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))
Wednesday’s dip to the make-or-break 1.1790 level did neither Thursday morning, except hover there narrowly. Although, that does offer confirmation to the level’s relevance.
Gold Feb Contract (GC, ETF: (GLD))
Ranging narrowly Wednesday was not to be equated with stability, as Thursday’s $8 gap down to fresh lows illustrates. There is potential for holding 1253.00, which was attacked to within $1. But Friday’s Employment Situation report is being greeted from a position of weakness. That doesn’t dismiss potential for an initially favorable knee-jerk reaction up, but it limits its potential to maintain a rally.
Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s break lower from a two-day range qualified as a breakout, which Wednesday’s lower close confirmed and required an eventual third lower close. Thursday’s gap down fulfilled it. But Friday’s Employment Situation report is being greeted from a position of weakness, still targeting 15.65-15.70.
30-year Treasury Dec Contract (US, ETF: (TLT))
The likelihood for backing-and-filling had probed just the upper-end of its 153-14/153-22 pullback limit overnight, but had recovered to open above 154-00. That was repeated intraday after consolidating narrowly through the morning, but deeper, testing the pullback limit’s lower-end down to 153-09. Closing under 153-10 would reverse the trend back down, albeit vulnerable to reacting favorably on Friday’s Employment Situation report.
Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Thursday was still an “inside day” contained within Wednesday’s range. It was resisted above by what had been the 56.80 pullback limit whose week-old support test had launched a rally back to the high. Holding 56.80 keeps alive potential down to 55.45-55.55.
Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of strength didn’t prevent trending down overnight. Gapping down 4 cents to fresh lows extended down intraday to a full dime below the decline’s 2.87 target that had held Tuesday. Any recovery must begin by recovering 2.90.