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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))
Retesting last Wednesday’s 1.1860 open overnight before Thanksgiving waited for Friday morning before extending through last Wednesday’s 1.1880 high. And higher. Closing higher Monday would be problematic to resuming the decline before testing 1.2000.
Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s surge resolved likely Friday’s, not being confirming by a second consecutive higher close instead of dipping back down overnight. Unlike the prior failed surge, the overnight didn’t extend, and remained in proximity to resume the rally.
Silver Dec Contract (SI, ETF: (SLV))
The 17.11 buy signal had only been tested Wednesday, so its overnight reaction down fell to 16.95 support could have triggered a new downleg if broken. The pullback held, and recovering 17.11 would still be credible for extending the rally.
30-year Treasury Dec Contract (US, ETF: (TLT))
Friday failed yet again to extend another probe above 154-00. It yet again failed to reverse down, only forming a sideways “inside day.” That remains in proximity to Wednesday’s 154-24 prior high in case the rally wants to resume prior to testing 153-00 as support.
Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow sideways ranging around the 58.00 objective, which had been recovered Wednesday, finally resumed rallying ahead of Friday’s open. Fresh highs now target well above 61.00.
Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Trending down overnight was extended to gap down Friday. The distance of the open under all prior lows makes a bounce to “higher prior lows” unlikely, and unlikely to retrace and fill Friday’s gap to form a bottom.
Look ahead: Economic Calendar – for Mon Nov 27, 2017
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Neither of Monday’s econ reports is high-profile, and neither has a reliable track record for influencing price action. But outlier data from either could trigger a reaction since there hasn’t been much economic data in almost a week.
New Home Sales
10:00 AM ET
Dallas Fed Mfg Survey
10:30 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
2-Yr Note Auction
11:30 AM ET
5-Yr Note Auction
1:00 PM ET
Look ahead: Economic Calendar – for Fri Nov 24, 2017
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Markets close early Friday, on what is typically the year’s lowest-volume session. PMI is often reliable for triggering a reaction, if not also for inhibiting trending ahead of its release. Which means that in this environment any reaction will be either muted or out-sized.
*PMI Composite Flash
9:45 AM ET
Baker-Hughes Rig Count
1:00 PM ET
Early close
1:15 PM ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
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 holding tests of 1.1760 support through Wednesday’s open all but ensures at least filling the gap back up to last Wednesday’s 1.1860 open before a durable break lower can begin.
Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s early test of the 1285.00 buy signal was finally probed Wednesday morning. The gap up extended sharply higher intraday to 1292.50, again requiring a second consecutive higher close Monday to confirm a rally underway.
Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s opening bounce had not extended that afternoon or overnight, but the reaction to Wednesday’s econ reports triggered another surge. Follow-through was limited, and held the 17.11 buy signal instead of triggering it.
30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s probe of fresh highs was still overlapping 154-02 resistance instead of exceeding it, which an overnight dip exploited by attacking the range’s lows. The gap down was recovered intraday back above 154-02, almost closing the door to extending the reaction down to 153-00.
Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The overnight rally fulfilled the retest of the two-week old 58.00 high. It wasn’t retested intraday until noon,despite gapping up. Its test held, and wasn’t rejected, suggesting further upside Monday.
Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Tuesday’s fresh close had already suggested Wednesday’s EIA report would not be greeted from a position of strength. Already gapping down Wednesday now prevents a durable recovery from forming prior to retesting the gap from above.