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))
Thursday”s failed test of 1.2750 resistance extended its reaction down under 1.2700 support to probed the 1.2610-1.2645 sell signal whose break would target a retest of the week”s lows down to 1.2495.

Gold Dec Contract (GC, ETF: (GLD))
Initially shallow weakness Friday probed under the 1224.00 pullback limit to suggest it would extend down to 1210.00. Simply not gapping up to fresh highs already had undermined the rally as a false break. That”s still possible Monday, despite closing under 1224.00 Friday, because it wasn”t rejected very deeply.

Silver Dec Contract (SI, ETF: (SLV))
Friday”s action still held with the 17.25-17.40 that must break lower to resume the decline.

30-year Treasury Dec Contract (US, ETF: (TLT))
The rally”s 141-00 noise extreme was probed again overnight, almost touching Thursday morning”s 141-14. Almost. And even if only stopping 1 tick short of touching it, that”s still pessimistically short making a close under the 140-10 sell signal more difficult to anticipate.

Crude Oil Nov Contract (CL, ETF: (USO))
Lower lows overnight extended the decline considerably below its 85.85. target to 83.60. Friday recovered anyway back up to 85.85. That”s not necessarily a bottom, but it”s a big endorsement for the target”s relevance. Back under 85.35 would target the low”s retest down to 83.35. Closing first above 86.75 would start to signal 88.70 is in-play.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday”s narrow ranging was largely contained by 3.83-3.87 which prevented recovering above the 3.91 buy signal. A new trend low was avoided, which would have been very bearish for a Friday.