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))
Wednesday’s retest of the 1.1425 sell signal as resistance was repeated Thursday, before resolving down aggressively overnight. Gapping down Friday under Tuesday’s 1.1380 low extended down only slightly intraday, but into the afternoon anyway, which often ensure at least probing a fresh low on Monday morning.

Gold Dec Contract (GC, ETF: (GLD))
Hovering just under Wednesday’s surge finally broke lower ahead of Friday’s open, which extended back down to the 1220.50 sell signal. Its test is holding, so far, but its break at any time would be credible for extending down.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s bounce never extended higher but delayed its reaction down until Thursday night, then compensated by plunging through its 14.32 sell signal. Friday’s open attacked 14.15 momentarily, reacting up to only attack the sell signal as resistance.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s reaction down from Tuesday’s fresh highs had left no “unfinished business” above, but also didn’t reverse momentum down. Probing fresh highs Friday retraced back into Tuesday’s range, still neither creating nor leaving unfinished business above, but also not reversing momentum down.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s plunge required a retest to fresh lows under 53.05, just as did the prior Tuesday’s plunge, regardless of the interim bounce’s degree and duration. The wait was less, but still substantial as an interim bounce up to 55.85 plunged Thursday night to 50.55. An Island reversal would form from gapping up, but the trend otherwise remains down.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Probing under the 4.38 sell signal was isolated between Wednesday’s close and Friday’s open, so closing above 4.59 would signal a probe of fresh highs above 4.90 underway.

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))
Tuesday’s 1.1425 sell signal was retested as resistance overnight and into Wednesday’s open, and still being tested through the session by an inside day which neither confirms nor invalidates the signal.

Gold Dec Contract (GC, ETF: (GLD))
Overnight firming extended to fresh recovery highs Wednesday morning attacking 1231.00, but essentially hovering under Monday’s 1228.00 high. The 1220.50 sell signal remains active.

Silver Dec Contract (SI, ETF: (SLV))
Overnight firming extended to fresh recovery highs Wednesday morning at 14.55 to test another “higher prior low” and gap. A break back under 14.32 is now needed to reverse the trend back down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s fresh highs reacted down Wednesday morning to hover just under Monday’s 139-24 prior highs, without reversing momentum down or invalidating the upside momentum.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
It’s still too soon for any credible bottoming to develop when Tuesday’s plunge requires at least being probed to fresh lows. That didn’t prevent gapping up to retrace Tuesday’s late downleg from 54.30, back into Tuesday’s mid-day range, and then extending higher to test 55.85. But the inside day does not reverse momentum up.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Extending Tuesday’s recovery overnight tested the gap back to last Wednesday’s 4.83 close, but had backed off already pre-open to avoid filling the gap intraday. An intraday gap fill remains likely, especially so long as 4.38 holds as support through the close.

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))
Filling the gap back to the 2-week old high session’s close Monday resolved down overnight and gapped down Tuesday, back under Monday’s range, and through the 1.1425 sell signal. Closing lower Wednesday would confirm the trend is reversed down again.

Gold Dec Contract (GC, ETF: (GLD))
Still barely ranging flat-to-higher overnight finally tried breaking higher Tuesday morning to 1229.50. Its reaction down fell back to the 1220.50 sell signal, whose break would likely trend down to fresh lows.

Silver Dec Contract (SI, ETF: (SLV))
Flat-to-higher ranging overnight surged into Tuesday’s open to test 14.45 before plunging through the morning to 14.20. All of which suggests the corrective bounce limit has held its test, and a second lower close Wednesday would likely trend down ahead of the weekend.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fresh recovery highs overnight gapped up Tuesday to 140-04, then fluctuated flat-to-lower, filling the gap back down to Monday’s 139-24 close without reversing momentum down.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s long-awaited retest of last Tuesday’s record intraday plunge was itself shallow and brief. Its optimism was bearish from a contrarian perspective, and proved out Tuesday by plunging again through 55.70 to fresh lows testing 52.75. Being another plunge, similar to last week’s, no recovery attempt will be credible without first retesting the plunge’s low.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Monday’s rally had stopped short of filling the gap back up to last Wednesday’s 4.83 close. Tuesday’s reaction down held a test of the 4.38 sell signal, keeping alive the higher attraction, but also making any subsequent dip highly likely to extend down sharply.

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 10-day old gap back to the high’s session’s 1.1490 close was filled at Monday’s highs after gapping up and trending higher intraday. There is no bearish reason to extend any higher, so reversing back under 1.1425 would signal a new downleg underway.

Gold Dec Contract (GC, ETF: (GLD))
Flat ranging overnight never resolved in either direction Monday, which also means the bounce limit’s test wasn’t rejected back under its 1220.50 sell signal.

Silver Dec Contract (SI, ETF: (SLV))
Flat ranging overnight firmed slightly intraday Monday, still vulnerable to resolving down and erasing last week’s rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
Dipping overnight to test recent sessions’ 139-08 “lower prior highs” held its test through Monday’s open and returned up to Friday’s highs at 139-30, capable of extending the rally.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s rejection of its opening gap extended down Sunday night and Monday morning to retest last Tuesday’s plunge low as the pattern required. But only a retest of its 55.75 intraday low, and not of its 54.90 overnight low. The afternoon’s bounce up to 56.95 can get a benefit of the doubt for extending higher if confirmed Tuesday by a second consecutive higher close.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Already rallying Sunday night has truncated a healthier pullback, making a gap-fill back up to Wednesday’s 4.82 close likelier to hold and complete a top. Monday’s gap up extended to attack the gap to within a nickel.

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 yet resolving down by Friday’s open kept the door open to extending the corrective bounce for a test of the original 1.1400 sell signal, which was probed intraday up to 1.1445. Closing above 1.1480 would suggest a bigger bounce underway, but otherwise closing back under 1.1400 would once again target recent lows.

Gold Dec Contract (GC, ETF: (GLD))
Extending the bounce into Friday fulfilled its 1222.00 corrective bounce target and tested “higher prior lows” while also filling a gap up to 1226.00. Closing back under 1220.50 would start to signal the bounce was failing, and targeting a retest of 1201.50.

Silver Dec Contract (SI, ETF: (SLV))
Already extending higher overnight was able to test its 14.36 corrective bounce target Friday morning, up to 14.40 in the afternoon, also testing “higher prior lows” and filling a gap. Closing back under 14.25 would signal a retest of recent lows and lower underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s reaction down had not broken under any relevant support, keeping alive upside momentum that enabled retesting Thursday’s high on Friday morning. The rally resumed up to 139-20, now needing a second consecutive higher close to confirm a more durable rally is underway.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Greeting Thursday’s EIA report from a position of weakness had only prevented a favorable knee-jerk reaction from extending, but didn’t prevent extending higher anyway overnight into Friday morning up to 57.95. Regardless, Tuesday’s plunge all but requires a retest or probe of its 54.75-55.55 lows before any durable bottom could form, which became much more obvious as the morning’s gap up was reversed by $2 to probe negative territory down to 56.90.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Only a slightly lower low overnight down to 3.90 preceded Friday’s flat-to-higher ranging, which retraced 61.8% of Thursday’s post-open range up to 4.35. Extending the pullback from Wednesday’s high would next target 3.80.