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))
Probing overnight under the 1.1955-1.1970 pullback limit. It was still being tested Monday afternoon, if not recovered, and must hold to keep in-play 1.2030 and 1.2090.

Gold Dec Contract (GC, ETF: (GLD))
Ending Monday while testing or piercing the 1337.50 sell signal extended down overnight to test 1327.00. Tuesday’s open had already recovered much, but only to test 1333.00-1334.00 as resistance intraday. A deeper pullback would target 1318.50 if not already rallying at Wednesday’s open.

Silver Dec Contract (SI, ETF: (SLV))
Dipping overnight held above Monday’s intraday lows while also holding another test of the 17.90 sell signal. First testing 17.60 as support would make a recovery more credible for extending back to the highs.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s minimum pullback objective under 156-00 still had potential for extending down to 155-16 or even to 155-04. Both were tested Tuesday, which would end the decline on a close back above 155.26.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging narrowly Monday around 48.00 instead of trending above it still hasn’t confirmed that the 47.25 pullback limit has held, or that the eventual third higher close required by last week’s confirmed breakout is back in-play.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Monday’s upward-biased inside day had held the 2.95 sell signal as resistance. But that didn’t prevent trending higher overnight from gapping up Tuesday to the 2.98 buy signal and extending higher intraday to test 3.02. Not extending the rally Wednesday would all but require testing 2.84 and probably lower.

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))
Gapping down Monday exploited Friday’s “ineffectual optimism” that had gapped up, spent the entire session in positive territory, and probed Thursday’s high without also closing above it. Holding the 1.1970 buy signal would make any initial strength Tuesday likely to retest the high. Closing under 1.1955 would start to signal a deeper pullback underway.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s gap down tested and probed under the 1337.50 sell signal whose previous test had launch fresh highs. A second consecutive lower close Tuesday would make a reversal down credible, but meanwhile a retest of Friday’s 1351.00 close is likelier first.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s failure to confirm Thursday’s breakout left the rally vulnerable to Sunday night’s reaction down that tested the 17.90 sell signal as support. It held, and now has left outstanding a gap back up to Friday’s 18.10 close that will at least want to be filled.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s premature bounce to fresh highs out of Wednesday’s brief pullback had not extended higher Friday. Monday’s gap down to Thursday’s open picked up the baton and extended relentlessly to fulfill its objective under 156-00. It can extend down to 155-16 to compensate for the delay. A corrective bounce meanwhile could fill the gap back up to Friday’s 157-10 close.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Just a little more room under Friday’s low was possible while maintaining Friday’s dip to 48.00 and 47.25 as only temporary. Touching 47.00 triggered a bounce back up to 48.00, whose recovery would signal that last week’s confirmed breakout’s eventual third higher close was in-play.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping up Monday and trending higher intraday tested the 2.95 sell signal that had triggered Friday. Which held, creating an “inside day,” and leaving open the 2.84 objective, now further fueled by filling the gap back down to Friday’s 2.89 close below.

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))
Probing higher overnight attacked 1.2010 and retested last Tuesday’s overnight high. Reacting down through the morning maintained positive territory, albeit ineffectual optimism that suggests distribution has begun.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s rally probed higher overnight to attack 1362.50 but Friday’s open reversed it back down to fill the gap from Thursday’s close and to momentarily pierce negative territory. Not closing above Thursday’s high does undermine the upside momentum, but it’s bearish only if an intraday retest of Thursday night’s high were reversed back under Friday’s close.

Silver Dec Contract (SI, ETF: (SLV))
Fresh highs overnight weren’t maintained through Friday morning, which failed to exploit the opportunity to confirm Thursday’s breakout above a multi-session range. Reversing into negative territory was contained within Thursday’s range and above the 17.90 sell signal.

30-year Treasury Dec Contract (US, ETF: (TLT))
New highs overnight up to 158-09 were retraced to open Friday under Thursday’s 157-30 high and to fluctuate intraday around unchanged. The 156-24 pullback limit is unchanged.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower overnight started trending down sharply after Friday’s 49.00 open. Consolidating at 48.25 resolved down again to attack 47.25. That all but neutralizes the “lower prior highs” and previously unfilled gap that was possible before fulfilling Tuesday’s confirmed breakout. There’s room for noise down to 47.10 or 46.95, but back above 47.95 would start to signal the corrective dip was done.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Reacting down overnight from the 3.02 buy signal extended through the 2.95 sell signal to attack its 2.84 target down to 2.88.

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))
Resolving up through Thursday’s ECB events helped to confirm that Friday’s reaction down did hold its corrective limits, so that a new upleg is now underway.

Gold Dec Contract (GC, ETF: (GLD))
The holiday weekend’s attack on 1350.00 was likely to be retested, which the reaction to Thursday’s ECB events accomplished up to 1355.50. Closing back under Sunday night’s 1339.50 open or its 1337.50 low would signal the trend reversing back down.

Silver Dec Contract (SI, ETF: (SLV))
Fresh highs testing 18.20 Thursday morning fulfilled any requirement for retesting the week’s earlier overnight highs. Having originated from a dip to 17.90 support, a second consecutive higher close Friday would confirm a very strong breakout.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s break under 157-24 didn’t extend any deeper to its pullback objective under 156-00 before recovering the sell signal and probing new recovery highs attacking 158-00. Another dip under 157-24 (if not also under 157-16) would be bearish, but the trend otherwise remains up.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s delayed EIA report didn’t trigger much volatility, as Tuesday’s confirmed breakout was maintained, still having room for a pullback down to 48.00 or even to “lower prior highs” at 47.25 without targeting new lows.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
The 3.02 buy signal continued being tested both into and out of Thursday’s EIA report. It didn’t trigger, as Thursday dipped to fill the gap back to Wednesday’s close and neutralize its attraction below.

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))
Wednesday’s range held up ahead of Thursday’s ECB policy statement and Mario Draghi press conference to come. They’re being greeted from a position of strength, to the extent that this week’s price action has been restrained optimism. It’s not enough to prevent a reaction down, but should enable a recovery.

Gold Dec Contract (GC, ETF: (GLD))
Attacking 1350.00 later Tuesday was retraced down to the 1337.50 sell signal. Its test held, keeping alive potential to retest 1350.00.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s intraday attack on 18.10 didn’t extend any higher overnight. Its reaction down Wednesday held support at what had been the rally’s 17.90 target.

30-year Treasury Dec Contract (US, ETF: (TLT))
Without any “unfinished business above” Tuesday’s 157-04 high, Wednesday tried probing higher to 157-12. Its reaction down probed back under last week highs and the new 156-24 sell signal.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap up extended intraday to test 49.40. Pullbacks must now hold 47.95 to maintain the upside momentum. Closing under 47.95 — especially Thursday, which includes the week’s delayed EIA report — would be likely to retest recent lows very rapidly.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s dip back down to the 2.98 buy signal was recovered Wednesday to test the new 3.02 buy signal, which held. But Thursday’s EIA report is still being greeted from a position of strength, having confirmed last Thursday’s breakout with at least an eventual third higher close outstanding.