Daily Spot… False breaks

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))
Tuesday’s gap up and intraday extension had gone out probing the pattern’s 1.1265 bounce limit, but Wednesday’s inside day attacked Tuesday’s lows. There is no current signal.

Gold Dec Contract (GC, ETF: (GLD))
Having trended sharply higher during Tuesday’s breakout and then extending higher overnight, Wednesday’s gap up peaked almost immediately up filling its gap back to the high’s close. Reacting down into negative territory did manage to the 2-1/2 week old high close. Reacting down into negative territory was recovered, albeit not decisively enough to confirm Tuesday’s breakout.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s extension higher had already indicated the rally was stretched, but Wednesday’s hesitation ranged flat-to-higher, attacking 16.10, and still having room for a pullback down to 15.55.

30-year Treasury Dec Contract (US, ETF: (TLT))
Momentarily probing Tuesday’s low overnight was recovered Wednesday, but only for a largely inside day ahead of Thursday’s auction.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trading higher into Wednesday’s open to a fresh high at 49.71 was cut short by a surprising EIA report that sent price into negative territory. Tuesday’s breakout wasn’t confirmed.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Wednesday’s opening surge filled the gap back up to 2.52, so that closing above it would now trigger a new upleg. There isn”t otherwise a sell signal.