Daily Spot… Action in the gaps.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
There is no active signal, so Thursday’s probe above 1.1265 resistance doesn’t have any predictive value, regardless of it also extending intraday to probe last Friday’s 1.1330 high..

Gold Dec Contract (GC, ETF: (GLD))
Having filled the gap Wednesday back to the 2-1/2 week old close, and then closing flat-to-positive after reacting into negative territory, Thursday’s gap down was not expected to extend lower. In fact, it was retraced entirely back up to Wednesday’s “higher prior lows” as resistance.

Silver Dec Contract (SI, ETF: (SLV))
Extending higher to 16.10 through Wednesday never altered the pattern to raise its pullback limit any higher than 15.55. Thursday’s gap down had probed under it to 15.37, but still overlapping it keeps alive the potential for recovering the gap down and then resuming the rally.

30-year Treasury Dec Contract (US, ETF: (TLT))
More flat ranging ahead  Thursday’s auction and FOMC Minutes came and went, without budging beyond its recent narrow range supported by the 157-24 sell signal. The door remains open to fill the gap back up to 158-24 before a more convincing break under the 157-24 and 156-16 sell signals.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Not confirming Tuesday’s breakout Wednesday had not reversed the trend down, but Thursday only firmed back to Wednesday’s high, aided by bullish comments from OPEC about future demand.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from neither a position of strength nor of weakness — mostly the latter — enabled a favorable reaction that returned back up to Wednesday’s highs. Already having neutralized the gap above at 2.51, extending through it could target a higher gap outstanding at 2.67.