dec Contract (US, ETF: (TLT))
Bouncing into Wednesday’s open was still a half-point short of the 153-14 buy signal, while further delaying the eventual third lower close still required by last week’s confirmed breakout. The early bounce was reversed into negative territory.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight had potential to extend Tuesday’s break lower that had otherwise held its test of “lower prior highs” as support. Holding 49.75 all but requires recovering without further delay to avoid a deeper decline.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Overnight firming was shallow, but Wednesday’s open surged higher to 3.00, touching “higher prior lows.” Its reaction down to Monday’s 2.97 open neutralizes its attraction, and allows a bottom to form.

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 probed under 1.1760 which last week’s lows had stopped optimistically short of touching. Already bouncing Tuesday morning reflects a different version of that same optimism, which continues to be bearish from a contrarian perspective, so long as 1.1825-1.1845 holds as resistance.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up Tuesday to form an Island Reversal was the only immediate recovery pattern, and it wasn’t even threatened before probing slightly lower intraday.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s attack on the 16.50 target didn’t extend down Tuesday, as the session ranged choppily sideways at its lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fresh lows overnight tested 152-00, the next step to fulfilling the required eventual third lower close of last week’s confirmed breakout. Producing it from a close back above 153-14 would have been bullish, but we’ll still monitor for a bottom forming.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s tumble down to “lower prior highs” didn’t extend lower overnight. But closing above 51.75 is still needed to reverse the trend back up.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Did Tuesday avoid a second consecutive lower close, which would have confirmed Monday’s breakout? Developing mostly within Monday’s range mitigates whether the close was actually lower, so almost any initial strength Wednesday would be credible for extending higher.

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))
Sunday night’s open gapped down in reaction to the weekend’s Catelonian Independence vote. Extending down attacked last week’s low, itself an attack on 1.1760 whose likely break would extend the decline.

Gold Dec Contract (GC, ETF: (GLD))
Lower lows overnight retested last week’s 1280.50 low deeper than was required, this time maintaining the test into Monday. Holding 1276.00 through the close, and then closing above 1286.00 would help to form a bottom.

Silver Dec Contract (SI, ETF: (SLV))
Finally testing 16.60 Sunday night was already too late, making the decline likely to extend to test 16.50, too.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging Sunday night and Monday was only noise, as last week’s confirmed breakout requires an eventual third lower close. That lower close would be more likely absorbed by originating from a close back above 153-14.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Collapsing overnight greeted Monday’s session already testing “lower prior highs” at 50.75. Probing deeper intraday now allows a close back above 50.75 to target a retest of the high’s 52.50 gap up.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Trending down Sunday night greeted Monday’s open already testing the longstanding 2.93 attraction below. Trending down deeper through the morning now leaves “unfinished business above” from the gap back up to Friday’s 3.01 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))
Still firming into Friday’s open after filling one gap above at 1.1855 with potential to fill another at 1.1900. But closing first back under 1.1830 would signal the decline has resumed.

Gold Dec Contract (GC, ETF: (GLD))
Slightly firmer overnight was still short of the 1298.50 buy signal that really should have triggered already Thursday to avoid retesting Wednesday night’s 1280.50 low.

Silver Dec Contract (SI, ETF: (SLV))
Probing slightly lower into Friday’s open kept alive the 16.60 attraction, which the balance of the session reversed down to attack within a nickel. Meanwhile, not yet fulfilling 16.60 has made 16.50 likely to be tested, too.

30-year Treasury Dec Contract (US, ETF: (TLT))
Shallow overnight weakness held Thursday’s confirmation lows ahead of Friday’s open. Although Wednesday’s break requires at least one more eventual lower close, producing it after closing above 153-14 would be from a position of strength likely to recover quickly.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow ranging under the 51.55 sell signal held Thursday’s low, still not triggering it and suggesting that Thursday’s gap up would be retested before a credible downleg could begin.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Filling the gap Thursday back down to Tuesday’s close had robbed the reversal of its momentum. But only ranging narrowly Friday did not replace that with upside momentum, leaving intact the 2.93 target below.

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))
Already having fulfilled its objective to test 1.1745 on Tuesday, extending the decline Wednesday morning to attack the next lower objective at 1.1760 was reversed to close higher on the day. That extended slightly into Thursday’s open, which ranged narrowly through the day up to 1.1850. .

Gold Dec Contract (GC, ETF: (GLD))
Fresh lows overnight fulfilled potential to test 1280.50. The probe under Wednesday’s lows was recovered by Thursday’s open. Ranging sideways all day doesn’t equate to stability, and another intraday fresh low is likely so long as 1298.50 isn’t recovered.

Silver Dec Contract (SI, ETF: (SLV))
Fresh lows overnight touched the prior low at 16.70 and bounced ahead of Thursday’s open. The reaction didn’t become a recovery that would otherwise hold 17.00, still likely to test at least 16.60.

30-year Treasury Dec Contract (US, ETF: (TLT))
Finally testing 153-14 Wednesday trended down intraday to avoid forming a bottom. Extending down overnight gapped down to test fresh lows Thursday attacking 152-00. A second consecutive lower close from the multi-session range at 154-30 requires an eventual third lower close. In this pattern, immediately fulfilling the lower requirement would be bearish, where bouncing first would allow a bottom to begin forming.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Surging before Thursday’s open gapped up above prior sessions’ highs to 52.65 resistance. Resistance triggered a reversal down under prior sessions’ lows to test 51.25. The outside day left unfinished business above at Thursday’s opening gap. Testing it before extending down to 51.65 would be bearish.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Dec, which trades at a 9-cent premium to Oct]… Greeting Thursday’s EIA from a position of weakness didn’t prevent an initially favorable knee-jerk reaction up. But that was after having gapped down from Wednesday’s close at 3.07 resistance. And the knee-jerk up snapped back down to fill the gap from Tuesday’s 3.01 close. Now a bottom can form by closing above 3.08, targeting 3.17 and higher.