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 long-standing target was met Monday, but the pattern has potential for extending down more sharply very soon.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Monday’s narrow choppy ranging around unchanged offered no new signal, although the session high did hold 79.85 resistance.

Eurodollar Dec Contract (EC, ETF: (FXE))
Monday’s narrow choppy ranging around unchanged offered no new signal, although the session low did hold 1.3650 support.

Gold Dec Contract (GC, ETF: (GLD))
Monday was the second session since Thursday’s surge, and the second consecutive session not to extend the surge through its 1321.50 resistance, increasing the potential for retracing the rally.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s open gapped up from 21.88-21.95 resistance to test 22.35 intraday, whose resistance test should launch another drop signaled back under 21.88-21.95.

30-year Treasury Dec Contract (US, ETF: (TLT))
The reaction down from last week’s rally extended down back under “lower prior highs,” attacking 133-16 which needs to hold any pullback as support.

Crude Oil Nov Contract (CL, ETF: (USO))
The long-standing 99.10 target was met finally at Monday’s lows after gapping down. Bounces must now hold 100.35 as resistance if the drop intends to extend down to 95.80.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Despite gapping up sharply overnight to 3.83 resistance, Monday’s open was flat with Friday’s 3.74 close and the balance of the session trended down to probe under last week’s lows to 3.66. That more than undermines Friday’s recovery, so any buy signal would require that Tuesday immediately reject Monday’s slide.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…