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))
Gaping up again Wednesday filled another gap outstanding from the decline at 1.1900. The corrective bounce has room up to 1.1970, while still being likely for its resolution to break sharply under 1.1760.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday morning’s narrow ranging around unchanged doesn’t in itself undermine the upside momentum, while keeping the pattern within the orbit of its 1277.50-1280.50 pullback objective. The afternoon’s dip to 1288.00 makes the pullback objective likely to be tested soon, if at all.

Silver Dec Contract (SI, ETF: (SLV))
Narrow ranging Wednesday morning tried holding the 17.11 support whose break would start to signal a corrective dip underway. Still fluctuating around it at the close did open the door to extending down.

30-year Treasury Dec Contract (US, ETF: (TLT))
Overnight weakness stopped short again of testing the 151-18 pullback potential. Wednesday’s open firmed to resume ranging around the 152-20 resistance that would at least challenge 153-14 where a bottom could be sealed.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending higher overnight to test 51.40 was nevertheless retraced to continue testing 49.75 as support Wednesday morning. Recovering into the close does all but require Thursday to extend the rally.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up above the 2.89 buy signal Wednesday fluctuated between 2.93-2.96 through the morning. But the close dipped back under 2.89, all but ensuring a that the gap back down to Tuesday’s 2.83 close would be filled.

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))
Attempts at holding 1.1760 support continued Tuesday, as the bounce extended higher to probe the 1.1810 bounce limit up to 1.1870. The near-term bearish resolution has no excuse to further delay breaking sharply back under 1.1760.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s gap up to test 1296.50 has not lessened the likelihood for retracing lower prior highs down to 1277.50-1280.50 before a durable rally would be credible.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Tuesday filled a 3-week old gap back up to 17.11, attacking 17.30. Any higher would seal a bottom, which may be a little too aggressive after so recently having probed a new low. A dip to 16.90-17.00 or even retest of 16.50 would form a more durable bottom.

30-year Treasury Dec Contract (US, ETF: (TLT))
The passage of time may have accomplished the correction that a deeper pullback did not. Tuesday morning’s rally through 152-20 up to 153-02 still has to recover 153-14 before confirming momentum is reversing up. Otherwise, not closing above 152-20 Tuesday keeps alive the 151-18 pullback potential before forming a more durable bottom.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Tuesday to the 50.25 bounce limit extended through it, probing the 50.75 buy signal intraday. The leg that closed above 50.75 was also still overlapping it, all but requiring the recovery to extend higher without delay if it is valid.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday morning’s bounce up to the 2.89 bounce limit held, and held there throughout the session. The gap now outstanding back down to Monday’s close should be filled before a break higher can be credible.

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))
Firming Sunday night held up through Monday morning to avoid resuming the decline, and the anticipated break back under 1.1760, which remains likely so long as bounces hold 1.810

Gold Dec Contract (GC, ETF: (GLD))
Although Friday’s brief probe of fresh lows had been retraced while failing to gain traction, Sunday night’s bounce to 1288.00 resistance was premature for already launching a recovery. Monday’s gap up wasn’t any likelier to extend, still likely at least to fill the gap back down to Friday’s close, potentially down to 1269.50.

Silver Dec Contract (SI, ETF: (SLV))
Sunday night’s test of 16.90 was exceeded Monday morning to probe above 17.00. Holding a test of the decline’s 16.50 target on Friday does allow a bottom to form, although a test of 16.60 as support would help to make a recovery more credible.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s shallow range hovered just above the 151-18 pullback objective that would help to fully form a bottom. Its test remains likely, although not already resuming Friday’s dip does make a rally effort likely within the next two sessions. Closing above 152-20 would be credible for extending higher.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s break wasn’t from a multi-session range, so Monday wasn’t capable of confirming it. So, ranging narrowly intraday — instead of extending down — doesn’t reject the downside momentum. A recovery should be obvious Tuesday to avoid lower lows.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Extending down Friday under the 2.89 target already had prevented Monday from recovering. Fresh lows were likely, but closing positive could have then suggested a bottom was forming. The morning’s fresh lows down to 2.83 consolidated through the afternoon but did not 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 Dec Contract (EC, ETF: (FXE, UUP))
Despite spiking down to fresh lows in reaction to Friday’s Employment Situation report, the morning recovered back above 1.1760. The action is reminiscent of ongoing behavior at the same precise level during August, before the interim rally that has now been retraced. But there is no bullish reason to have retraced the entire raly.

Gold Dec Contract (GC, ETF: (GLD))
The knee-jerk reaction to Friday’s payrolls was a mini-plunge to fresh lows. It wasn’t being attempted from a position of weakness, as the 1280.50 target area had continued holding as support. In fact, it was recovered entirely by the afternoon. Almost any higher close Monday would suggest a bottom is forming.

Silver Dec Contract (SI, ETF: (SLV))
The 16.50 target was finally tested in reaction to Friday’s payrolls report probed by a dime and then recovered entirely into positive territory through the morning. The low’s retest isn’t required, but probably won’t be avoided without extending higher through Monday’s close.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s knee-jerk reaction to monthly payrolls was to probe the next lower objective at 151-08/151-11. Its anticipated reaction back up stopped pessimistically short of filling the gap back to Thursday’s close. Closing negative Friday to fulfill the outstanding objective would enable a pullback to 151-18 would help to finish forming a bottom.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap down under Wednesday’s 49.75 low ended the week at a new relative low, making near-term recovery unlikely without another fresh low. So, greeting the new week bouncing would likely fail.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Filling the gap back down to Tuesday’s 2.89 close was already likely. But gapping down to it Friday only extended down below it. A second consecutive lower close on Monday could prevent any near-term bottoming, let alone recovery.

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 attack recent intraday lows at 1.1780 then trended down through the morning to probe under 1.1760, potentially launching the next downleg except for the gap and higher prior lows now outstanding from the midweek consolidation.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s shallow gap up was soon retraced to test Wednesday’s close, possibly inhibited by anxiousness ahead of Friday’s Employment Situation report.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Thursday immediately began gravitating back down to Wednesday’s close, still attracted to the outstanding target below at 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s early strength was soon reversed down by the outstanding requirement for at least one more new low close. The morning’s dip touched Tuesday’s 152-00 low ahead of Friday’s Employment Situation report.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday morning’s surge back into Tuesday’s range broke its 50.75 high which is also the pattern’s buy signal. Closing above 51.55 would confirm the 52.75 high will be retested.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA weasn’t greeted from a position of weakness, but neither was it a position of strength. So the knee-jerk reaction up to 2.99-3.00 resistance reacted back down into Wednesday’s range, with potential for filling the gap back down to Tuesday’s 2.89 close.