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))
Wednesday’s post-close probe of fresh lows was retraced at least enough for Thursday’s gap down to be back above prior lows. There’s no requirement to retest the overnight low, or the gap down since its opening print wasn’t a fresh low. That’s not a bottom until momentum reverses up, and Thursday only neutralized the attraction above back to Wednesday’s 1.2933 close. Closing above 1.2955 would be bullish.
Gold Oct Contract (GC, ETF: (GLD))
Lower lows overnight extended Wednesday’s post-close slide, probing well under the decline’s lowest calculable target at 1220.30 down to 1216.30. But the decline’s lowest calculable target was recovered through Thursday’s close back to 1227.00, instead of closing above it to signal whether or not the decline is extending. Closing back above 1231.00 would signal at least a corrective rally underway.
Silver Sep Contract (SI, ETF: (SLV))
Thursday’s gap down to new lows was recovered back to the 18.51 prior low, potetnially robbing the decline of its traction, but not forming a bottom. The open’s 18.37 gap will need to be retested, and rejected back above higher prior lows, to form a durable bottom.
30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s post-close lows weren’t retested intraday Thursday, which opened at or above Wednesday’s late post-FOMC lows. Closing above 136-04 is still needed to even begin momentum may be reversing up, if only for a corrective bounce.
Crude Oil Oct Contract (CL, ETF: (USO))
[Rolling coverage forward to Nov after Friday] The bullish pattern preferred a pullback much closer to 93.00 than Wednesday’s dip, and Thursday’s low came within a nickel. The bullish pattern also preferred the pullback to be done no later than Thursday’s close. Early strength Friday, or recovering into positive territory from probing negative, would be credible for resuming the rally.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s reaction to the EIA report confirmed Tuesday and Wednesday’s rally above 4.00 had extended prematurely. The reaction down under 3.91 ultimately held, although a deeper dip to 3.83 then or Friday would be preferable for completing an accumulative pattern.
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