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))
Monday’s failed breakout attempt wasn’t repeated Tuesday. Neither did its rubber band stretch snap back down to fresh lows, although almost any early weakness would be credible for extending down.

Gold Dec Contract (GC, ETF: (GLD))
Bouncing around in the 1201.50-1209.50 range persisted through Tuesday, with the first breakout attempt still likely at least to return within the range before extending.

Silver Dec Contract (SI, ETF: (SLV))
Trading at or above the 14.33 buy signal for two consecutive sessions broke higher Tuesday. Even if only a false break, its near-term potential was to fill the gap above up to 14.56, which was tested at Tuesday’s high. Any higher would next target 14.80.

30-year Treasury Dec Contract (US, ETF: (TLT))
Three days of hovering just above the lows resolved down overnight to 139-17, but only probed new lows intraday Tuesday down to last week’s 139-22 lows. The interim shallow consolidation kept alive pessimism, making this leg likely to be brief or shallow or both. But Tuesday’s dip reflects optimism. Regardless, Wednesday’s FOMC is being greeted from a position of weakness.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-higher ranging Tuesday held up Monday’s surge to fresh highs, suggesting that any pullback would now likely recover and resume the rally to 73.90-74.20. A reaction down Wednesday can’t be prevented, but the EIA report is being greeted from a position of strength.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
The rally’s momentum remains very much intact and extended higher Tuesday. Even a reaction down on Wednesday can’t prevent greeting Thursday’s EIA report 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, UUP))
opened Monday within the Tu-Fri multi-session range, then surged to fresh highs above 1.1890 to attempt a breakout. But the afternoon was greeted back within the range, and back under 1.1785 would start to seal a top.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s reversal of fortune that went out testing the 1201.50 sell signal was reversed again Monday to attack the 1209.50 buy signal. But the range persisted.

Silver Dec Contract (SI, ETF: (SLV))
Closing at or above the 14.33 buy signal Friday persisted through Monday, still fluctuating around 14.33 without either extending or reversing back down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Closing above 140-04 had signaled the decline’s momentum was lapsing, with corrective bounce potential to 141-16, but Monday only ranged back down to and around 140-04.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s gap up on production news extended to fresh highs at 72.40. That was probed Monday morning up to 72.75, with the next higher objective being 73.90-74.20.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
The two-day multi-session Thu-Fri range broke higher Monday morning to fresh highs for the recovery up to 3.04. Being a breakout, a second consecutive higher close on Tuesday would entrench the rally by requiring at least an eventual third higher 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))
Thursday’s break higher tested its 1.1865 bounce limit overnight, and largely held within Thursday’s 1.1825-1.1855 range intraday Friday. Closing back under 1.1785 would now signal the trend reversing down.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s extension above 1209.50 to 1215.80 was absorbed before the open, disqualifying it as early strength which otherwise would have become a new upleg. The effort was undermined by a collapse to 1196.00 that ended the day testing thee 1201.50 sell signal.

Silver Dec Contract (SI, ETF: (SLV))
Overnight probing above the 14.33 buy signal had extended to 14.46 but its pre-open retraement eventually collapsed to uptrending support at 14.18 before ending back at the 14.33 buy signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
All but confirming that closing above 140-04 had ended the decline’s momentum, Friday ranged narrowly sideways, still having room for a bigger corrective bounce before retesting the lows.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping back up Friday probed a slightly higher high up to 71.80 that was retraced back into Thursday’s range to fill the gap down to Thursday’s 70.20 close. Closing positive on the day but within Thursday’s range doesn’t fulfill the outstanding requirement for at least an eventual third higher close.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s surge to 2.99 was consolidated narrowly into the weekend, forming a Flag which is a continuation pattern that usually resolves up to resume the trend.

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))
Recent “ineffectual optimism” wasn’t exploited Wednesday, which left the door open to extending down aggressively Thursday. To the contrary, fresh highs overnight gapped up sharply Thursday to test 1.1865, still having room up to 1.1845 before abandoning any near-term vulnerable to launching a new downleg — which would be confirmed only upon closing under 1.1785.

Gold Dec Contract (GC, ETF: (GLD))
The 1201.50-1209.50 range’s upper-end was probed overnight, and again intraday Thursday up to 1213.00. Triggering it, and then confirming with a second consecutive higher close into the weekend would launch a new upleg, albeit likely temporary with unfinished business below still outstanding. Not triggering the 1209.50 buy signal, or not confirming it, could instead stretch the rubber band to snap back down.

Silver Dec Contract (SI, ETF: (SLV))
Probing the 14.33 buy signal overnight, or perhaps more accurately just overlapping it up to 14.38, was unable to trigger Thursday. But almost any further strength early Friday would be likely to extend higher into the weekend.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s early trading held a retest of the 139-26 support that had also held Wednesday, before reversing up to attack 140-20. Closing above 140-04 robs the decline of its momentum, so an immediate dip Friday would be likelier to hold if not also reverse up into the weekend.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to NOV, which is trading at a 25-cent discount to OCT]… Fresh highs overnight up to 71.35 were attacked post-open up to 71.25, as part of the same range, so no fresh high is required in this setup. More predictive is whether the confirmed breakout’s third higher close is fulfilled above 70.75. Closing under 69.05 would reverse the trend down.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength. Its knee-jerk reaction down to 2.88 snapped back up and extended sharply higher to 2.99, establishing the new rally leg 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 Sep Contract (EC, ETF: (FXE, UUP))
Despite rejecting the brief probe above 1.17855‘s prior high Tuesday by reversing it to close under 1.1745, Wednesday’s price action only ranged narrowly, still needing to break under 1.1720 to launch a downleg.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday continued bouncing around within the 1210.50-1209.50 range whose break would be likely to trend in that direction.

Silver Dec Contract (SI, ETF: (SLV))
Momentary strength Wednesday tested the 14.33 buy signal, which otherwise held as resistance to keep alive the potential for probing fresh lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Sharply lower lows Wednesday fell to 139-23, the lowest levels since May’s bottom. The trend remains down so long as bounces close under 140-04, which was being tested Wednesday afternoon.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Greeting Wednesday’s EIA report from a position of strength was rewarded by rallying through the 70.35 filled gap up to 71.05, all but ensuring the 71.40 prior high will be retested.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Wednesday only consolidated Tuesday’s surge that had peaked at 2.93. But holding 2.91 keeps alive the surge’s upside momentum, greeting Thursday’s EIA report from a position of strength.