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 Crude Oil’s bounce Wednesday didn’t gain any upside traction, but its timing suggests that sellers may have failed to retake control. Perhaps only immediately resuming the decline would be credible.
Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Wednesday’s attack on prior highs was too shallow to qualify as gaining traction. It was rejected deeply enough intraday to assure a retest of 80.05-80.10 support.
Eurodollar Dec Contract (EC, ETF: (FXE))
Tuesday’s deep gap down was recovered partially Tuesday, and then entirely before Wednesday’s open. Despite Wednesday morning’s plunge to a fresh low, most of that was recovered through the afternoon, still maintaining potential to retest recent highs.
Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s post-close probe above 1277.50 was retraced back down to 1269.00 intraday Wednesday. But its test held as support instead of breaking lower to resume the decline targeting 1241.00-1245.50.
Silver Dec Contract (SI, ETF: (SLV))
Flat-to-higher ranging Wednesday didn’t recover enough to signal momentum reversing up, keeping alive potential for at least retesting Tuesday’s low.
30-year Treasury Dec Contract (US, ETF: (TLT))
Not confirming Monday’s break Tuesday did not preclude Wednesday from probing lower still down to 131-20. Word of the debt deal sparked a bounce back into positive territory that extended higher through the afternoon, probing above the 132-22 bounce limit . Extending above 133-00 would target new recovery highs.
Crude Oil Nov Contract (CL, ETF: (USO))
No sort of extension down under 101.00 developed prior to Wednesday’s bounce back up to the 102.35 bounce limit. While testing resistance into the close keeps alive the decline’s momentum, it is not at all optimal, not when the pattern’s timing should be attacking its 99.10 target by now.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Recovering a shallower overnight dip to retest 3.83 resistance has formed an Ascending Triangle. Gapping up Wednesday and probing fresh highs at 3.87 was too shallow to be a false break, so it may have been a warning shot across the bow. The afternoon dipped back down to fill the gap back to Tuesday’s 3.80 close, still needing to close above 3.85 for confirmation of a breakout.
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