A daily summary of high-profile members of several complexes.
Gold Dec Contract (GC, ETF: (GLD))
Fresh lows overnight fulfilled potential to test 1280.50. The probe under lows was recovered by open. Ranging sideways all day doesn’t equate to stability, and another intraday fresh low is likely so long as 1298.50 isn’t recovered.
Eurodollar Dec Contract (EC, ETF: (FXE, UUP))
Already having fulfilled its objective to test 1.1745 , extending the decline morning to attack the next lower objective at 1.1760 was reversed to close higher on the day. That extended slightly into open, which ranged narrowly through the day up to 1.1850.
Silver Dec Contract (SI, ETF: (SLV))
Fresh lows overnight touched the prior low at 16.70 and bounced ahead of open. The reaction didn’t become a recovery that would otherwise hold 17.00, still likely to test at least 16.60.
30-year Treasury Dec Contract (US, ETF: (TLT))
Finally testing 153-14 trended down intraday to avoid forming a bottom. Extending down overnight gapped down to test fresh lows attacking 152-00. A second consecutive lower close from the multi-session range at 154-30 requires an eventual third lower close. In this pattern, immediately fulfilling the lower requirement would be bearish, where bouncing first would allow a bottom to begin forming.
Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Surging before open gapped up above prior sessions’ highs to 52.65 resistance. Resistance triggered a reversal down under prior sessions’ lows to test 51.25. The outside day left unfinished business above at opening gap. Testing it before extending down to 51.65 would be bearish.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Dec, which trades at a 9-cent premium to Oct]… Greeting EIA from a position of weakness didn’t prevent an initially favorable knee-jerk reaction up. But that was after having gapped down from close at 3.07 resistance. And the knee-jerk up snapped back down to fill the gap from 3.01 close. Now a bottom can form by closing above 3.08, targeting 3.17 and higher.