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))
Thursday morning’s surge retested 1.1265 resistance. Again. And it held. Again. Chipping away at its resistance doesn’t yet assure breaking higher. But not yet reversing down Friday morning would make a break higher much likelier.
Gold Dec Contract (GC, ETF: (GLD))
Sliding sharply Thursday morning thoroughly tested support down to 1312.00, and reversed up sharply to attack 1324.50 resistance. It’s the new bounce limit, and reversing its test back down under 1313.00 would next target the 1296.00-1297.00 objective still outstanding.
Silver Dec Contract (SI, ETF: (SLV))
Spiking up at Thursday’s open to 19.25 was reversed down to 18.88, but not to extend down. In fact, recovering into positive territory essentially ranged around unchanged and 19.00. Retesting prior lows should get underway before the weekend or else a bigger corrective bounce would become very likely.
30-year Treasury Dec Contract (US, ETF: (TLT))
Retesting Tuesday’s 164-22 low Thursday down to 164-17 didn’t extend down, but still needed to be recovered into positive territory and above 165-30 to signal that a bottom had formed.
Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Did Thursday form a bullish Pivot Reversal? Gapping up slightly was reversed down from 44.21 to almost fill the outstanding gap at 43.22. It was attacked to within a nickel while piercing its bar by 2 cents. Regardless, reversing back above the morning’s high attacked 44.35. Any initial strength Friday would be credible for extending sharply higher intraday. Otherwise, almost any delay would be likely at least to probe fresh lows down to 43.25 42.25.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Wednesday’s reversal down from its 2.98 pre-open fresh high to 2.85 extended only slightly lower to 2.83 before the EIA report triggered a recovery up to 2.95. The 3.04 target remains in-play, although a second consecutive higher close Friday would help to confirm.