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))
The new week was greeted with a bounce to 1.2495 resistance, which held, preventing momentum from reversing up. The 1.2400 area continues to be a relevant area of support, but not recovering from it soon would become increasingly likely to extend the decline.

Gold Dec Contract (GC, ETF: (GLD))
Monday”s intraday weakness didn”t reverse momentum back down under 1159.50. The weakness needs to be confined to the one session, and the rally should resume Tuesday, unless Friday”s bounce was just a one-day wonder doomed to failure.

Silver Dec Contract (SI, ETF: (SLV))
Monday”s shallow pullback and narrow ranging keeps alive potential for the recent dip”s recovery to be a more substantial rally leg..

30-year Treasury Dec Contract (US, ETF: (TLT))
Sunday night”s strength up to 142-08 didn”t help Monday to probe any higher than 142-00, or to avoid dipping intraday back down to 141-00. There is still no sell signal, and a buy signal still depends on closing above 141-12.

Crude Oil Dec Contract (CL, ETF: (USO))
Overnight strength probing above the 78.70 bounce limit was retraced and almost reversed Monday, as the 75.40 target remains outstanding and in-play.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Dipping back down to 4.25 expended as much selling pressure as was possible without gaining traction for the effort. Back above 4.37 would resume the rally.

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))
The 1.2400 test at Thursday”s open was influential to stop the plunge, and was overlapped at the close. Friday”s initial lower low did not extend down. That”s not necessarily a bottom, but it allows a close back above 1.2495 to signal momentum reversing up.

Gold Dec Contract (GC, ETF: (GLD))
Dipping overnight under the 1139.50 target to 1130.00 was recovered  in reaction to the Employment Situation report. The action suggests the decline is ending or ended. Gold often leaves unfinished business behind to reverse immediately, which I warned during the Market Tour. The balance of the session surged to test 1173.00.

Silver Dec Contract (SI, ETF: (SLV))
Friday”s fresh low down to 15.04 ahead of the Employment Situation report finished off a Complex Descending Triangle bottom. Its dip was recovered and reversed. Closing above 15.56 signals a durable rally underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
The ongoing decline had never formed a distributive setup, but did finally form a Descending Triangle supported by 140-14. One off the pattern”s two bullish resolutions appears to be in-play by recovering and reversing up from initially probing a fresh low Friday morning. Closing above 141-10 is the first indication that a bottom has formed.

Crude Oil Dec Contract (CL, ETF: (USO))
Slightly more strength Friday further probed above the 78.70 bounce limit that had held a test Thursday. Reversing down aggressively and without delay is required to confirm the outstanding 75.40 target remains in-play.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
The 4.45 target above 4.25 was met Friday. The rally is extended for the two weeks since it was signaled, but holding 4.37-4.39 on pullbacks would keep in-play the next higher target at 4.80.

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))
Not holding the 1.2505 pullback limit Wednesday was apparently a big deal, since the reaction to Thursday morning”s ECB/Draghi news triggered a quick slide down to 1.2400. There is no current buy signal.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday”s extended drop to the 1139.50 target entered another narrow range like the 1167.50 target initiated. No second consecutive lower close Thursday does open the door to this being the initial false break down that recovers.

Silver Dec Contract (SI, ETF: (SLV))
Thursday”s narrow ranging followed an early probe of fresh lows down to 15.20 that was quickly retraced so as not to extend Wednesday”s drop.

30-year Treasury Dec Contract (US, ETF: (TLT))
Still no distributive pattern, but still no end to testing and retesting recent lows. That said, at least an obligatory temporary probe under 140-14 is getting likelier without surging immediately in reaction to Friday”s Employment Situation report.

Crude Oil Dec Contract (CL, ETF: (USO))
Wednesday”s test of the 78.70 bounce limit didn”t extend higher Thursday, as the 75.40 target remains in-play.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report triggered a dip that only attacked 4.10 support to within 1-cent before reversing up to fulfill the 4.25 target”s intraday test, probing the high of its overnight test by at least 1-cent to test 4.32.

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))
Wednesday”s gap down consolidated at or under 1.2505, which was just a little too deep to assure it was only a temporary reaction down. So long as Thursday doesn”t produce a second consecutive lower close, the pattern could still bottom here.

Gold Dec Contract (GC, ETF: (GLD))
Trending down sharply overnight gapped open testing the next lower objective at 1139.50. Bounces have room up to 1154.00 while maintaining the decline”s momentum, but a close above 1160.00 would be the minimum to suggest a bottom is forming.

Silver Dec Contract (SI, ETF: (SLV))
The outstanding retest of the 15.65 low was probed down to 15.12 overnight and intraday Wednesday. Closing back above 15.71 would signal momentum reversing up.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday”s narrow sideways ranging undermines the Tuesday”s bullish gap up. But Tuesday”s bullish gap up wasn”t rejected. The buy signal is till 141-18, but almost any early strength Thursday would be credible for extending through it.

Crude Oil Dec Contract (CL, ETF: (USO))
Rallying Wednesday on alleged terrorism attacks held the 78.70 bounce limit that keeps the 75.40 target in-play.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Testing the rally”s 4.25 target overnight finally gave the rally pause Wednesday. A reaction down on Thursday”s EIA report could offer another buy signal.

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))
Tuesday”s bounce extended the counter-trend action since fulfilling Monday morning”s duplication of Friday”s decline. And the bounce wasn”t arbitrary, testing resistance at 1.2560-1.2585. Closing above 1.2585 could launch a durable rally so long as 1.2505 isn”t broken.

Gold Dec Contract (GC, ETF: (GLD))
Yet another day of the decline”s 1167.50 target obviously influencing price action by attracting price to it. Extended narrow ranging is likely to break falsely in one direction before reversing more substantially in the other. So, back above 1172.50 to 1187.50 would be likely to launch a new downleg, but trying to decline first could form a bottom.

Silver Dec Contract (SI, ETF: (SLV))
Narrow ranging hovered optimistically above the 15.65 target whose test should be retested intraday regardless of the pattern”s resolution.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Tuesday rejected Monday”s close under prior low closes. A post-open dip filled the gap back to Monday”s close before mostly recovering, mostly confirming the rejection. Closing above 141-18 is still needed to signal momentum actually reversing up.

Crude Oil Dec Contract (CL, ETF: (USO))
Closing Monday under 79.75 to confirm the 81.80 resistance test had held wasted no time extending down to attack the 75.40 target to within 50 cents. It remains in-play so long as 78.70 isn”t recovered.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Despite the window being open to a corrective dip while maintaining the buy outstanding signal, Tuesday morning rallied relentlessly to fresh highs at 4.18, targeting 4.25 so long as 4.10 now holds as support.