Daily Spot

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))
Monday’s narrow ranging session didn’t try rejecting last week’s drop into the weekend, so suddenly rallying Tuesday would be suspicious and likely to fail.

Gold Aug Contract (GC, ETF: (GLD))
Lower lows overnight greeted had recovered much before Monday’s open, but not all as ranging intraday around Friday’s 1342.00 low threatened a second consecutive lower close that to confirm Friday’s break lower and to require an eventual third lower close.

Silver Sep Contract (SI, ETF: (SLV))
Sharply lower lows overnight attacking 19.50 were recovered before Monday’s open, letting intraday action fluctuate very narrowly around Friday’s close without confirming its break, and without requiring an eventual third lower close.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s drop extended down overnight and through Monday’s open down to 170-21, but ended the morning bouncing back up to 171-22 resistance. The afternoon was spent there, too, as the relevant level behaved much more like a magnet, and much less like an inflection point. But its recovery is still able to identify a recovery underway, or not.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up and extending higher through Monday’s open eventually up to test the 43.30 bounce limit. There is little room or time to further delay reversing down to resume the decline next targeting 36.60.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Not immediately recovering 2.80 at Monday’s open suggested a different bottom must form by first testing 2.71 Monday and then closing back in positive territory above 2.77. The dip held 2.71 and recovered up to 2.77, but not closing above it. So, closing above 2.80 is now required to resume the rally.

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))
The week’s rejection of Monday’s false break higher was extended down sharply Friday morning to 1.1065. Its reaction up to test 1.1120 still held negative territory, suggesting that any near-term bounce would fail.

Gold Aug Contract (GC, ETF: (GLD))
Reacting down sharply lower on Friday’s payrolls report once again avoided the 1375.50 target, and probed under Wednesday night’s test of the 1355.50 support by $10. Closing above 1353.00 would resume the rally, at least to test 1375.50. But closing any lower Monday would suggest the 1375.50 target won’t be tested before developing a more substantial decline.

Silver Sep Contract (SI, ETF: (SLV))
Gapping down sharply Friday in reaction to Friday’s payrolls fell to 19.75. Resuming the rally requires closing above 20.20. No deeper backing-and-filling would be required first, but bottoming here should start recovering no later than Tuesday morning would.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s reaction down to payrolls filled the gap back down to Wednesday’s close and dipped a little deeper to also test 171-22 by several ticks. Assuming this is the range’s lower-end, then Monday should not delay rallying back up to or toward 172-26/173-04 where a new upleg can still trigger.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s weakness barely attacked the 40.65-40.80 sell signal, let alone touch it. The decline is not required to resume immediately, but any higher highs intraday should be retraced into the close.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping down Friday to 2.80 and extending lower to retest 2.77 support must still hold to keep alive the same recovery pattern that was trying to form earlier this week. Closing above 2.85 would signal the rally to fresh highs underway.

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))
The rejection of Tuesday’s false breakout extended lower overnight to have already printed 1.11133 before Thursday’s open. The reversal remains intact so long as bounces now hold a test of .

Gold Aug Contract (GC, ETF: (GLD))
Extending Wednesday’s pullback overnight was already recovered enough on the BOE move for Thursday’s open to gap up. A fresh high testing 1375.50 remains likely, and also remains likely to hold.

Silver Sep Contract (SI, ETF: (SLV))
Sharply lower lows overnight attacked 20.05 before back to unchanged on Thursday morning’s BOE report. Closing above 20.55. would signal the rally to test 21.15 had resumed.

30-year Treasury Sep Contract (US, ETF: (TLT))
Flat-to-lower ranging overnight at or under 171-22 responded bullishly to Thursday morning’s policy statement, probing intraday well above the 172-26/173-04 buy signal —  and retesting 172-26 as support. A second consecutive higher close Friday would confirm at least a test of 176-10 is in-play.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s bounce exceeded Tuesday’s test of the 40.80 bounce limit, filling a recent outstanding gap at 41.55 and then probing its prior high above 42.00. Closing back under 40.65 would resume the decline.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength, which managed only to soften any knee-jerk reaction while ranging choppily sideways. Almost any initial rally Friday would be credible for extending higher into the weekend.

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 break higher was suspicious, so Wednesday’s gap down was appropriate. The gap back down to Monday’s 1.1185 close was filled, and closing back under it would signal the corrective bounce had ended.

Gold Aug Contract (GC, ETF: (GLD))
Attacking the 1375.50 target Tuesday was reversed intraday Wednesday down to 1360.60, attacking the gap back down to Monday’s close. Retesting Wednesday’s high is now likely to hold, bu9t a deeper pullback first should be only temporary

Silver Sep Contract (SI, ETF: (SLV))
Trending down Wednesday erased Both Monday and Tuesday’s gains, but did not reverse the trend down, so that 21.15 remains in-play.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s recovery into the 172-26/173-04 range was retraced Wednesday back down to the original 171-22 buy signal that was also tested at Tuesday’s open. Closing under it would suggest a deeper pullback underway, but that’s otherwise premature.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s bounce retested the 40.80 bounce limit tested Tuesday. Closing above 41.20 could invalidate the decline’s momentum, which otherwise remains intact and targeting 36.60.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s close under the 2.77 pullback limit was rejected by gapping up above it Wednesday, and then extending back above 2.80. Thursday’s EIA report is being greeted from a position of strength, and a favorable reaction would likely fill the gap back up to 2.98 before extending even higher.

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))
Monday’s inside day resolved by gapping up Tuesday above Thursday’s high. Since that had held a test of prior highs, at least a corrective dip to fill the gap and test “lower prior highs” back down to 1.1185-1.1200 is likely regardless of the ultimate resolution.

Gold Aug Contract (GC, ETF: (GLD))
Having extended higher Monday despite Friday already fulfilling the minimum required third higher close, the uptrend was signaled to be intact. Tuesday’s gap up extended sharply higher intraday to attack the next higher objective at 1375.50 to within 1.50, so reacting down if only to correct has become more likely.

Silver Sep Contract (SI, ETF: (SLV))
Gapping up Tuesday confirmed that Monday’s retest of prior highs and closing higher had resumed the rally, still targeting at least a retest of the Brexit reaction’s 21.15 high.

30-year Treasury Sep Contract (US, ETF: (TLT))
The 172-26/173-04 pullback limit was broken sharply overnight to gap down Tuesday back at the rally’s original 171-22 buy signal. Its reaction up pierced back above 173-00 momentarily. Closing above it Wednesday would suggest the pullback has ended.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
No fresh low overnight didn’t make the decline any less likely to extend lower, which it did Tuesday. Fresh lows attacking 39.15 extended nearer to this leg’s 36.60 target. Now bounces must hold 40.80 to maintain the decline’s momentum.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Fresh lows overnight probed the 2.77-2.80 pullback limit by a couple of cents. The reaction must still recover 2.80 to suggest the pullback has ended, and that 2.98 is in-play.