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))
Gapping down under last week’s late lows stretched the rubber band tighter, still having room down to 1.1300 before being required to snap back up, or else to break sharply lower.

Gold Dec Contract (GC, ETF: (GLD))
Despite having held its 1180.00 pullback limit as support Friday, Monday’s open gapped down and extended to test 1170.00. Gapping up Tuesday above 1180.00 would keep in-play the potential to 1195.50.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s gap down to 15.85 support precedes any probe of fresh highs, miking its recovery above 15.95 likely, and likely to launch a new upleg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Sunday night’s test of the 158-04 sell signal was extended intraday to 157-18 before bouncing. Being a breakout from three consecutive range-bound sessions, a second consecutive lower close Tuesday would confirm the trend had reversed down.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending higher immediately Monday would have confirmed that Friday’s weak rally had actually rejected the prior two sessions’ “ineffectual pessimism.” Immediately dipping at Monday’s open threatened instead to invalidate Friday’s bounce.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up Monday wasn’t credible for extending higher since Friday’s drop had barely touched the prior low without yet actually probing under 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))
Friday’s ranging around Thursday’s 1.1370 lows still didn’t reverse the trend down, and allows the rally to resume at any time.

Gold Dec Contract (GC, ETF: (GLD))
Reacting down overnight into Friday’s open thoroughly tested the 1179.50 pullback limit, which keeps alive potential for a fresh high that fulfills the 1195.50 target.

Silver Dec Contract (SI, ETF: (SLV))
Dipping again in sympathy with Gold has still not reversed the trend down. Extending higher modestly would be toppy, while an aggressive probe of fresh highs would be much more reliable for extending higher.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s “inside day” didn’t reverse the week’s bounce to resistance, but neither was the bounce confirmed. The sell signal remains at 158-04.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Friday to test 47.40 was recovered after an intraday dip, but it stopped short of rejecting the two prior sessions’ pessimism. Back under 46.10 would signal a new downleg underway. The bounce can otherwise extend up to 49.05.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s reaction down didn’t hold 2.44 Friday, and extended down to the two-week old prior low at 2.41. Any immediate bounce here would be considered only obligatory and temporary and likely to fail.

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 gap down extended intraday to test the three prior sessions’ 1.1370 support. More backing-and-filling can’t be precluded before resuming the rally to its 1.1595 target.

Gold Dec Contract (GC, ETF: (GLD))
Trending up overnight and gapping up Thursday to within $4 of the target at 1191.70 reacted down into negative territory to 1174.00. Recovering nearly all of the post-open slide keeps alive the target, although I’m lowering it 20 cents to 1195.50.

Silver Dec Contract (SI, ETF: (SLV))
Despite having ignored Gold’s rally, Silver spiked down in tandem with Gold at Thursday’s open. But, like Gold, it was recovered entirely, relatively more so. Nevertheless, not extending higher aggressively would be unlikely to maintain any shallower gains.

30-year Treasury Dec Contract (US, ETF: (TLT))
Overnight highs touched the 159-22 room for noise above the 159-13. Trending back down from there at Thursday’s open then spent the balance of the session repeatedly testing the 158-23 gap that had attracted price higher. Back under 158-04 would signal momentum reversing down.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Thursday did not exploit Wednesday’s “ineffectual pessimism,” The morning’s EIA report kept price under pressure ranging at or under 46.00 for another ineffectual pessimism session.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up Thursday to a fresh recovery high at 2.58 was reversed down hard by the EIA report — back to and through the 2.48 “lower prior highs.” There’s still room down to 2.43 without launching a new downleg. Back above 2.52 would put into play a test of 2.67.

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))
Fresh highs Wednesday probed above the 1.1446 prior high that had preceded the 1.1370 gap which was filled last week. Unless rejected by Thursday’s close, the break higher is now targeting 1.1595.

Gold Dec Contract (GC, ETF: (GLD))
Probing the outstanding 1169.00 target overnight had reacted down to 1160.00, but its retest intraday extended up to 1180.00 intraday. And that extended up to 1187.00 in reaction to the afternoon’s Beige Book release. The next higher target at 1195.50 remains in-play so long long as pullbacks now hold 1175.50 as support.

Silver Dec Contract (SI, ETF: (SLV))
Last week’s 16.10 high was tested and retested in the shallowest of ways up to 16.17 Wednesday. Trending any higher should begin by almost literally exploding higher. Any slighter strength would be unlikely to actually trend higher.

30-year Treasury Dec Contract (US, ETF: (TLT))
Filling the gap above back to 158-23 extended higher intraday to test 159-13, with room up to 159-22 before suggesting more than a corrective bounce was underway. Back under 157-30 would signal momentum reversing down.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap down didn’t extend lower intraday, but the balance of the session ranged in negative territory. This is “ineffectual pessimism” that requires immediate recovery to avoid trending down sharply Thursday.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Narrow ranging once again failed to exploit that the decline had stopped trending. Thursday’s EIA report isn’t being greeted from a position of weakness, but the potential for an initially negative knee-jerk reaction down can’t be discounted.

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))
Monday didn’t confirm Friday’s breakout, but that didn’t prevent initially probing higher Tuesday morning. However, nothing required that probe to extend higher, let alone to be maintained, and the balance of the sessino returned to its narrow ranging.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s attack on the rally’s 1169.00 target had reacted down into overnight trading as low as 1151.00. Tuesday’s recovery pierced a fresh high above 1167.00 with more upside remaining in-play.

Silver Dec Contract (SI, ETF: (SLV))
Only slightly lower lows overnight as price continued ranging narrowly Tuesday back at or under last week’s highs.

30-year Treasury Dec Contract (US, ETF: (TLT))
Initially firming into Tuesday’s open was reversed back into negative territory into the afternoon, but that didn’t extend any more so than the open’s brief strength. That doesn’t suggest buyers are trying to exploit the opportunity.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s low from last week’s highs was retraced by 50% at Tuesday’s high. That’s not a fibonacci calculation, but it does confirm the bounce was relevant, and that the slide can resume.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down at Tuesday’s open was recovered to pierce back above Monday’s highs. But that was retraced entirely to probe the morning’s low. “Lower prior highs” at 2.48 held, still allowing early strength to persist.