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))
Monday firmed above the 1.2700 bounce limit, but stopped short of recovering 1.2750. The corrective dip can recover at any time since it is only temporary anyway, but the pattern would still prefer fresh lows targeting 1.2560-1.2585.

Gold Dec Contract (GC, ETF: (GLD))
Thursday”s probe under 1231.00 was retested Monday, so a second consecutive lower close Tuesday would confirm a new downleg is underway targeting 1167.50. A bigger bounce with potential to 1259.00 remains possible otherwise.

Silver Dec Contract (SI, ETF: (SLV))
Probing back into or through 17.25-17.40 resistance remains likely to hold while awaiting Gold”s resolution of this dip.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday”s bounce to its 142-12. minimum objective was not extended Monday. A lower close was avoided so nothing can confirm momentum reversing down Tuesday. And back aboe 142-12 would still launch a bigger corrective bounce targeting 144-14.

Crude Oil Dec Contract (CL, ETF: (USO))
Fresh lows under 80.00 essentially held 79.75 without recovering. Its break would target 75.35, but back above 81.80 would signal momentum reversing up to target 83.00, whose recovery would seal a bottom.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down Monday to Friday”s 3.55. low didn”t extend down. And the reaction up stopped short of filling the gap back to Friday”s 3.62 close. Each is a reflection of pessimism, which suggests that a bottom should begin forming.

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))
Friday”s firming was just noise so long as the 1.2700 bounce limit held, and it was only touched.

Gold Dec Contract (GC, ETF: (GLD))
Thursday”s break under 1941.60 and 1931.00 wasn”t confirmed by a second consecutive lower close, as Friday was only an inside day that ended above 1231.00.

Silver Dec Contract (SI, ETF: (SLV))
Bouncing back into the 17.25-17.40 range held as resistance, as the close settled below it.

30-year Treasury Dec Contract (US, ETF: (TLT))
Having turned upward just enough Thursday above 141-24 to target 142-12, testing 142-12 at Friday”s open did hold as resistance. The balance of the session drifted lower and barely closed negative, but not to confirm Thursday”s break.

Crude Oil Dec Contract (CL, ETF: (USO))
Thursday”s bounce to 81.80 resistance was probed a little higher overnight, but reversed entirely to gap down Friday. The entirety of the session range narrowly sideways around the open.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday”s ugly session extended down overnight to fresh lows. That was extended a little intraday to 3.55 before recovering back above Thursday”s lows to 3.62, but there is no active 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))
Narrow ranging around 1.2650 Thursday didn”t reject the recent break, which ultimately should prove to be temporary. But it”s still likely to test 1.2560-1.2585, so long as 1.2700 isn”t recovered first.

Gold Dec Contract (GC, ETF: (GLD))
Despite holding its 1241.60 pullback limit Wednesday, the decline extended overnight to gap down Thursday and test 1231.00 support. A second consecutive lower close would confirm the rally had ended, despite the 1259.00 bounce target that remains outstanding.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday”s gap down back under 17.25-17.40. inhibited it from falling further with Gold Thursday. But the potential for fresh lows remains likelier than a new rally leg.

30-year Treasury Dec Contract (US, ETF: (TLT))
Trending down since Tuesday”s close — which ended the two day resting period that absorbed last week”s shock-to-the system — tested 141-08 support Thursday. That was the first close under prior lows, so a second consecutive lower close Friday could extend to 140-08. Otherwise, back above 141-24 would target 142-12, and possibly a bigger recovery leg.

Crude Oil Dec Contract (CL, ETF: (USO))
Ongoing chipping away at 81.80 support had broken lower Wednesday to test 80.00, but not deeply enough to launch a new downleg. Overnight news of tighter supplies triggered a surge that tested 81.80 resistance. Already having failed to hold 81.80 as support, failing to recover it on favorable news suggests that a more substantial downleg may be forming.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeting Thursday”s EIA report from a bearish posture didn”t prevent gapping down even further ahead of the news to 3.61. The gap down apparently discounted enough bearishness to allow a favorable reaction up to 3.68, but that was retraced entirely back down to session lows.

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 probing under 1.2750 support extended down Wednesday to test 1.2650, targeting 1.2565-1.2580 so long as 1.2700 isn”t recovered.

Gold Dec Contract (GC, ETF: (GLD))
Reacting down Wednesday held 1241.50 as support to maintain the upward momentum still targeting 1259.00.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday”s probe above 17.25-17.40 couldn”t last long, and was actually punished Wednesday by gapping down under the range. There”s still no signal, and no increased likelihood of trending down than up.

30-year Treasury Dec Contract (US, ETF: (TLT))
Last week”s shock to the system should now be fully absorbed, allowing trending to begin. None is yet signaled, but closing back above 142-28 would suggest a bounce underway with potential to 144-16.

Crude Oil Dec Contract (CL, ETF: (USO))
Ongoing testing of the 81.80 pullback limit already had worn out its welcome Monday. It finally suffered a consequence of not bouncing from support by instead dipping to fresh lows testing 80.45. Closing back above 81.80 without delay Thursday would help to reverse momentum up, but there is otherwise no requirement to print fresh lows or to avoid them.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Wednesday”s bounce from new lows didn”t recover a prior high, so Thursday”s EIA report won”t be greeted 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))
The 1.2750 lower-end of the narrowing range was tested Tuesday. It hasn”t broken decisively, but breaking either end of the range is likely to be only a false break.

Gold Dec Contract (GC, ETF: (GLD))
Friday morning”s blip-down to only attack 1231.00 was the last chance for sellers to retake control. Having failed, fresh highs up to 1259.00 became likely. It was attacked Tuesday by new highs up to 1255.00, and remains in-play so long as pullbacks now hold 1244.00 as support/.

Silver Dec Contract (SI, ETF: (SLV))
Higher Gold all but forced Silver out of its 17.25-17.40. bunker that had continually attracted price to it for several weeks. But Tuesday”s fresh high only tested the range”s 17.60-17.80 upper-end.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging persisted through the day as recent wide gyrations was still likely to need time to be absorbed. This is now enough time, so the next trending attempt should gain traction and extend.

Crude Oil Dec Contract (CL, ETF: (USO))
A deeper dip intraday still recovered back above the 81.80 pullback limit, which allows the recovery potential to remain alive. Ongoing testing of support can continue indefinitely, but tends to resolve down as support is chipped away.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Monday”s break to fresh lows was retraced Tuesday, retesting 3.71 resistance after fulfilling the 3.65 next lower support.