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 impending weekend forced the Euro back to reality as was expected, rejecting the mid-week bounce that never gained traction. But it’s drop back into the range was not trending, and it could rally again, especially as Gold and Bonds remain in a range.
Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Thursday’s second consecutive recovery from probing intraday under support required Friday to reward those buyers by rallying to fresh highs. Friday’s surge up to 81.50 was consolidated above prior highs, suggesting that it will extend higher Monday.
Eurodollar Dec Contract (EC, ETF: (FXE)) Thursday’s failed higher high that was retraced back into Wednesday’s range signaled the false bounce had ended, which all but required Friday to resume the decline. The drop under 12700 retested Tuesday’s opening gap and closed back above its 1.2750 high. That requires the decline to extend down immediately Monday or else form a durable bottom.
Gold Dec Contract (GC, ETF: (GLD)) Still testing 1714.50 at Thursday’s close prevented clearly signaling that a downleg was underway. Friday also ranged narrowly around it. Extending down without delay would be credible.
Silver Dec Contract (SI, ETF: (SLV)) Holding a dip to 32.25 Thursday did not prevent a lower low Friday, but 32.25 did hold again as support. There is still no active signal.
30-year Treasury Dec Contract (US, ETF: (TLT)) A fresh high up to 152-21 was retraced back down under the two prior highs at 152-10, which were were still being tested at the close. Rejecting the breakout attempt would still require breaking lower Monday.
Crude Oil Dec Contract (CL, ETF: (USO)) Despite retracing all of Wednesday’s Gaza-related surge, Thursday’s drop retraced only the surge and stopped short of breaking lower to resume the decline. That kept the door open for another bounce Friday, which gapped up to retest the prior surge’s highs, which held as resistance. Any higher could extend up to 89.00, but there remains potential otherwise to resume the decline.
Natural Gas Dec Contract (NG, ETF: (UNG, UNL)) Thursday’s wide ranging back down to 3.70 made trending unlikely, and unlikely to gain traction if attempted. Friday did rally back up to relevant resistance 3.80, and any higher close would trigger a new upleg.
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