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))
Tuesday gapped down again and immediately stopped trending down again, retracing back into the prior day’s range again. But unlike Monday, the open’s gap down under all prior lows to 1.1495 remains open and all but requiring being filled from above before a credible rally could begin. The trend otherwise remains down.
Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s chippy open eventually firmed into positive territory, not reversing Monday’s drop or even probing above Monday’s post-open high, but also not producing a second consecutive lower close that would have confirmed Monday’s breakout from a multi-session range. Extending the decline Wednesday should begin without further delay to be credible for extending down.
Silver Dec Contract (SI, ETF: (SLV))
Flat-to-higher ranging Tuesday tested “higher prior lows” at 14.40, bouncing again off of the attack on uptrending support that had halted Monday’s drop. Breaking under 14.27 would be credible for extending the decline intraday.
30-year Treasury Dec Contract (US, ETF: (TLT))
Slightly lower lows overnight down to 136-15 confirmed that no bottom has formed over Monday’s government holiday. A new trend extreme precludes triggering a reversal signal on the same day. Extending Tuesday’s intraday bounce above its 137-24 high to also recover 138-04 would start to signal momentum reversing up. The downtrend meanwhile remains intact.
Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s recovery back above its 73.90 pullback limit / sell signal was extended overnight, but only to attack the 75.30 buy signal, which must still be recovered through a close to reinstate the 78.10 target above.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday’s dip to the 3.11 pullback limit had needed to resume the rally without delay, which Monday did by rallying to fresh highs attacking 3.30. But the rally began by gapping up sharply, creating a new attraction below back down to Friday’s close. Maintaining the rally Tuesday required extending higher without delay, too, but probing higher overnight to 3.37 was still retraced before the open and only ranged narrowly sideways intraday. A corrective dip has become likelier than extending the rally near-term.