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Daily Spot… Crude Oil coming in. – If, Then… Market Timing

Daily Spot… Crude Oil coming in.

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’s test of 1.0785 resistance didn’t extend higher Friday, and instead dipped back down to test Thursday’s 1.0725 low as support.

Gold Dec Contract (GC, ETF: (GLD))
Narrow ranging at or under 1082.00 didn’t suggest the decline was extending, but still doesn’t signal momentum reversing up.

Silver Dec Contract (SI, ETF: (SLV))
Friday’s narrow ranging entered the weekend still hovering at its recent trend lows instead of rejecting the trend, suggesting at least a fresh low intraday remains likely.

30-year Treasury Dec Contract (US, ETF: (TLT))
The bounce extended to 153-21 resistance Friday where reversing back under 152-15 would now resume the decline, but recovering 154-10 would still signal a much bigger recovery underway.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows testing 40.35 can extend to its 39.95 target so long as 41.00 now holds as resistance.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up into the EIA report extended up through 2.31, but closing also above 2.37 is needed to launch a new rally leg.