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 Sep Contract (EC, ETF: (FXE, UUP))
Friday’s close (well) above the 1.1385 buy signal had initially gapped down a little at Monday’s open. But post-open action trended up relentlessly to confirm, targeting 1.1540-1.1545.

Gold Dec Contract (GC, ETF: (GLD))
Gap;ping up Monday to 1195.00 eventually probed higher intraday, but only briefly as the afternoon dipped back down to 1195.00. The gap back down to Friday’s 1184.00 close — if not also 1172.50 — are still likelier to be tested before a recovery can be credible.

Silver Sep Contract (SI, ETF: (SLV))
Flat-to-higher ranging overnight persisted through Monday, still being likely to test 14.45 below before a recovery can be credible.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up Monday extended to Wednesday and Friday’s 145-00 high extended to fresh highs intraday. May’s pivotal high to July’s actual high is now essentially tested, so the pattern is vulnerable to extending higher to probe 147-00.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to Oct, which trades at a 55-60 cent discount to Sep]… Flat-to-higher ranging Monday continued Friday’s fluctuation around the pattern’s 65.50 buy signal. Triggering it through the close would target 68.25-69.25.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping down Monday helped to confirm that Friday’s gap up into the rally’s target area was only noise. But the gap down didn’t extend, leaving outstanding the room below at 2.85.

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))
Closing Thursday at the 1.1385 buy signal had tried extending higher overnight. Its retest into Friday’s open also reacted up intraday.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s relatively narrow ranging didn’t create any new setups into the weekend, suggesting that Sunday night or Monday is vulnerable to attacking or event to retesting Wednesday night’s 1167.00 low.

Silver Sep Contract (SI, ETF: (SLV))
Ranging narrowly Friday around unchanged keeps alive the attraction back down to Wednesday’s low, at least to 14.45 before a rally would be reliable for extending.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up slightly Friday extended to probe a fresh high. It didn’t extend, and formed “ineffectual optimism” that is vulnerable to reversing down on Monday. But the week’s favorable performance follows the prior Friday’s fresh relative high close, suggesting a more substantial rally is underway.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-higher ranging Thursday was essentially duplicated overnight, gapping up Friday to test the 66.10 buy signal. Its test held, reacting down to fill the gap back to Thursday’s close and neutralize its attraction below. The buy signal remains intact.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping up Friday into the rally’s 2.93-2.95 target area was premature for resuming the rally, and also too shallow to suggest momentum had reversed up. A fresh pullback low remains likely.

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))
Having neutralized the open’s gap down before closing positive Wednesday, the recovery attempt was free to extend at anytime Thursday. Overnight action did probe above the 1.1385 buy signal, which intraday action still tested as support.

Gold Dec Contract (GC, ETF: (GLD))
The 4-day sequence through Wednesday’s third day had indicated Thursday would likely close positive. The $18 overnight drop to 1167.00 benefited most from the influence, essentially forcing a recovery back above Wednesday’s 1185.00 close. The sequence can repeat indefinitely, so the trend reversal signal remains at 1194.70.

Silver Sep Contract (SI, ETF: (SLV))
A slightly lower low overnight testing 14.32 was easily recovered to gap up Thursday and extend to 14.80. At least a dip down to 14.45 is likely before a more durable rally can begin. That said, an attraction down to the low can be delayed by a bigger bounce anyway, just not by a reliable bounce.

30-year Treasury Sep Contract (US, ETF: (TLT))
Resolving the two-day consolidation under Friday’s high to finally probe higher Wednesday was never extended overnight. Thursday’s open back under Friday’s high was extended back into the interim range, still not signaling a resolution either way.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging flat-to-higher Thursday stopped short of attacking the 66.10 buy signal, meanwhile leaving the decline vulnerable to extending down.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of weakness enabled a negative knee-jerk reaction to the news that took price into negative territory. Another lower low has room down to 2.85 while still being able to recover.

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))
Still trending down overnight greeted Wednesday’s open with a slightly lower gap that extended to fresh trend lows. That was  retraced into the noon hour, then probed positive territory. The open was just under Tuesday’s low to require being filled from above — which it was, before entering the noon hour. Closing above 1.1385 would signal momentum reversing up.

Gold Dec Contract (GC, ETF: (GLD))
Already dipping into the 1188.50-1191.50 target area overnight, Wednesday’s gap down extended lower through the morning to attack 1182.50. The 4-day sequence suggests that Thursday will either not probe fresh lows or else recover from fresh lows, and in either case probe positive territory. A corrective bounce into the weekend would target 1208.00.

Silver Sep Contract (SI, ETF: (SLV))
Even further compensation for the delay in filling the 4-week old gap back to 15.25 opened Wednesday sharply under Tuesday’s 14.97 low to 14.80, and collapsed down to 14.35. Tuesday was somewhat of a breakout, so this is somewhat of confirmation, an at least an eventual third lower close is likely — regardless of an interim corrective bounce.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s gap up extended through Friday’s 144-22 high to test 145-00, then reversed back under Friday’s high. Not closing above 144-22 Wednesday would suggest a top is in, and the breakout isn’t valid.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already greeting Tuesday’s post-close API data from a position of weakness and reacting poorly, Wednesday’s 50-cent gap down to 66.50 fell another $2 to fresh lows at 64.50 in reaction to the morning’s EIA report. Closing above 66.10 would signal momentum reversing up.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report isn’t being greeted from a position of strength. Tuesday’s premature probe of fresh highs, which barely qualified as a breakout, wasn’t confirmed by a second consecutive higher close Wednesday. Avoiding a deeper pullback Thursday — or recovering from an initially negative knee-jerk reaction — would be the only bullish scenario.

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))
The decline resumed Tuesday after Monday’s weak bounce had consolidated Thursday night’s crash into the weekend. The pattern offers no buy signal, and any aggressively higher open would be likely to reverse back down.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s shallow bounce held a 38.2% retracement of Monday’s post-open drop. Resuming the decline without first bouncing any higher would suggest a low is near. Meanwhile, avoiding a second consecutive lower close has avoided confirming Monday’s breakout.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s shallow bounce held a 38.2% retracement of Monday’s post-open drop. Resuming the decline without first bouncing any higher would suggest a low is near. Meanwhile, avoiding a second consecutive lower close has avoided confirming Monday’s breakout.

30-year Treasury Sep Contract (US, ETF: (TLT))
Flat-to-lower ranging Tuesday remained within Friday’s range, still not extending the rally, but also not rejecting it. At least a probe of fresh highs is likely, if not resuming the rally. A deeper dip has room down to 143-12 before signaling the trend is reversing back down.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Opening Tuesday above 67.65-67.90 would have triggered a buy signal if maintained through the close. But post-open action almost immediately began reversing down, and probed negative territory down to the 66.75 sell signal. Breaking either way would be credible for trending in that direction. Wednesday’s EIA is not being greeted from a position of strength.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
No pullback followed several days of consolidating narrowly in the target range that was met last week, before probing slightly higher Tuesday. That qualifies as a breakout, but no consecutive higher close Wednesday would greet Thursday’s EIA report from a position of weakness.