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))
Monday’s correction of the recently started rally was already resolving at Monday’s gap up. The 1.1100 target was attacked up to 1.1090, and remains in-play so long as pullbacks hold 1.1050.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up above the recent test of 1283.50 resistance to 1286.50 extended to 1292.00 and hovered. Above 1293.00 would next target 1304.50, but meanwhile recent “lower prior highs” down to 1275.00 all but require a retest before a credible recovery could begin.

Silver Dec Contract (SI, ETF: (SLV))
Already firming after Monday’s close at 17.80 resistance then rallied overnight to greet Tuesday’s open gapping up at 18.25, and then extended higher intraday to test 18.52. A pullback has room down to 18.05 before signaling at least a significant correction underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
Room for bouncing up to 163-02 had not been fully utilized before reversing down overnight to attack recent lows to within 5-6 ticks at 161-26. Bouncing into the open allowed only a slightly lower gap down, which immediately reversed down to fresh lows at 161-22. An actual probe of fresh lows is likely before a credible bottoming attempt — which had better become obvious soon if Wednesday’s FOMC Minutes and Friday’s Employment Situation report will be greeted bullishly.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Two separate overnight probes under Monday’s low each bounced, the second one being accompanied by RSIs diverging positively. But a corrective bounce having room up to 47.50-47.70 was ignored as the decline extended down to 46.25, targeting 45.70 and potentially 43.75.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Monday’s doomed gap up had retraced already back into low’s consolidation, and extended down overnight to fulfill the 2.97 low’s retest. Extending down through the open tested and held the 2.87 extended target where a credible recovery could start forming.

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))
Gapping down Monday from Friday’s bounce hasn’t invalidated the upside momentum still having potential to 1.1100.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s open gapped down from Friday’s late surge and its post-close extension that had ultimately tested and held 1283.50. Narrow ranging intraday didn’t try resuming the rally, but also doesn’t make 1266.00 and 1252.50 likelier yet to be tested in reaction.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s price action hugged the 17.80 resistance whose recovery would start to signal a new upleg possibly forming.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming Monday back up to Friday’s 162-23 high still has potential for testing 163-02 before one more probe of fresh lows prior to this week’s Employment Situation report.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s drop to fresh lows extended down further Monday, now requiring bounces to hold 47.50-47.70 to maintain the decline’s momentum.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Friday’s failure to already recover 3.12 doomed to failure Monday morning’s probe above it. Gapping up to test 3.16 was reversed throughout the morning back into negative territory and into last week’s Symmetrical Triangle, testing 3.03. Fresh lows are likely before a rally would be credible.

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))
The three-day old bottoming pattern produced fresh recovery highs Friday. Near-term potential to 1.1100 would require pullbacks to hold 1.0965.

Gold Dec Contract (GC, ETF: (GLD))
Surging Friday afternoon attacked 1283.50 before the close, and then probed $2 above it afterward. This is the upper-end of room for noise around 1266.00, so almost any immediate weakness would be credible for extending down to 1252.50 and potentially 1236.00. Actually rallying would not tolerate much hesitation.

Silver Dec Contract (SI, ETF: (SLV))
Firming Friday tested 17.80 into the close, and then pierced above it momentarily afterward. Two consecutively higher closes above it would signal a rally has launched.

30-year Treasury Dec Contract (US, ETF: (TLT))
Initially retesting Thursday’s 161-22 low was unable to extend down. A bounce has room up to 163-02 before suggesting the downleg won’t extend. But having avoided a second consecutive lower close, fresh lows could more easily start forming a bottom.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows attacked 48.40, which is a 61.8% projection from the recent Double Top. Its potential for a corrective bounce must still recover 49.05 to suggest that a pullback has ended and new highs are in-play..

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Friday’s intraday bounce all but rejected the overnight weakness, but neither was significant enough compared to Thursday’s range for any new predictive value. At least another probe under 3.00 remains likely before closing above 3.12 to signal a recovery underway..

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))
Restrained optimism had kept Wednesday’s gap up from extending, and from being too aggressive at this early stage of a bottom. Thursday’s shallow dip a little deeper back into Monday’s range now allows a rally attempt to be credible for extending higher intraday.

Gold Dec Contract (GC, ETF: (GLD))
The recent probe back above 1266.00 was barely held as Thursday’s ranging hovered narrowly above it.

Silver Dec Contract (SI, ETF: (SLV))
Barely gapping up Thursday was unable to extend anywhere near the 17.80 resistance before settling in to fluctuate tightly around unchanged for the day.

30-year Treasury Dec Contract (US, ETF: (TLT))
Chipping away at 163-27 and 164-08 support finally had greater influence than the potential bounce targeting 165-30 and 166-19. Thursday’s open gapped down to slightly pierce prior lows by 2 ticks at 163-04 and then trend down sharply to 161-22.This leg should touch 160-26 so long as 163-02 holds bounces..

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday firmed back to attack Wednesday’s 50.10 high but remained within Wednesday’s range. Consolidating narrowly, an “inside day” in this case, doesn’t reject the prevailing weakness when developing at the lows.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Wednesday’s dramatic extension of the decline wasn’t so much corrected Thursday, as the decline slowed. The intraday bounce stopped short of testing the 3.12 recovery signal. No lower close is required of the confirmed breakout, but another probe of lows under 3.00 is likely.

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))
Gapping up already Wednesday from Tuesday’s bottoming pattern was a little too too soon for such aggression to be reliable for extending higher. Its reaction down back into Tuesday’s range now allows another rally effort to be credible.

Gold Dec Contract (GC, ETF: (GLD))
Extending higher after Tuesday’s close was retraced before Wednesday’s open, undermining the corrective bounce’s potential up to 1283.50. Closing back under 1266.00 would resume the potential for testing at least 125, if not also 1236.00.

Silver Dec Contract (SI, ETF: (SLV))
Never actually probing above the 17.80 buy signal, let alone closing above it, has kept alive the attraction to retesting or attacking recent lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s open gapped back down to test 163-27 and 164-08 that must hold to maintain the bottoming pattern trying to form, and potential for bouncing to 165-30 and 166-19.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Wednesday  to reflect Tuesday’s post-close surge was soon rejected by a reversal down from above 50.00 to back under 49.00. That barely filled the gap back down to Tuesday’s close, but the decline has little excuse not to extend without delay.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Wednesday gapped down again after Tuesday had already fulfilled the third lower close requirement. The session nevertheless extended down sharply to 2.97, levels not seen since June. The drop now has room down to 2.86 before launching any reliable corrective bounce.