Daily Spot… Have turning points arrived?

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))
Gapping up shallowly Thursday didn’t extend higher intraday as it remained within Wednesday’s range. At least a momentary probe under Wednesday’s low would be optimal to forming a bottom, but not necessary.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s narrow ranging around the 1106.50 objective met Wednesday didn’t extend the decline, or reject it. But now early strength Friday would be credible for extending higher intraday, or else new lows become likely.

Silver Dec Contract (SI, ETF: (SLV))
Probing lower lows Thursday remained under pressure throughout the session. An immediately rally leg would not be credible for extending without first forming a basing pattern.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fresh lows Thursday fulfilled the minimum 153-25 objective. But the decline’s momentum remains intact so long as bounces don’t recover above ‘higher prior lows” at 154-10/154-14.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing under 46.00 Thursday didn’t accelerate down, which significantly undermines whether the critical support is actually breaking lower. Wednesday’s “ineffectual optimism” hovering just above 46.00 suggested a valid break would be aggressive. Further delaying lower lows would make another bounce likely targeting 49.15.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping up to 2.31 extended intraday to test 2.37 whose recovery would signal a much more significant rally leg finally underway. Closing back under 2.31 would target at least one more fresh low.