Daily Spot
A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Sep Contract (EC, ETF: (FXE))
Testing of 1.2955 resistance was already well understood to be largely irrelevant for timing purposes, and FOMC day left no doubt. Tuesday’s singular probe above it was reversed back under it in reaction to the afternoon announcement. But only momentarily before being probed again. There is no resulting signal, which is essentially bullish to have avoided a sell signal.
Gold Oct Contract (GC, ETF: (GLD))
The knee-jerk reaction down to the FOMC news attacked Sunday night’s 1226.00 low to within $2, then lower after an interim bounce up to 1236.50. All of which developed post-close, so closing back above 1236.50 would now qualify as a buy signal.
Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s post-close low in reaction to FOMC’s statement and Yellen’s Q&A tested 18.55. It’s still not a fresh low, so a buy signal triggered back above 18.85 would be suspicious, but still get a benefit of the doubt.
30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday night’s bounce may have helped to absorbed selling pressure, but not completely. Wednesday’s reaction down to the FOMC news probed fresh lows down to 135-23 first, and then lower after an interim bounce to 136-10. Closing above 136-04 would now signal that momentum is reversing up, but there is otherwise no active signal.
Crude Oil Oct Contract (CL, ETF: (USO))
Wednesday’s pullback probed under 94.00, but not as close to 93.00 as would be preferable considering how aggressively the last dip was retraced. In any case, closing back above 95.00 would seal a bottom and confirm the trend has reversed up.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s surge extended slightly to probe just above 4.00. Monday night’s dip to only 3.87 instead of 3.83 will attract price down to it if reacting poorly to Thursday’s EIA. The pattern doesn’t otherwise require a particular reaction, but a test of 3.83 would be a compelling long-entry.
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