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 Sep Contract (EC, ETF: (FXE))
Gapping down Thursday probed only slightly lower intraday before bouncing back above 1.2740-1.2750 support. But it was a second consecutive lower close, requiring there to be an eventual third lower close — not necessarily consecutive, but before recovering 1.2835.
Gold Oct Contract (GC, ETF: (GLD))
Another fresh low under 1207.00 overnight produced a gap down Thursday. It reacted back up intraday to probe 1222.80 whose recovery through the close would signal momentum reversing up. There is one opportunity in the ongoing pattern for backing-and-filling to delay extending higher, and the consequence is to resume the decline with potential to 1167.50.
Silver Sep Contract (SI, ETF: (SLV))
.Fresh lows Thursday did not produce a close under prior lows, or a recovery. But closing back above 17.75 would be credible for triggering a corrective bounce to 18.85.
30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday”s steep drop was considered ineffectual pessimism because it held its pullback limit. Gapping up back to the morning”s high reflected impatience, preventing the rally from delaying fresh highs. It did extend higher intraday to attack its 138-02 target to within 2 ticks. Holding 137-25 as support keeps the recovery alive with potential to exceed the target.
Crude Oil Nov Contract (CL, ETF: (USO))
Room for a pullback down to 92.00. was almost fully utilized Thursday while not confirming Wednesday”s breakout above 92.50. Now a close above Thursday”s high is needed to resume the recovery.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday”s dip before the EIA report could not have been executed better if manipulated. Wednesday”s bounce to 3.91 resistance reacted down overnight and tested 3.83 support before the next. That launched a surge up to fresh highs testing 3.95. Its reaction down was testing 3.91 which can”t afford to delay extending the rally if valid.