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))
Hovering an extra day at 1.1400 resistance had created a position of strength to better enable absorbing a reaction down to 1.1330. Its test Friday as support would be bullish if a reaction closes back above 1.1370.

Gold Feb Contract (GC, ETF: (GLD))
[Rolling coverage forward to Feb which trades at a 6.70 premium to Dec]… Wednesday afternoon’s surge in reaction to the Fed Chair’s comments was never confirmed by a higher close, and now it has been retraced entirely. The 1226.30 sell signal is still being tested Friday afternoon, but momentum should reverse down sharply if confirmed Monday.

Silver Mar Contract (SI, ETF: (SLV))
[Rolling coverage forward to Mar which trades at a 13-cent premium to Dec]… Wednesday afternoon’s surge in reaction to the Fed Chair’s comments was retraced entirely overnight and extended to fresh lows Friday. Gaps are left outstanding above, but the pattern’s distributive features remain intact.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s fresh high had retraced intraday to fill the gap back to Wednesday’s close, neutralizing its attraction below. Already trending back up overnight held Friday within Thursday’s intraday range, but did not touch Wednesday’s overnight high. This pessimism can be bullish from a contrarian perspective.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
More aggressive selling was absorbed at Friday’s gap down to its lowest intraday levels — albeit still just above Wednesday’s overnight low. That bit of optimism aside, all other price action has been consistent to forming a bottom.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Friday’s ranging between 4.44-4.63 remains likely to break the range’s upper-end and resume the rally targeting a probe above 5.00.

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))
Not rejecting but hovering Thursday at the 1.1400 resistance tested by Wednesday’s rally suggests that a low is forming, and that pullbacks will likely recover to fresh highs.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s surge tried overnight to extend higher but spent Thursday hovering around the surge’s highs, keeping alive potential for dropping back under 1220.50 to resume the decline.

Silver Dec Contract (SI, ETF: (SLV))
Flat but choppy ranging Thursday didn’t confirm Wednesday’s surge as having gained traction, so almost any initial weakness Friday would be likely to extend down intraday.

30-year Treasury Dec Contract (US, ETF: (TLT))
Already more than one session beyond the 139-22 sell signal being rendered moot, rallying Wednesday night probed fresh highs. Which also reinstates the 139-22 sell signal if triggered — which Thursday’s reaction down from gapping up is threatening to attack.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
An aggressive blip-down to fresh lows into Thursday’s open was recovered back up into the range above last Friday’s close to continue forming a bottom. Reacting back up to Wednesday’s highs is threatening to launch a rally leg by closing any higher.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength that enabled its reaction down to hold a test of the 4.44 buy signal, recovering to test the 4.63 confirmation and resume the rally targeting fresh highs above 5.00.

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))
Dipping just a little bit deeper Wednesday under Tuesday’s 1.1295 low down to 1.1283 wasn’t necessary to allow a credible recovery to begin. But it coincided with lifting the embargo on the Fed Chair’s noon prepared remarks, triggering a surge to 1.1400. RSIs had diverged positively at the low, so the burden of proof is now on sellers.

Gold Dec Contract (GC, ETF: (GLD))
Still needing a second consecutive lower close to confirm, Wednesday morning’s flat ranging spiked up through 1215.00 to attack 1228.00 when the embargo was lifted on the Fed Chair’s noon prepared remarks. Closing back under the 1220.50 sell signal keeps alive the potential for retracing the rest of the spike and resuming the decline.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Wednesday to 14.15 reacted eventually by spiking up to 14.35 as the embargo was lifted on the Fed Chair’s noon prepared remarks. Closing under 14.32 keeps alive the downside momentum, so that any initial weakness Thursday would be likely to extend down.

30-year Treasury Dec Contract (US, ETF: (TLT))
A muted reaction to lifting the embargo on the Fed Chair’s noon prepared remarks Wednesday continued hovering at or above the 139-22 sell signal that has held as support since first being tested Monday morning, becoming less likely to break lower.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s inside day doesn’t undermine the potential for Tuesday’s gap fill of Friday’s low close to begin forming a durable bottom. The restrained optimism helps from a contrarian perspective to give any fresh low a benefit of the doubt for recovering to continue forming a bottom.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Firming Wednesday after Tuesday had failed to confirm Monday’s break was recovered through the 4.44 buy signal AND its 4.63 confirmation. The pullback is resolving up and targeting fresh highs above 5.00. This does qualify as greeting Thursday’s EIA report from a position of strength.

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 confirmed breakout under 1.1425 extended down Tuesday to overlap the 2-week old low session down to 1.1295, which reacted back up above the low session’s high. Extending the decline any further can’t afford to hesitate, or else a durable bottom will begin forming.

Gold Dec Contract (GC, ETF: (GLD))
Already piercing the 1220.50 sell signal overnight for the first time in a week of only touching it, Tuesday’s open slid sharply to fill a gap outstanding from 1215.00, probing it down to 1211.50. A second consecutive lower close on Wednesday would confirm the trend has reversed down.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s fresh lows down to 14.05 help to confirm the ongoing break under the 14.32 sell signal, and the downside momentum does keep alive the reversal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming overnight from Monday’s dip to the 139-22 sell signal did not resume the rally. But neither did it confirm Monday’s dip, making fresh highs likely.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still firming overnight and Tuesday morning attacked 52.40 before reversing to fill the gap back down to Friday’s 50.40 close. This can qualify as neutralizing the required retest of Friday’s plunge low before a credible bottom can form. Price has already reacted back up to Friday’s 51.50 highs.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Jan which trades at a 3-cent premium to Dec]… Tuesday’s inside day doesn’t confirm Monday’s break under the 4.44 sell signal. Back above 4.62 would target new highs above 5.00.

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))
Rallying overnight and gapping up to test 1.1400 was reversed down through the morning to test negative territory, potentially to produce a second consecutive lower close that confirms the sell signal which began breaking last Tuesday.

Gold Dec Contract (GC, ETF: (GLD))
Sunday night’s bounce held 1228.50 to reverse back down Monday morning. But the 1220.50 sell signal continued to hold, as it had during the two prior sessions.

Silver Dec Contract (SI, ETF: (SLV))
Rallying Sunday night above the 14.32 sell signal was erased by Monday’s open, and its reversal extended into negative territory through the morning.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s failed probe above Tuesday’s prior highs continued reversing down Sunday night, testing the 139-22 sell signal near Monday’s open. Holding its support maintains the rally’s potential to extend.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up and firming Monday morning was shallower than the two prior plunges’ immediate reactions, suggesting that pessimism may be reaching levels capable of forming a bottom. Regardless, no recovery would be credible for completing a bottom without first probing under Friday’s 50.15 lows intraday.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Thanksgiving lows didn’t qualify for triggering the 4.38 sell signal. But their reaction up stopped short of triggering the 4.59 buy signal before gapping down Sunday night to probe fresh lows at 3.99. A second consecutive lower close Tuesday would confirm.