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 Gold’s tumble since Wednesday afternoon’s FOMC announcement has quickly fallen back to critical support. Currencies have extended their moves that were underway already. Two days of illiquidity are just hours away — essentially three days, considering Monday’s Veteran’s Day holiday — so, early trending Friday may not be intact by the close.
Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
The confirmed buy signal already produced its minimum third higher close Thursday that probed 80.05-80.10. There should also be a test of 80.55 resistance, so an immediate dip should recover if 80.55 hasn’t yet been touched.
Eurodollar Dec Contract (EC, ETF: (FXE))
The confirmed sell signal already produced its minimum third lower close Thursday, but the drop should visit 1.3535-1.3565 before ending.
Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s post-close drop was extended overnight and not recovered Thursday, extending down to 1318.50. The close was still testing 1321.50. And a second consecutive lower close Friday under Thursday’s range would confirm at least “lower prior highs” at 1283.00 are in-play, and possibly fresh lows testing 1245.00.
Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s post-close drop was extended overnight and not recovered Thursday, testing 21.75 at the open. Closing back above 22.35 would target 22.90, but the drop should otherwise extend down to retest the two-week old opening gap at 20.70.
30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s second consecutive lower close confirmed Wednesday’s fresh low close, which followed Tuesday’s attack on last week’s highs. A fresh high would have been preferred for fulfilling the pattern’s retest of prior highs, and immediately recovering above 135-00 Friday would suggest that Thursday’s confirmation was not valid. Meanwhile, a break lower targeting 132-24 is underway.
Crude Oil Dec Contract (CL, ETF: (USO))
Thursday’s fresh lows were still testing 96.35 at the close, which allows a rally effort to be credible. Otherwise, extending the decline almost any lower Friday would maintain the pattern’s potential to probe under 93.00,
Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Fresh lows Thursday now allow room up to 3.66-3.71 before signaling that momentum is reversing up. Meanwhile, the decline can still extend down to 3.44 before bottoming.
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