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))
Wednesday”s inside day was retraced Thursday, but not rejected, so sellers had not regained traction ahead of Friday”s open. An overnight rally gapped up to probe above the week”s 1.2445 highs, attacking 1.2495 resistance, but not trending up intraday. Still, unless reversed down through Monday morning, a fresh high at 1.2520 should be tested next.
Gold Feb Contract (GC, ETF: (GLD))
Despite having been recovered entirely intraday, Thursday”s 1216.50 low was retested Friday morning, avoiding the 1212.70 sell signal. That”s more wasted selling pressure since the range persisted, and potential for fresh highs above 1241.00 remained intact.
Silver Mar Contract (SI, ETF: (SLV))
Friday”s inside day was biased downward, making an upward resolution likely so long as 16.95 continues holding as support.
30-year Treasury Mar Contract (US, ETF: (TLT))
Having recovered to its 144-04 pullback limit through Thursday”s close, the rally”s 144-27 target remained intact. Friday”s open gapped up through it to 145-05 and tested 145-18 intraday amid falling stocks. A normal corrective pullback now has room down to 143-16, but closing under 142-25 is needed to actually reverse the trend back down.
Crude Oil Jan Contract (CL, ETF: (USO))
The 60.33 target”s attack defined support for almost two days, but then broke lower to the extended decline”s lowest calculable target at 57.60. Closing any lower would require bounces to hold 58.65 back above if the trend remains down. Otherwise, closing back above 60.33 prior to a lower close would signal that momentum had lapsed.
Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up Friday back above 3.69 and extending intraday to close higher does suggest that a bottom is forming. The gap back down to Thursday”s 3.64 close may be retested during the bottoming process. The preferably bottoming pattern would fill that gap, and still close back above 3.69.