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 Currencies ended the week by defending new extremes that were recaptured suddenly Thursday. Either those represent sentiment extremes, or much more new territory will soon be captured.
Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Thursday’s break back to the lows probed slightly lower overnight to 79.55. Friday’s intraday weakness wasn’t as low, and recovered back above Thursday’s low to avoid confirming a breakout. There is no new signal.
Eurodollar Dec Contract (EC, ETF: (FXE))
Thursday’s break back to the highs probed slightly higher overnight above 1.3705. Friday’s intraday strength wasn’t as high, and reversed back to Thursday’s high to avoid confirming a breakout. There is no new signal.
Gold Dec Contract (GC, ETF: (GLD))
Thursday’s surge up to 1321.50 resistance was extended overnight momentarily to test 1328.00, but Friday reacted down to attack 1311.00, failing to confirm Thursday’s surge. That is not a sell signal, and a retest of Thursday’s highs is possible.
Silver Dec Contract (SI, ETF: (SLV))
Friday largely continued ranging around 21.88-21.95, all but robbing Thursday’s bounce of its momentum, although there is no sell signal.
30-year Treasury Dec Contract (US, ETF: (TLT))
Higher highs overnight extended Thursday’s rally, despite new highs already having fulfilled the rally’s long-standing minimum objective. There is no sell signal.
Crude Oil Nov Contract (CL, ETF: (USO))
Thursday afternoon’s inability to extend the morning’s break under 101.00 was a concern, which Friday’s open back above 101.00 confirmed. The balance of the session essentially drifted back down through 101.00, but not deeply enough to confirm the break targeting 99.10 necessarily remains intact.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Fresh lows Friday morning under 3.69 were recovered by a surge back into positive territory and above Thursday’s highs to 3.78. Some retracement into the close still held enough of Thursday’s range to avoid giving sellers traction.
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