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 The week ended with a theme of retracement, as most recent trending reacted back toward its origin.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Friday’s dip retraced more of Wednesday’s surge, but should hold 80.65 so another surge Monday can resume the rally through 81.05.

Eurodollar Dec Contract (EC, ETF: (FXE))
Gapping up Friday extended back to the origin of Wednesday’s drop. The drop should resume Monday to prevent the retracement from extending into a new rally leg.

Gold Dec Contract (GC, ETF: (GLD))
Ranging sideways around 1240.00-1245.50 Friday did not create any new room to absorb selling pressure. Aggressive selling pressure would be more capable of gaining traction without first bouncing, preferably up to 1270.00.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s “inside day” offered no clues as to whether the decline would extend further, or if a corrective bounce might develop first.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s recovery extended nearly 1 point higher Friday. Not reacting down immediately Monday would require testing 132-06 or 132-14 before becoming vulnerable again to reacting down for a retest of 131-14.

Crude Oil Jan Contract (CL, ETF: (USO))
Thursday’s bounce up to 95.00 resistance did not extend higher Friday. A corrective dip to back under 94.00 was largely recovered, keeping alive potential for a breakout by Monday afternoon or Tuesday’s open.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Friday’s gap up to test 3.77 only ranged narrowly sideways intraday, which is not a reliable trending pattern. It is also not a sell signal. The bounce may yet touch 3.81 resistance that was already indicated, but I am still unable to confirm its momentum remains intact.

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