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))
Sunday night’s probe of fresh lows testing its next objective had been isolated to the overnight, recovering enough in time for Monday to be only an “inside day” within Friday’s range. Sunday night’s low would still need to be retested, likely to close lower since the isolation attempt had failed. Tuesday’s open did dip back under prior intraday lows.

Gold Dec Contract (GC, ETF: (GLD))
Overnight strength attacked the 1266.00 buy signal that would negate the likelihood for attacking prior lows or probing them down to 1236.00.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Tuesday stopped short of touching the 17.80 buy signal that must be recovered to suggest the basing has ended.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s bounce held the 164-08 buy signal that would trigger a corrective bounce up to 166-19. Tuesday’s open retested it.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
More flat to higher ranging Tuesday remained within proximity to retest the 51.50 target, which remains likely to send price back down for at least a deeper correction. Closing above 51.50 would put into play 54.60.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Having failed to hold 3.26 during Monday’s pullback, resuming the rally required recovering above 3.29. Probing it Tuesday morning by 2 cents still settled back down to 3.26, keeping the door open to another attempt.

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 Sunday night at 1.0992 fulfilled the decline’s next lower objective. While closing back above 1.1011 would suggest that a bottom will begin forming, at least an eventual third lower close is still required.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s gap down was recovered too quickly to qualify as enough pessimism to offset the “ineffective optimism” early last week. No upside action Monday helps to confirm, keeping the door open to attacking or probing fresh lows.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s extremely narrow ranging suggests the pattern still requires some more concerted selling effort as part of a bottoming pattern.

30-year Treasury Dec Contract (US, ETF: (TLT))
Sunday night’s fresh lows down to 162-19 were recovered back above last week’s prior lows and 163-27 to try launching a corrective rally. Resistance at 164-08 must be recovered to put into play a test of  166-19.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already having two consecutive lower closes under the rally’s 50.80 pullback limit, a rests of the rally’s 51.50 target would be likely to hold. It wasn’t tested before Monday slid a little deeper, so that now closing above 50.80 would put into play 54.60.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Monday’s dip did not hold the 2.26 pullback limit which had held Friday. Now signaling the rally’s resumption requires closing above 2.29. And the delay should be minimal to avoid a deeper corrective dip.

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 bounce was doomed to failure since Tuesday’s break had been confirmed. Friday’s gap down to probe fresh lows could fulfill the breakout’s minimum requirement with a new low close. Recovering immediately after a new low close on Fridays is unlikely without at least probing lower intraday Monday.

Gold Dec Contract (GC, ETF: (GLD))
The week’s earlier “ineffectual optimism” had not been offset by any significant selling pressure until Friday probed fresh lows for the week. But its gap down was retraced entirely, still not much pessimism for contrarian purposes.

Silver Dec Contract (SI, ETF: (SLV))
Attacking fresh lows for the week greeted Friday’s open, still not having suffered much consequence for the week’s earlier “ineffectual optimism.” At least some minimal selling pressure is still likely before completing a bottom.

30-year Treasury Dec Contract (US, ETF: (TLT))
Closing above 163-27 and overlapping 164-08 had not yet signaled the decline was ending, and Friday’s break back into their range didn’t suggest otherwise.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday morning’s bounce was inhibited by following two consecutive closes under the 50.80 pullback limit, and after having fulfilled the 51.50 target. Reacting down didn’t signal a new downleg underway, but only closing above 51.50 would reinstate the rally.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
The 3.31 optimal pullback following Thursday’s breakout was probed down to 3.26, which must hold to maintain the upside momentum and potential for extending higher anyway on Monday.

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))
Flat-to-higher narrow ranging Thursday didn’t contradict Tuesday’s confirmed breakout, which is required to produce at least an eventual third lower close.

Gold Dec Contract (GC, ETF: (GLD))
Narrow ranging Thursday did not fulfill the deeper dip already indicated by having started the week with “ineffectual optimism.” Back above 1266.00 would be credible for extending higher intraday, but there is otherwise a pullback underway with potential down to 1236.00.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s narrow ranging still doesn’t offset the “ineffectual optimism” that had prevented the week’s initial strength from extending. Recovering 17.80 Friday would suggest a rally underway into the weekend, but there is otherwise a deeper pullback underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
Holding 163-27 Wednesday and closing above 164-08 Thursday suggests the decline’s momentum has lapsed. Closing above 165-02 (being tested in the afternoon) would confirm, and back above 165-18 would reverse the trend back up.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending the pullback to 49.35 Thursday morning was recovered suddenly after the EIA report to test 50.60, still short of rejecting Wednesday’s break under the 50.80 pullback limit. Almost any initial weakness Friday would be likely to extend to fresh reaction lows.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Dipping at Thursday’s open used all but the last 2 cents of room for a pullback to 3.14 before the EIA report. Its reaction surged to test 3.36, now allowing room for a pullback to 3.31 to keep alive the rally’s momentum next targeting 3.60.

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 againWednesday is the first confirmation of a break during the recent multi-week distribution pattern. At least an eventual third lower close would be required to fulfill the setup, before any recovery effort can be credible.

Gold Dec Contract (GC, ETF: (GLD))
Two days of ineffectual optimism weakened Wednesday, but still held well above Friday’s lows, with potential to a fresh low at 1236.00.

Silver Dec Contract (SI, ETF: (SLV))
Two days of ineffectual optimism weren’t so ineffectual as to require fresh lows. But Wednesday’s dip was too shallow itself to qualify as fulfilling the downside consequence, which is necessary before any recovery attempt would be credible.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down and probing lower to 163-19 Wednesday needs to avoid closing under 163-27 would would signal a much deeper decline underway.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The rally above its 51.50 target has yet to resume, while the 50.80 pullback limit is probed even more deeply Wednesday down to 49.90. Two lower closes would indicate that a top is forming

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Wednesday’s dip actually touched the 3.20 pullback limit which Tuesday’s low had only attacked. Probing any lower intraday Thursday should be recovered to close higher, which the morning’s EIA report should trigger..