Daily Spot

Eurodollar Dec Contract (EC, ETF: (FXE))
Monday morning”s fresh lows fulfilled the vulnerability to duplicating Friday”s trending. Bounces have room up to 1.2560-1.2585 before suggesting the drop has lost its momentum. Lower bounce limits will be calculable 1-2 days off of Monday”s fresh low.

Gold Dec Contract (GC, ETF: (GLD))
The decline”s longstanding 1167.50 target had reached out magically to stop Friday”s plunge. Its influence has bridged the coincidental by continuing to contain price action Monday. That”s not necessarily a bottom, but it is an opportunity for at least a corrective bounce to 1187.50, triggered by closing above 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Friday”s early morning test of the 15.65 target could still be retested, and should be retested intraday so long as 16.18 isn”t recovered.

30-year Treasury Dec Contract (US, ETF: (TLT))
Renewed selling pressure Monday retested prior lows momentarily before returning to unchanged. But that doesn”t equate to momentum reversing up, which still requires closing back above 141-18.

Crude Oil Dec Contract (CL, ETF: (USO))
Spiking up intraday in reaction to to favorable Saudi news didn”t produce more than noise within Friday”s range 79.50-80.70 range.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
The rally had gapped up Friday after holding its own against Thursday”s EIA report. It gapped up again Monday to fresh highs to touch “prior highs” and to fill a gap. Any hesitation should be only temporary before extending higher.

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))
Still testing 1.2611 Thursday instead of cleanly recovering it had kept alive potential to retest the 1.2560 pullback target that was tested Thursday. Friday tested it one-day old low, and then extended down to the two-week old gap at the prior decline”s 1.2513 actual low close down to 1.2489. Back above 1.2585 would signal the retest had held and that momentum is reversing up.

Gold Dec Contract (GC, ETF: (GLD))
Sharply lower prices overnight already fulfilled the decline”s 1167.50 target, probing it down to 1160.50. The decline remains intact so long as 1172.50 isn”t recovered, with potential for extending down to 1140.00. A corrective bounce is otherwise possible up to 1187.50 — but only a corrective bounce, if attempted too soon, before developing a base.

Silver Dec Contract (SI, ETF: (SLV))
Thursday night”s slide fulfilled the 15.65 target, the lowest calculable target of the decline. That sliced through the 16.17 target, which a bounce attacked into the afternoon. Closing back under 15.70 would signal an even more extended downleg underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
Still testing 141-12 Thursday instead of cleanly holding its support kept the pattern vulnerable to further weakness. Overnight weakness did probe under it down to 140-20, but that did not extend lower intraday Friday despite still not recovering into positive territory through the noon hour.

Crude Oil Dec Contract (CL, ETF: (USO))
Wednesday”s unconvincing gap up was already retraced by Thursday”s dip, and the vulnerability to retesting 79.75 was fulfilled overnight. Attacking the original test”s 79.44 low stopped optimistically short before bouncing. Fresh lows targeting 77.44 and potentially 75.40 are in-play.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeting Thursday”s EIA report in a position of strength didn”t extend higher intraday, but Friday”s open compensated for that by gapping up to fresh highs. This stage of the pattern cannot tolerate much of a pullback if the recovery”s momentum 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 Dec Contract (EC, ETF: (FXE))
An overnight plunge fulfilled the longstanding 1.2560-1.2585 pullback target. Closing above 1.2711 signals sellers were absorbed. Regardless, a second consecutive lower close Friday would instead signal the drop is extending into next week.

Gold Dec Contract (GC, ETF: (GLD))
Extending down sharply found early support at 1202.00, but its bounce resolved down to fresh lows at 1195.50. The 1167.50 target is in-play so long as 1206.50 isn”t recovered.

Silver Dec Contract (SI, ETF: (SLV))
An overnight plunge probed new lows testeing 16.30-16.50. A corrective bounce has room up to 16.75 while maintaining the decline”s potential to 16.18 and 15.65.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday afternoon”s bounce from fresh lows were extended more so overnight. An intraday dip to 141-18 as support — with room down to 141-12 — needed to hold to further prevent another dip from gaining traction.

Crude Oil Dec Contract (CL, ETF: (USO))
Wednesday”s un-extended gap up was suspicious, but so was Thursday”s dip, which could still be more punitive to the premature rally effort. The potential for fresh lows under 79.75 remains alive so long as 82.80 and 83.33 aren”t recovered first.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeting Thursday”s EIA report from two consecutive higher closes above resistance did help to avoid even a negative knee-jerk reaction down. But the recovery has yet to extend higher, and requires that pullbacks now hold 3.67 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 Dec Contract (EC, ETF: (FXE))
Tuesday”s close above 1.2750 did extend higher Wednesday morning, well ahead of the afternoon”s FOMC news. But that only stretched the rubber band tighter, with the reaction being a plunge to fresh lows testing 1.2611 support, and attacking the 1.2560-1.2585 target.

Gold Dec Contract (GC, ETF: (GLD))
Fresh lows tested 1221.00 into Wednesday”s open, trying to resume last Thursday”s close under 1231.00 that signaled the corrective rally had ended. Lower lows in reaction to the FOMC news tested 1212.20. Not recovering Wednesday”s post-close dip Thursday would confirm the decline had resumed.

Silver Dec Contract (SI, ETF: (SLV))
Overnight weakness ahead of Wednesday”s FOMC policy statement reacted down further under the 17.25-17.40 resistance that had contained Tuesday morning”s bounce. Bouncing ahead of the news reacted down again, but only back to the morning”s low — that outperformance suggests Silver will hold any low while Gold works out its selling pressure.

30-year Treasury Dec Contract (US, ETF: (TLT)) Weakness slowly developed Wednesday morning ahead of the afternoon”s FOMC policy statement, extending down to a fresh low at 140-12. Its aggressive reaction up recovered back above prior lows to prevent sellers from gaining traction, further suggesting that a downleg is not underway.

Crude Oil Dec Contract (CL, ETF: (USO))
Gapping up Wednesday through 81.80 and probing higher tried to compensate for Tuesday”s shallow bounce, and to prove the test of 79.75 had sufficed to form a Double Bottom. Not actually extending higher intraday still undermines whether buyers have retaken control, which closing above 83.33 would signal.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday”s probe above the two prior sessions” highs extended higher Wednesday, high enough to signal a rally leg underway. That”s still a little too late to be assured of reacting favorably to Thursday”s EIA report, but likelier than not to be bullish, which a second consecutive higher close Thursday would confirm.

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))
Recovering 1.2700 at Monday”s open was extended to immediately recover 1.2750 at Tuesday”s open. Neither gained traction intraday, so back under 1.2700 would reinstate the 1.2560-1.2585 pullback target.

Gold Dec Contract (GC, ETF: (GLD))
.The open”s blip-up to 1235.50 was too shallow to test either 1241.60 or 1259.00 resistance. So, already returning to 1228.00 seems premature to resuming Thursday”s break.

Silver Dec Contract (SI, ETF: (SLV))
Bouncing back into 17.25-17.40 resistance held intraday Tuesday. But it could be probed back up to 17.55 while Gold bounces more strongly, if Gold is going to bounce more strongly at all before resuming the decline.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Tuesday did not extend down. Bouncing to 141-31 filled the gap back to Monday”s close, and the open”s low was retested. But sellers gained no traction on the day.

Crude Oil Dec Contract (CL, ETF: (USO))
Having originated only from testing 79.75 support, firming into Tuesday”s open attacked 81.80 resistance. In the absence of a sudden surge through it and 83.00 by new sponsorship, fresh lows are likely before the pattern can bottom.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Perhaps the lack of momentum described Monday will have a durable effect. Tuesday avoided a fresh low, and bounced back up to through Friday and Monday”s highs to 3.66. A second consecutive higher close Wednesday would signal momentum is reversing up.