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 retest of the 1.1425 sell signal as resistance was repeated Thursday, before resolving down aggressively overnight. Gapping down Friday under Tuesday’s 1.1380 low extended down only slightly intraday, but into the afternoon anyway, which often ensure at least probing a fresh low on Monday morning.
Gold Dec Contract (GC, ETF: (GLD))
Hovering just under Wednesday’s surge finally broke lower ahead of Friday’s open, which extended back down to the 1220.50 sell signal. Its test is holding, so far, but its break at any time would be credible for extending down.
Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s bounce never extended higher but delayed its reaction down until Thursday night, then compensated by plunging through its 14.32 sell signal. Friday’s open attacked 14.15 momentarily, reacting up to only attack the sell signal as resistance.
30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s reaction down from Tuesday’s fresh highs had left no “unfinished business” above, but also didn’t reverse momentum down. Probing fresh highs Friday retraced back into Tuesday’s range, still neither creating nor leaving unfinished business above, but also not reversing momentum down.
Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s plunge required a retest to fresh lows under 53.05, just as did the prior Tuesday’s plunge, regardless of the interim bounce’s degree and duration. The wait was less, but still substantial as an interim bounce up to 55.85 plunged Thursday night to 50.55. An Island reversal would form from gapping up, but the trend otherwise remains down.
Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Probing under the 4.38 sell signal was isolated between Wednesday’s close and Friday’s open, so closing above 4.59 would signal a probe of fresh highs above 4.90 underway.