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))
Volatility in the wake of Friday’s tragedy didn’t extend the decline, further suggesting that a bottom is forming.

Gold Dec Contract (GC, ETF: (GLD))
Initially gapping up Sunday night was retraced back into the range. No further downside is required before launching a durable rally, which would be triggered by closing above 1089.00.

Silver Dec Contract (SI, ETF: (SLV))
Sunday night’s gap up was largely retraced, but not reversed. A retest of last week’s low is likely to hold while in the process of forming a bottom.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Sunday night attacked the 154-10 limit whose recovery would signal momentum reversing up. Unless exceeded immediately Tuesday, the corrective bounce has likely ended and a fresh low is in-play.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another fresh low Monday was accompanied by RSIs diverging positively while the 39.95-40.00 target area was attacked to within a dime. The intraday reaction up back above 42.00 is credible at least for being a temporary corrective rally.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up to 2.37 Monday helped to serve by proxy for not having closed above it Friday along with 2.31. Closing above 2.41 is the confirmation that a new rally leg is 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 Sep Contract (EC, ETF: (FXE, UUP))
Thursday’s test of 1.0785 resistance didn’t extend higher Friday, and instead dipped back down to test Thursday’s 1.0725 low as support.

Gold Dec Contract (GC, ETF: (GLD))
Narrow ranging at or under 1082.00 didn’t suggest the decline was extending, but still doesn’t signal momentum reversing up.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s narrow ranging entered the weekend still hovering at its recent trend lows instead of rejecting the trend, suggesting at least a fresh low intraday remains likely.

30-year Treasury Dec Contract (US, ETF: (TLT))
The bounce extended to 153-21 resistance Friday where reversing back under 152-15 would now resume the decline, but recovering 154-10 would still signal a much bigger recovery underway.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows testing 40.35 can extend to its 39.95 target so long as 41.00 now holds as resistance.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up into the EIA report extended up through 2.31, but closing also above 2.37 is needed to launch a new rally leg.

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 morning’s surge is a credible first effort at rejecting the current lows. Closing above 1.0785 for two consecutive sessions would help to reverse momentum up.

Gold Dec Contract (GC, ETF: (GLD))
Thursday morning’s lows at 1073.00 fulfilled the decline’s outstanding 1074.50 objective. Reacting up almost instantly to 1089.00 at least reflects how much selling pressure had been neutralized. But closing above 1082.00 to actually begin sealing a bottom must still be confirmed.

Silver Dec Contract (SI, ETF: (SLV))
Having extended its drop while Gold was ranging, their roles were somewhat reversed Thursday morning. But now rallying simultaneously would confirm each other’s trend reversal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Bouncing Thursday into the afternoon’s auction stopped short of reversing the trend up, leaving outstanding the likelihood for probing fresh lows.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Meeting the outstanding 43.00 target Wednesday didn’t prevent extending down Thursday well under 42.00, heading to 39.95 so long as bounces now hold any test of 42.75.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s consolidation under 2.31 ahead of Friday’s delayed EIA report doesn’t greet it from a position of strength. But a reaction up through both 2.31 and 2.37 would be credible for sealing a bottom and reversing the trend 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))
Wednesday’s holiday trading was almost imperceptibly flat-to-higher, still neither confirming the decline’s momentum remains intact, nor rejecting it.

Gold Dec Contract (GC, ETF: (GLD))
Very narrow ranging Wednesday maintained the attraction below to 1182.00 and eventually 1174.50.

Silver Dec Contract (SI, ETF: (SLV))
Firming overnight was retraced and rejected to probe fresh lows Wednesday. A weak open Thursday that were to recover firmly into positive territory at this stage of the pattern would be credible for extending higher intraday.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging kept alive the decline’s momentum targeting fresh lows, ahead of what is likely to be headline-rich session — Thursday is littered with Fed speakers, and includes the monthly 30-year auction.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The outstanding 43.00 target was met Wednesday and ranged around. Probing it next down to 41.00 is possible so long as bounces were to hold any test of 43.45.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Dipping back under 2.31 overnight still tried recovering into Wednesday’s close, but failed, as the balance of the session drifted lower. The setup remains intact for a same-session recovery of both 2.31 and 2.37 to launch a new rally leg.

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))
Gapping down Tuesday was within Friday’s range, and not under all prior lows, making it unlikely to trend down. The balance of the session ranged has ranged narrowly flat-to-higher, albeit not recovering the gap down from Monday’s close.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday was the second consecutive narrow ranging session at recent lows, which doesn’t reject the trend, but does open the door to a corrective bounce before extending down to 1074.50.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down Tuesday tried trending down intraday, but only spent the session ranging in negative territory.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming into Tuesday afternoon attacked 152-30, which can resume the decline to probe fresh lows, or else have potential for extending to 153-21 first.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s bounce peaked before attacking the decline’s 44.95 bounce limit, keeping alive the decline’s momentum next targeting 43.00.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up slightly to probe above 2.31 still needed to close above 2.37 to launch a rally. Initial strength at Wednesday’s open would be credible for extending higher intraday.