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 After sliding sharply overnight through Wednesday’s open, Gold began backing-and-filling through Thursday morning. The afternoon’s dip back down toward Wednesday’s lows puts the metal in a make-or-break situation.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Sideways ranging Thursday held resistance, but left outstanding at least a dip to test 80.05-80.10 before a more substantial rally could begin.

Eurodollar Dec Contract (EC, ETF: (FXE))
Thursday’s flat-to-higher ranging once again suggests that a durable decline won’t extend down without first attacking or testing recent highs.

Gold Dec Contract (GC, ETF: (GLD))
Ranging sideways Thursday held the 1311.00-1312.00 bounce limit, and closed under 1306.00 to confirm Wednesday’s close under 1321.00 as reversing the trend down. At least one further lower close is required, although not necessarily consecutive.

Silver Dec Contract (SI, ETF: (SLV))
Thursday’s spike up was retraced quickly to spend most of the session ranging narrowly back at 21.88-21.95 support.

30-year Treasury Dec Contract (US, ETF: (TLT))
The extended narrow ranging above the 132-22 pullback limit finally broke lower. Or, tried breaking lower. The premise has been that a fresh low would stretch the rubber band for a slingshot effect to launch the pattern’s outstanding new high close. But now a second consecutive lower close must be avoided Friday to prevent sellers from gaining traction. Recovering the intraday drop to 132-00 back up to 132-22 does position the market nicely for a rally into the weekend.

Crude Oil Nov Contract (CL, ETF: (USO))
Thursday’s bounce back above 102.95 immediately robbed the drop of any traction that Wednesday’s sellers had gained. The late-afternoon ranging around 102.95 leaves the door open to breaking back under 102.30 Friday to resume the decline.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Wednesday’s delay did prove to be only noise, as the confirmed breakout was fulfilled Thursday by gapping up to fresh highs and testing the likely 3.80 target. While that fulfills the setup’s minimum requirement, the rally’s momentum remains intact so long as pullbacks now hold 3.68 as support.

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