Daily Spot… Bond head-fake?

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))
Thursday was the session that Wednesday tried to be. Gapping up and extending higher intraday helped to reject the one-day close under last week’s low. There is no unfinished business below, so any strength above 1.0785 would be likely to extend intraday.

Gold Dec Contract (GC, ETF: (GLD))
Not confirming Tuesday’s breakout on Wednesday allowed Thursday’s overnight and intraday rallies to probe above 1082.50 resistance. Closing higher Friday would all but confirm a bottom has formed.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday night’s rally was retraced into Thursday’s open, but then repeated intraday, to suggest that a bottom is forming. No new low is required.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up through 154-10 resistance and extending higher to attack 155-00 is a breakout that still must be confirmed Friday by a second consecutive higher close. Otherwise, it will have served only to trap longs and then launch a new downleg.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Momentarily probing under Wednesday’s low Thursday held the 40.00 area as had its previous attacks and tests. Its support is being chipped away and becoming vulnerable to breaking lower, so a recovery cannot afford to wait past Friday.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t being greeted from a position of strength, but neither was it positioned as weak as could have been the case. Nevertheless, the session trended back down under 2.31. It’s not a sell signal or a breakout, so any initial strength Friday would still be credible for extending higher.