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))
Gapping down to fresh lows Tuesday morning positioned the pattern to fulfill the minimum requirement for at least an eventual third lower close, after Monday’s slightly lower low wasn’t decisive enough. Tuesday’s 1.1575 test as support is unreliable support, and its break could target 1.13950-1.1430.

Gold Dec Contract (GC, ETF: (GLD))
Still fluctuating at or around the 1195.00 bounce limit overnight didn’t prevent surging sharply Tuesday morning to test the 1209.50 buy signal. It’s still resistance until recovered, and closing back under 1203.30 would now signal the decline had resumed. Otherwise, closing higher would put into play 1225.50.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s dip back down to uptrending support never reversed momentum down, especially since the test began by a rally stopping pessimistically short of its 14.80 objective, and then gapping down pessimistically. None of which required resuming the rally immediately, or at specific pace, but Tuesday did surge through 14.80 to 14.95 next targeting so long as 14.65 now holds as support.

30-year Treasury Dec Contract (US, ETF: (TLT))
Pre-open firming back up to the 140-10 sell signal extended higher intraday to 140-23, only to be knocked back down to 140-10. A lower close is the minimum requirement to resume the decline.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s surge through the rally’s 73.90-74.25 target area to 75.75 needed to hold 73.90 as support to maintain the rally’s momentum, and now preferably 74.25. The next higher objective in-play is 78.10.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up Monday to reject Friday’s dip to the 3.00 pullback held a retest of the original 3.10 target through the close. So, extending higher without delay would be required to avoid forming a top. Already firming pre-open Tuesday extended higher into the afternoon to attack 3.20.

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))
Friday’s gap down to 1.1650 had bounced into the afternoon. Monday morning slid back down to retest Friday’s gap down. Closing under it would fulfill the minimum requirement for at least an eventual third lower close that was put into play by Thursday’s confirmed breakout.

Gold Dec Contract (GC, ETF: (GLD))
Opening at or under the 1195.00 bounce limit Monday and not closing back above it keeps alive downside momentum targeting at least 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Already dipping Sunday night from Friday’s attack on 14.80, Monday’s open at the prior target of 14.55 slid through the morning to test last Wednesday’s 14.40 close. There is no currently active signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping down Monday to the 140-10 sell signal and consolidating under it throughout the session could be confirmed by a second consecutive lower close on Tuesday. Otherwise, the likely alternative is to gap back up and resume the corrective bounce with potential to 141-16.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending up sharply Monday rallied through the 73.90-74.25 target to test 75.10. The next higher target in-play is 80.80, which would be confirmed by a second consecutive higher close on Tuesday, so long as pullbacks now hold 73.90 as support.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday’s dip to the 3.00 pullback limit was rejected by gapping back up to and through Thursday’s 3.06 close and trending up to Thursday’s 3.11 high. The trend remains up, but the pullback limit is now 3.02.

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))
Thursday’s breakout from a 5-day multi-session range under 1.1815 down to 1.1725 gapped down sharply to 1.1645 Friday. The presumed second consecutive lower close would confirm the breakout, and require at least an eventual third lower close.

Gold Dec Contract (GC, ETF: (GLD))
Fresh lows overnight attacking 1184.00 were retraced well into positive territory Friday morning up to 1195.00, which is now the decline’s bounce limit — testing it up to 1198.00. Holding its test as resistance would be optimal for keeping intact the 1172.50 target.

Silver Dec Contract (SI, ETF: (SLV))
The disparate performance from Gold became more glaring Friday as the open gapped back up to Wednesday’s 14.40 close instead of confirming Thursday’s break under 14.33. Surging through the morning up to 14.75, just a nickel below its objective. .

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up a quarter-point to test 141-00 Friday was reversed down to probe a quarter-point into negative territory, still having potential for extending the corrective bounce up to 141-16 or 142-00 so long as 140-10 now holds as support.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Four days of hovering under Monday’s 72.70 high resolved up Friday to attack 73.75, nearing the 73.90-74.25 target that remains intact so long as 70.80 holds as support.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Having greeted Thursday’s EIA report from a position of strength, and reacting up to new highs fulfilling the 3.10 target, a pullback had room down to 3.00. Having failed to close above 3.10 after testing it, upside momentum became vulnerable and Friday’s open gapped down to test 3.00. Closing any lower would signal the uptrend had ended.

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))
Thursday’s gap down and intraday downtrending is a breakout from the five-day multi-session range that had developed between 1.1815-1.1855. The 1.1735 last relative low was touched, which a second consecutive confirming lower close Friday would also break. Not extending down Friday would undermine the topping pattern, and instead be more likely to back-and-fill back to last week’s highs.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s close under the 1201.50 sell signal extended sharply lower Thursday morning to attack 1185.50, confirming the breakout. A 5-6 week old gap outstanding from 1184.50 could offer some obligatory support. But the drop is meanwhile targeting overnight lows to at least 1172.50.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s open gapped to and through 14.33, back down to the uptrending channel’s lower-end at 14.20. A second consecutive lower close on Friday would confirm a new downleg underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s FOMC statement was greeted at 140-04 and its reaction probed higher to 141-03. Thursday morning’s reaction to at least two high-profile econ reports erased the gain, and threatens to already end the corrective bounce and resume the decline.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Thursday back into the range helps to confirm Wednesday’s dip didn’t reverse the trend down, and that the 73.90-74.25 upside objective remains intact.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Nov, which trades at a 2-cent discount from Oct]… Wednesday’s drop from the 3.06 high down to 2.96 didn’t prevent greeting Thursday’s EIA report from a position of strength. Its reaction did surge, probing fresh highs to 1-cent above the 3.10 objective. Pullbacks must hold 3.00 as support to maintain upside momentum.

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 multi-session range extended to a fifth session as its 1.1815 low was tested Wednesday, and held, surging back into the range up to 1.1875 in reaction to FOMC. Closing under 1.1785 would help to confirm a breakout’s validity. Bounces meanwhile should hold any test of 1.1900 resistance.

Gold Dec Contract (GC, ETF: (GLD))
Gapping down Wednesday to the range’s lower-end at its 1291.50 sell signal probed lower intraday under 1197.80. Almost any initial weakness Thursday would be credible for launching a new downleg.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s test of 14.56 didn’t extend higher, and didn’t hold up to suggest 14.80 might also be in-play. But the intraday reversal down to 14.40 doesn’t reverse momentum down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday afternoon’s FOMC events were greeted from the morning having gapped up hovered in positive territory. But it was a position of weakness at Tuesday’s close, which is what matters, having hovered above prior lows Tuesday despite probing lower overnight down to 139-17. Blipping-up in reaction to the news still has room up to 141-16 without even beginning to threaten reversing the trend up.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging Wednesday is too late to reject Monday’s surge to fresh highs. The 73.90-74.25 target area remains intact, especially so long as pullbacks hold 70.60 as support.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Trending down intraday for a change on Wednesday is greeting Thursday’s EIA report with a constructive 9-cent dip to 3.00, and upside potential to at least 3.12 in reaction to Thursday’s report.