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 Sep Contract (EC, ETF: (FXE))
Gapping up Thursday quickly extended to fill the gap back to Monday”s 1.2700 close, and then dipped back down under Tuesday and Wednesday”s highs. The dip was recovered back up to 1.2700. Extending next to 1.2750 would be vulnerable to reversing down. Dipping first to retest the lows would be more capable of forming a bottom.
Gold Dec Contract (GC, ETF: (GLD))
Thursday”s initial weakness was well within the recent range, and it was retraced back to unchanged and even briefly into positive territory. The lack of volatility isn”t bullish, although it does leave the door open to triggering the 1222.80 buy signal. But the pattern meanwhile remains more vulnerable to trending down sharply in reaction to Friday”s Employment Situation report.
Silver Dec Contract (SI, ETF: (SLV))
Gapping down Thursday never extended back to the lows, let alone through them. It also didn”t retrace. The”ineffectual pessimism” would be bullish if a fresh low were recovered Friday, but not otherwise.
30-year Treasury Dec Contract (US, ETF: (TLT))
Post-close highs Wednesday accompanied stocks falling to fresh session lows. Higher highs overnight filled the gap back to the high”s close around 140-01. But the post-close and overnight higher highs disappeared entirely by Thursday”s open, which continued to hold the corrective rally”s maximum resistance at 139-22. Closing back under 138-16 would confirm the corrective bounce had ended.
Crude Oil Nov Contract (CL, ETF: (USO))
Fresh lows overnight down to 88.18 were retraced back up to the 91.00 area Thursday. But not before the post-open bounce had filled the gap back to Wednesday”s close, which then dipped to fill the gap back to Thursday”s open. There is no unfinished business below, and almost any initial strength would be credible for retesting 93.00-93.50 resistance.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Closing under the 4.08 pullback limit Wednesday might have proved to be only defensive posturing ahead of Thursday”s EIA report. But it prevented holding long into the report. Good thing for that, because it wasn”t defensive posturing. The reaction down extended lower to 3.91 support. Closing back above 4.01 would reverse the trend up, but there is otherwise no active signal.