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))
Gapping up Tuesday preserved Friday’s dip that had held within the maximum pullback limit, keeping in-play the potential for retesting last week’s highs.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up Sunday night to fresh highs at 1339.50 on the weekend’s N. Korea missile news had extended momentarily to touch 1345.50, which was attacked Tuesday after an interim dip stopped optimistically short of touching last week’s 1331.00 “lower prior highs.

Silver Dec Contract (SI, ETF: (SLV))
Sunday night’s gap up on the N. Korea news immediately fulfilled the outstanding.17.90 target, eventually probing it to attack 18.10. Gapping back down Wednesday under 17.75 would form an Island.

30-year Treasury Dec Contract (US, ETF: (TLT))
Closing under the rally’s 155-10/155-20 pullback limit Friday was actually still overlapping it, so it wasn’t credible. Gapping up Sunday and extending sharply higher Monday pierced last week’s 156-28 overnight high up to 157-00. There is no “unfinished business above,” and room for a pullback down to 155-26/156-00 before reversing the trend back down

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up through the 47.95 bounce limit extended to attack 49.00. Closing above.48.95 would signal the trend has reversed up. That was already suspected when last week’s low came within a dime of the 45.50 target and held a pullback to 46.60. Closing under 47.75 would reinstate downside momentum.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s confirmed breakout above 2.98 now requires at least an eventual third higher close. Meanwhile, gapping down Tuesday back down to 2.98 would reinstate potential to 2.84 under 2.95. Back above 2.98 would reinstate last week’s confirmed breakout.

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 spike up to 1.1989 on the Employment Situation report fulfilled the 61.8% retracement of the drop from Tuesday’s high to Thursday morning’s low. It was retraced entirely and then reversed down much closer to Thursday’s low, near the 1.1854 pullback limit that keeps the door open to rallying out of the weekend.

Gold Dec Contract (GC, ETF: (GLD))
The favorable reaction to Friday’s Employment Situation report quickly probed above Tuesday night’s 1332.00 high whose near-term retest had been signaled Thursday. Its reaction down to 1321.00 held as support, avoiding a close under 1318.50 that would signal momentum reversing down.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s open spiked up to pierce Tuesday night’s 17.75 high. Its reaction down was recovered and extended slightly to suggest the 17.90 target remains in-play.

30-year Treasury Dec Contract (US, ETF: (TLT))
Slightly lower lows fulfilled the 155-04 pullback objective down to 154-30. Holding 155-04 through the close allows a near0term retest of Tuesday night’s 156-28 high.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s recovery from having attacked the 45.50 target overnight was not extended Friday, which undermines the recovery attempt’s sponsorship. But its initial dip did hold. Closing under 46.50 is still necessary to confirm the decline’s momentum remains intact.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Flat-to-lower overnight resolved soon after Friday’s open in a surge through Thursday’s 3.04 high to fresh highs attacking 3.10. The second consecutive higher close confirms a breakout, suggesting the bottoming pattern we’ve been monitoring is now resolving.

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 gap down to and through the 1.1945 sell signal could be confirmed by a second consecutive lower close, despite it being unlikely. Thursday’s pre-open probe lower in reaction to negative ECB comments tried making it likelier, which the afternoon’s favorable US Treasury comments retraced back up to unchanged and avoided confirming the sell signal.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday night’s “flash crash” was recovered entirely back above the 1310.50 pullback limit and then reversed up through an adjusted 1317.00 buy signal. The 1319.50 pullback limit was recovered, too, essentially targeting a retest of Tuesday night’s 1332.00 high.

Silver Dec Contract (SI, ETF: (SLV))
Firming Thursday retraced 61.8% of Tuesday’s intraday reversal from its 17.69 opening gap, a gap that still needs to be filled as it was above all prior highs.

30-year Treasury Dec Contract (US, ETF: (TLT))
Narrow sideways ranging Thursday continued waiting out the market’s stability, barely reacting down to the lack of demand for a “flight-to-safety.” .

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight came within a dime of the 45.50 target but reacted up sharply to 47.35 Thursday morning. Back under 46.40 through Friday’s close may be the only way to resume the decline.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA was not greeted from a position of strength, but the pre-announcement dip to 2.91 was reversed back up sharply through 2.98 to fresh highs at 3.05. This suggests the bottom is complete, awaiting confirmation from a second consecutive higher close on Friday.

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))
How over-extended was the rally? Monday’s rally to and through 1.1945-1.1970 had extended Tuesday night to test 1.2080. Its intraday session-long reaction down Tuesday had nevertheless stopped optimistically short of actually filling the gap back to Monday’s close just under 1.2000. Wednesday’s open leap-frogged under 1.1945-1.1970 to consolidate back down to 1.1900. A second consecutive lower close would reverse the trend down for a deeper pullback. Otherwise, any delay in extending down would keep alive the near-term potential for retesting Tuesday night’s high.

Gold Dec Contract (GC, ETF: (GLD))
Holding Tuesday’s retracement to the 1318.50 pullback limit didn’t prevent extending down overnight to the 1310.50 sell signal. Touching pre-open and post-open held through the close to avoid triggering. But 1318.50 wasn’t recovered, which would indicate Monday night’s 1332.00 high was being retested.

Silver Dec Contract (SI, ETF: (SLV))
[Rolling coverage forward to Dec, which trades at a 10-cent premium to Sep]… Gapping down slightly Wednesday stopped short of retracing the 17.30 buy signal that had triggered Monday, keeping alive the potential for a near-term retest of Monday night’s 17.75 high on the way to the 17.90 target.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s pullback from 158-04 had extended just enough at Wednesday’s open to touch Monday’s “lower prior highs” at 156-25. The delay suggests an even deeper dip to at least 156-16 before reversing up to retest Monday night’s high.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
More narrow ranging into Wednesday’s session avoided a fresh low, but still hovered above Tuesday’s fresh low without rejecting it and the 45.50 target in-play.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce up to 2.98 was unable to close higher, and reversed back down to test the 2.94 sell signal Wednesday. Thursday morning’s EIA report is not being greeted from a position of strength, although testing the 2.84 target would help to complete the bottoming pattern.

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 above the 1.1970 objective Monday extended sharply higher overnight to 1.2082. Already dipping into the open, Tuesday trended down to almost fill the gap back to Monday’s 1.1922 close. Overnight highs would like to be retested, but a deeper pullback to 1.1945 can’t be dismissed.

Gold Dec Contract (GC, ETF: (GLD))
Missiles flying always brings out the best in Gold. And having closed above 1313.00 Monday it surged through its 1322.00 target to 1332.00. Tuesday’s open was $2 off the high, and trended back down to 1319.00 pullback limit. The next lower support is 1310.50 to keep alive the near-term likelihood of retesting the overnight high.

Silver Sep Contract (SI, ETF: (SLV))
Higher highs overnight at 17.67 were backing off a little into Tuesday’s open, still short of the 17.80 target. Trending back down intraday largely held positive territory while filling the gap back to Monday’s 17.45 close.

30-year Treasury Sep Contract (US, ETF: (TLT))
The flight-to-safety trade resumed with a vengeance, extending sharply higher overnight to fresh highs at 158-04. Trending back down post-open twice stopped optimistically short of filling the gap back to Monday’s 156-23 close. The overnight high’s retest is likely so long as 156-16 holds as support.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow sideways action greeted Tuesday’s session which only traded flat-to-lower through the morning. The next lower objective at 45.50 remains intact, presumably on the way to retesting the lows.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Monday’s post-open rally off of gapping down was able to test 2.98 resistance. Its reaction filled the gap back down to Monday’s close under 2.95 and recovered back to the open’s high. Almost any initial strength Wednesday would be credible for extending higher, and for dismissing the potential for a deeper pullback targeting 2.84.