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 Low participation on Friday makes its price action suspicious. So, any signal that was triggered must stand the confirmation of not being rejected Monday.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Friday’s gap down once again held 80.45 support to avoid extending down, before retracing back to unchanged. It was essentially “ineffectual pessimism” that keeps the door open to reversing up more substantially.

Eurodollar Dec Contract (EC, ETF: (FXE))
Gapping up Friday held 1.3635 resistance before reversing back down. No upside traction was gained for the early effort, but no reversal down was yet signaled.

Gold Dec Contract (GC, ETF: (GLD))
Bouncing up to 1252.00 from probing under 1240.00-1245.50 did not reverse the trend up. A retest of 1228.10 remains outstanding, closing no lower than 1230.50. But that can’t prevent a bigger corrective bounce first either to 1260.00 or to 1270.00.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s retest of recent highs did not gain traction, despite previously having neutralized the gap back to its new low opening gap. Being unable to exploit its own potentially bullish setup suggests it is waiting for Gold to finish bottoming.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday’s duplication of Wednesday’s tests of support also failed to extend down through the close. They also were not reversed up, leaving the setup intact and still capable of triggering.

Crude Oil Jan Contract (CL, ETF: (USO))
Gapping up above prior lows and extending higher Friday stopped short of signaling that momentum had reversed up. But extending almost any initial strength Monday would be credible for extending higher intraday. Still, closing above 94.30 and 94.60 would be increasingly bullish.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Friday’s higher high would be credible for putting into play 4.25 so long as Monday doesn’t immediately reject the signal by closing back under 3.88 or 3.82.

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