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))
The 1.2400 test at Thursday”s open was influential to stop the plunge, and was overlapped at the close. Friday”s initial lower low did not extend down. That”s not necessarily a bottom, but it allows a close back above 1.2495 to signal momentum reversing up.

Gold Dec Contract (GC, ETF: (GLD))
Dipping overnight under the 1139.50 target to 1130.00 was recovered  in reaction to the Employment Situation report. The action suggests the decline is ending or ended. Gold often leaves unfinished business behind to reverse immediately, which I warned during the Market Tour. The balance of the session surged to test 1173.00.

Silver Dec Contract (SI, ETF: (SLV))
Friday”s fresh low down to 15.04 ahead of the Employment Situation report finished off a Complex Descending Triangle bottom. Its dip was recovered and reversed. Closing above 15.56 signals a durable rally underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
The ongoing decline had never formed a distributive setup, but did finally form a Descending Triangle supported by 140-14. One off the pattern”s two bullish resolutions appears to be in-play by recovering and reversing up from initially probing a fresh low Friday morning. Closing above 141-10 is the first indication that a bottom has formed.

Crude Oil Dec Contract (CL, ETF: (USO))
Slightly more strength Friday further probed above the 78.70 bounce limit that had held a test Thursday. Reversing down aggressively and without delay is required to confirm the outstanding 75.40 target remains in-play.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
The 4.45 target above 4.25 was met Friday. The rally is extended for the two weeks since it was signaled, but holding 4.37-4.39 on pullbacks would keep in-play the next higher target at 4.80.