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 More wild gyration from Precious Metals and Energies, but still only limited action among Currencies. Did that undermine Gold’s recovery attempt Tuesday? If so, then that suggests Metals and Energies are about to reverse back up.
Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Tuesday’s gap up only ranged sideways through the balance of the day. “Ineffectual optimism” was avoided only because the afternoon did not probe and reject a fresh high. Now the optimal bottom would form from a probe under Thursday’s 80.25 low recovering back above Tuesday’s 80.75 high.
Eurodollar Dec Contract (EC, ETF: (FXE))
Tuesday’s gap down probed Monday’s low momentarily, but spent the balance of the session ranging around it negative territory. This was not quite “ineffectual pessimism,” but a retest of 1.3580 remains likely anyway.
Gold Dec Contract (GC, ETF: (GLD))
Monday night’s slide rejected Tuesday’s close above 1325.00, and prevented closing above 1330.50 to confirm momentum reversing up. Instead, closing back at 1313.00 stopped just short of signaling momentum was reversing down. Two consecutive closes above 1325.00 would still be bullish. There is otherwise potential for extending to new lows.
Silver Dec Contract (SI, ETF: (SLV))
Gapping down Tuesday extended down slightly, but recovered back to opening levels. Closing above 21.88-21.95 would start to signal momentum reversing up, but there is otherwise no buy signal.
30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s testing of 132-00 resistance was extended overnight to produce a gap up Tuesday, which extended higher intraday to 133-04. A second consecutive higher close would confirm a new rally leg underway. Closing back under 132-22 would signal a false breakout was reversing back down..
Crude Oil Nov Contract (CL, ETF: (USO))
Breaking under Tuesday’s fresh low testing 102.30 would next target 99.10. Closing back above 105.00 and 105.85 would signal the decline had ended, putting into play new highs above 109.60.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Monday’s close under recent lows closed the door to any buy signal. Tuesday’s shar drop prevents a buy signal from triggering Wednesday, too, but allows one to begin forming.
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