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))
Fresh lows overnight down to 1.1165 on the BOJ news were stabilized Wednesday morning. A spike up in reaction to FOMC attacked Monday’s 1.1240 high. Not closing any higher would keep alive the decline’s momentum, which otherwise has yet to produce two consecutive lower closes.
Gold Dec Contract (GC, ETF: (GLD))
Surging higher overnight tested the 1329.00-1332.00 bounce limit Wednesday morning. Holding it through Wednesday’s close didn’t prevent attacking the original 1341.50 sell signal in reaction to FOMC news. Back under 1329.00 would resume the decline, but closing above 1341.50 would suggest a much bigger rally is underway.
Silver Dec Contract (SI, ETF: (SLV))
Reacting down Tuesday from Monday’s test of the 19.35 bounce limit didn’t prevent extending sharply higher overnight to test the original 19.75 sell signal as resistance Wednesday. It was probed after the close in reaction to FOMC news, and must be recovered through Thursday’s open to maintain this bounce as being only a temporary correction.
30-year Treasury Dec Contract (US, ETF: (TLT))
Spiking down overnight in reaction to the BOJ news probed last week’s lows momentarily, recovering to greet Wednesday’s open probing back above the 165-30 bounce limit. Another, albeit shallower bobble reacted to the afternoon FOMC news before bouncing back up to 165-30. The pattern is well-positioned to rally, so any further delay would be considered bearish.
Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming Wednesday morning and reacting up on the EIA report tested the 45.00 buy signal whose recovery through the close would signal momentum reversing up. Probing it up to 45.50 allows a second consecutive higher close Thursday to confirm a rally leg targeting 49.00 is underway.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Instead of backing-and-filling down to lower prior highs, Wednesday’s open gapped up above the longstanding 3.04 target that had been met Tuesday, attacking 3.10 But the initial strength didn’t extend, and the balance of the session only fluctuated around 3.04.