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 The approaching weekend seems to be settling scores along the way, with Gold finally breaking lower Thursday and Crude Oil retracing Wednesday’s bounce. Will more of the recent moves be brought back in-line Friday, like the Euro’s bounce?
Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Gapping up Thursday rewarded Wednesday’s buyers for defending 81.05 support. But that didn’t prevent a lower low intraday down to 81.00 support. Recovering both through the close now requires resuming the rally without delay to avoid a deeper drop.
Eurodollar Dec Contract (EC, ETF: (FXE)) Thursday’s open surged to a fresh high above 1.2800, that was retraced back under Wednesday’s 1.2787 high. Back under 1.2750 would signal momentum reversing down, and the bounce is otherwise vulnerable to extending higher.
Gold Dec Contract (GC, ETF: (GLD)) Ranging around 1727.00 finally reacted down aggressively Thursday to 1704.50. Its reaction up to 1717.00 traded out the day ranging around 1714.50, whose break would confirm at least 1700.00 is in-play.
Silver Dec Contract (SI, ETF: (SLV)) Wednesday’s attack on 33.00 resistance reacted down sharply Thursday to test 32.25 support, which held. There is no active signal.
30-year Treasury Dec Contract (US, ETF: (TLT)) Wednesday’s bounce back to Tuesday’s close had neutralized the gap’s attraction. Not immediately dropping again Thursday allowed Wednesday’s bounce to extend higher. It did, and it didn’t. Fresh intraday highs peaked upon touching the 152-15 prior high, which itself fulfilled the rally’s next higher target. But the rally should extend higher Friday if not reversing down by mid-morning.
Crude Oil Dec Contract (CL, ETF: (USO)) Wednesday’s bounce in reaction to the Gaza strike seemed only obligatory. Continued, if not escalated, violence did not prevent retracing it Thursday back down to the bounce’s 84.70 origin. A fresh low should extend down to 81.85-82.50.
Natural Gas Dec Contract (NG, ETF: (UNG, UNL)) Thursday morning’s drop back under 3.70 did recover, all the way up to 3.83. The afternoon’s drop back down to 3.70 did not. That’s a lot of swinging intraday so the next trending attempt beyond Thursday’s range should fail.
[/pay]
Share your questions and comments on this post in the blog, or in the chartroom…