Daily Spot
A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.
Today’s Highlight Two big head fakes were called out Friday, when Gold and Crude Oil retraced Thursday’s big bounces. Interestingly, the Euro not only maintained its gain from Thursday, but also extended higher.
Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Much of Friday’s dip to fresh lows testing 79.20 was retraced intraday, but 79.00 remains in-play so long as 79.55 is not recovered.
Eurodollar Dec Contract (EC, ETF: (FXE)) Thursday’s break higher did extend Friday, testing 1.3080 with 1.3100 still in-play so long as 1.3020 now holds as support.
Gold Dec Contract (GC, ETF: (GLD)) The rally already indicated it was tired. Its attempt to extend to the 1814.00 target may yet succeed, but not necessarily easily. In fact, Thursday night’s fresh high up to 1798.00 reacted down sharply on Friday’s Employment report, testing 1774.50. No prior low was broken, so there remains potential to resume the rally, unless 1770.00 support were broken.
Silver Dec Contract (SI, ETF: (SLV)) Thursday’s close above 35.00 was not confirmed by a second consecutive higher close Friday. Instead, the 34.50 pullback limit was tested as support. A second consecutive lower close Monday would signal momentum has instead reversed down.
30-year Treasury Dec Contract (US, ETF: (TLT)) Despite beginning with a whimper, and not with a bang, recent weakness did complete the topping process and slid sharply lower Friday on the Employment Situation report. The slide to and through 147-20 could still correct up to 148-26 before extending down more substantially. But closing under 147-04 — and/or a second consecutive lower close Monday — would confirm 145-22 and 145-06 are in-play.
Crude Oil Nov Contract (CL, ETF: (USO)) Thursday’s steep bounce had retraced almost all of Wednesday’s deeper drop, but not enough to reverse momentum up or to negate the lower target(s) in-play. Thanks to Friday morning’s nearly $3 slide, closing under 90.25 confirms Thursday’s bounce had peaked already. Back under 88.75 would confirm momentum had reversed down.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) Having failed Thursday’s attempt to reinstate the rally, Friday’s narrow sideways ranging now all but requires fresh lows before another buy signal can be calculated.
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