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 Sep Contract (EC, ETF: (FXE, UUP))
Sunday night and Monday’s tests of 1.1265 resistance did not resolve in breaking higher Tuesday, further suggesting the eventual break lower remains likely.

Gold Dec Contract (GC, ETF: (GLD))
Overnight firming up to 1336.50 resolved down Tuesday to a fresh low testing 1323.50, presumably resuming the decline targeting 1296.00-1297.00 so long as bounces continue holding 1332.00 as resistance.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s modest weakness held 18.85 which is the least bit of support still needing to break lower for resuming the drop targeting a retest of prior lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s 30-year auction performed horribly, slicing through the 165-20 / 165-30 target to 164-22. The requirement for at least a third lower close is now fulfilled. Closing back above 165-30 would signal the drop is bottoming.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Rallying Monday from the gap down’s test of 44.88 retesting 46.50\ was reversed overnight to gap down Tuesday and pierce under Monday’s low. Closing under 45.80 signals momentum extending down.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Initially probing higher Tuesday touched last month’s 2.94 high. The four-day sequence was fulfilled by reversing back down into negative territory at 2.88. But the sequence wasn’t entirely successful, as it was recovered back up to 2.94. Regardless, the pattern’s 3.04 target remains in-play, especially so long as 2.88 holds as support.

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 Sep Contract (EC, ETF: (FXE, UUP))
Initially rallied Sunday night to 1.1265 resistance, but greeted Monday unchanged. Another rally intraday retested 1.1265, without signaling a resolution either way.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s break under 1234.50 extended into Monday morning to test 1323.50. Holding  1229.00-1232.00 as resistance confirms momentum is reversing down, eventually targeting 1296.00-1297.00.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s break under the 19.75 sell signal extended down Sunday night to gap down sharply Monday and test 18.80. A retest of prior lows is in-play so long as bounces now hold 18.35 as resistance.

30-year Treasury Dec Contract (US, ETF: (TLT))
Perhaps there was some flight-to-quality Sunday night inhibiting another drop while stocks dropped further. But bonds didn’t bounce as stocks recovered Monday. That’s probably because Friday’s second consecutive lower close already confirmed Thursday’s break under 170-00 to require at least an eventual third lower close, potentially to 165-20 / 165-30.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sliding sharply Sunday night greeted Monday back under the 45.80 bounce objective that was put into play when 44.20 was exceeded last week, on the way up to 47.75. The morning rallied back into positive territory at 46.50. Closing under 45.80 would signal momentum reversing down to resume the decline, targeting at least a gap fill at 43.20.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Probing higher Sunday night extended sharply higher Monday morning up to 2.92. While prior highs around 3.04 remain in-play, the pattern has formed three days of a four-session sequence that makes Tuesday’s close likely to be in negative territory — which would be relevant if the morning were probing positive territory. Regardless of whether the setup were fulfilled — its inverse was not fulfilled at last week’s low — the upleg remains intact.

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 Sep Contract (EC, ETF: (FXE, UUP))
Thursday’s key reversal from probing above 1.1300 was immediately productive, trending down overnight to gap down Friday, and to extend down lower intraday. Closing under 1.1225 confirms momentum has reversed down.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s open was still struggling to let go of the 1343.00 sell signal that was being overlapped at Thursday’s close. Selling pressure was relentless and eventually succeeded to drop more decisively intraday, testing 1334.50 whose break would confirm momentum has reversed down.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s break under the 19.75 sell signal had extended down overnight, which persisted through Friday morning to test 19.35, whose break would help to confirm that momentum has reversed down.

30-year Treasury Dec Contract (US, ETF: (TLT))
The very productive sell signal that triggered Thursday under 170-00 was extended down sharply overnight after holding a test of the 168-22 bounce limit. Gapping down and trending lower tested 167-28. The second consecutive lower close confirms a breakout that now requires at least an eventual third lower close — potentially to 165-20 / 165-30 — before a recovery would be credible.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s test of 47.55 resistance reacted down sharply overnight, and Friday’s gap down to its 46.80 pullback limit extended lower throughout the morning to attack the 45.80 sell signal. Its break is likely so long as bounces now hold tests of 46.55.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Already probing only slightly higher overnight, Friday’s session didn’t so much close higher as much as maintain the firming up to 2.82. Not an optimal second consecutive higher close, so not optimal confirmation of Thursday’s breakout from the four-day sequence preceding it.

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 Sep Contract (EC, ETF: (FXE, UUP))
Tuesday’s retest of Friday’s 1.1215 spike high had held, but was still likely to test 1.1300 before reversing back down. And 1.1300 was probed Thursday up to 1.1330 in reaction to ECB news, before reversing back down into negative territory under 1.1255. That only filled the gap back to Wednesday’s close, but back under 1.1225 should trigger a much deeper drop.

Gold Dec Contract (GC, ETF: (GLD))
.Simply closing negative Wednesday had signaled the bounce had ended. Closing under 1343.00 would signal momentum reversing down. Presumably, the decline targeting 1296.00-1297.00 has been reinstated, albeit not necessarily in a straight, uninterrupted path.

Silver Dec Contract (SI, ETF: (SLV))
Thursday morning resumed sliding gradually to break under the 19.85 pullback limit that was still being tested at Wednesday’s close, and then to extend under the 19.75 sell signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
There was no bullish reason to dip any deeper Thursday after Wednesday’s false break above 171-02 had already filled the gap back down to Tuesday’s 170-21 close. But Friday’s open gapped down to and through the 170-00 sell signal and extended down sharply to 168-12, proving that support had been chipped away. Holding 168-22 as resistance would allow this leg to extend down to 167-28.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s post-close surge to 45.80 resistance could have served by proxy for retesting Sunday night’s 46.53 high, but it was thoroughly retested overnight anyway. And that greeted Thursday morning’s delayed EIA report, which pushed price much higher to test 47.55. Closing back under 46.15 would start to signal momentum reversing down

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
A couple of factors had suggested the 4th-day reaction of the four-day sequence was only delayed, and that Thursday would behave bullishly to compensate. In fact, the open gapped up above 2.71 and extended intraday to 2.82, needing only to close above 2.74 to signal momentum reversing up.

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 Sep Contract (EC, ETF: (FXE, UUP))
Friday morning’s high will likely hold its retest by Tuesday’s surge, but probably not without first probing higher intraday to test 1.1300. Wednesday didn’t probe positive territory at all, but the setup remains intact.

Gold Dec Contract (GC, ETF: (GLD))
Probing slightly higher after Tuesday’s close didn’t use all available room up to 1361.00, and closing Wednesday back in negative territory helps to maintain the bounce’s label as being only corrective. Back under 1343.00 would signal the trend reversing back down.

Silver Dec Contract (SI, ETF: (SLV))
Already dipping into Wednesday’s open extended down to test its 19.85 pullback limit. Closing under 19.75 would signal the trend reversing back down to retest recent lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Wednesday to the sloppy, choppy range’s 171-02 buy signal and probing above it was nevertheless reversed to fill the gap back down to Tuesday’s 170-21 close. Closing negative would make the setup bearish, reversing momentum down under 170-00. Otherwise, it may be a warning shot, clearing the path for a more productive surge that puts into play 176-10.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Not rejecting the 44.20 bounce limit’s repeated tests had left the door open to retesting Sunday night’s 46.53 high, or to at least attacking it up to 45.80. Gapping up Wednesday did extend higher, and closing Thursday back under 44.20 would signal the decline has resumed. EIA is reporting this week on Thursday due to the holiday.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
The four-day sequence greeting Wednesday’s session did not fulfill its likely recovery from probing negative territory intraday. The setup did play-out overnight — recovering from 2.69 up to 2.74 — but repeating it intraday fell to 2.66. Closing back above 2.71 would reverse momentum back up, and avoid yet another lower close. But Thursday’s EIA report is otherwise being greeted from a position of weakness.