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))
Still testing 1.2611 Thursday instead of cleanly recovering it had kept alive potential to retest the 1.2560 pullback target that was tested Thursday. Friday tested it one-day old low, and then extended down to the two-week old gap at the prior decline”s 1.2513 actual low close down to 1.2489. Back above 1.2585 would signal the retest had held and that momentum is reversing up.
Gold Dec Contract (GC, ETF: (GLD))
Sharply lower prices overnight already fulfilled the decline”s 1167.50 target, probing it down to 1160.50. The decline remains intact so long as 1172.50 isn”t recovered, with potential for extending down to 1140.00. A corrective bounce is otherwise possible up to 1187.50 — but only a corrective bounce, if attempted too soon, before developing a base.
Silver Dec Contract (SI, ETF: (SLV))
Thursday night”s slide fulfilled the 15.65 target, the lowest calculable target of the decline. That sliced through the 16.17 target, which a bounce attacked into the afternoon. Closing back under 15.70 would signal an even more extended downleg underway.
30-year Treasury Dec Contract (US, ETF: (TLT))
Still testing 141-12 Thursday instead of cleanly holding its support kept the pattern vulnerable to further weakness. Overnight weakness did probe under it down to 140-20, but that did not extend lower intraday Friday despite still not recovering into positive territory through the noon hour.
Crude Oil Dec Contract (CL, ETF: (USO))
Wednesday”s unconvincing gap up was already retraced by Thursday”s dip, and the vulnerability to retesting 79.75 was fulfilled overnight. Attacking the original test”s 79.44 low stopped optimistically short before bouncing. Fresh lows targeting 77.44 and potentially 75.40 are in-play.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeting Thursday”s EIA report in a position of strength didn”t extend higher intraday, but Friday”s open compensated for that by gapping up to fresh highs. This stage of the pattern cannot tolerate much of a pullback if the recovery”s momentum remains intact.