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))
After fulfilling the confirmed breakout’s minimum third required higher close Friday, Monday’s session ranged narrowly sideways. Not immediately rejecting the third higher close does make likely at least fresh intraday highs, but doesn’t make the rally any likelier to extend.

Gold Dec Contract (GC, ETF: (GLD))
Fresh highs Monday extended Friday’s fulfillment of the confirmed breakout’s minimum required third higher close. Pullbacks must hold the 1350.00 area to maintain upside momentum next targeting 1275.50.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s confirmed breakout was on-track to be confirmed Monday by the required eventual third higher close as the open’s gap up extended to fresh highs and ranged flat-to-higher intraday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Having confirmed a new breakout above 173-04 by at least 1 point Friday, Monday’s gap down had room for extending back down to the buy signal and lower to 172-26 without jeopardizing the upside momentum that requires at least an eventual third higher close.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s bounce didn’t even threaten the decline’s bounce limit before resolving down to fresh lows Monday testing 39.85. Now holding 40.80-41.30 would maintain the decline’s momentum and its 36.60 target.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Barely confirming Thursday’s breakout by 1 penny Friday didn’t offer any momentum to greet the new week in rally mode, so Monday’s open easily gapped down and extended intraday to test the 3.77-3.80 buy signal as support. Lower lows would be allowable only intraday to maintain upside momentum targeting at least an eventual third higher close, .

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 second consecutive higher close above recent prior highs has already produced its required third higher close with Friday’s gap up that extended higher through the morning to 1.1219. Back under 1.1150 would signal the rally had ended.

Gold Aug Contract (GC, ETF: (GLD))
Friday trended up from the open, retracing Thursday’s post-open session-long retracement from 1344.00, and extending to test 1351.50. This fulfills the minimum requirement for at least a third higher close after Tuesday’s confirmed breakout. Pullbacks holding 1342.50 allow the rally to extend to 1365.00 and potentially also to 1386.00.

Silver Sep Contract (SI, ETF: (SLV))
Thursday’s post-open session-long retracement wasn’t rejected Friday as price action only fluctuated choppily in positive territory. This didn’t qualify for fulfilling the minimum requirement of at least a third higher close, let alone the retest of Brexit’s 21.15 reaction peak.

30-year Treasury Sep Contract (US, ETF: (TLT))
Having produced the required third higher close Thursday from Tuesday’s confirmed breakout at 171-22, closing above 173-04‘s buy signal needed confirmation Friday from its own second consecutive higher close — which was likely for having probed 1 point above it into the afternoon.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight tested 40.55 before bouncing Friday to test 41.65 as resistance, still having room up to 42.25-42.50 for maintaining this leg’s 36.60 objective.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s strong reaction to its EIA report was extended only slightly higher Friday to test 2.92, but still closed positive to confirm that at least a third eventual higher close is now required. The gap back up to the 2.98 high close is an attraction, but its test is likely to be exceeded..

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))
Wednesday’s FOMC news came after intraday weakness had filled the gap back down to Friday’s 1.0985 close. Its reaction spiked up above multi-session highs, and gapped up Thursday to test the most recent trendline break at 1.1130. Extending above 1.1145 would signal a bigger rally underway, but back under 1.1045 would signal the corrective bounce had ended already.

Gold Aug Contract (GC, ETF: (GLD))
Reacting favorably to Wednesday’s FOMC news had already extended well above the 1325.00 and 1329.50 buy signals. Firming further overnight probed higher Thursday to 1344.50. Its post-open reaction trended back down to attack the 1329.50 pullback limit, but any second consecutive higher close confirms the the recovery’s momentum remains intact.

Silver Sep Contract (SI, ETF: (SLV))
Already reacting favorably to Wednesday’s FOMC news, higher highs overnight further extended the break above the 19.75-19.85 buy signal to pierce the 20.55 2-week old high. Post-open action trended back down, needing only a second consecutive higher close to confirm the breakout’s momentum remains intact.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s second consecutive close above the 171-22 buy signal extended higher overnight to test the next pattern’s 173-04 signal whose recovery confirms 176-10 is in-play.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending down to fresh lows Thursday helps to confirm the pattern’s next objective of 36.60 is in-play  Bounces should now hold 42.25-42.50..

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Although not greeting Thursday’s EIA from a position of strength, at least all available selling pressure had been expended down to 2.65 without gaining any traction for the effort, i.e. breakout. The report’s reaction was immediate, surging to test 2.80-2.85 whose recovery through the close signals a new rally leg 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))
Another narrowly ranging session Wednesday reacted down on Wednesday afternoon’s FOMC policy statement, filling the gap back to Friday’s 1.0985 close. Closing any lower would resume the decline.

Gold Aug Contract (GC, ETF: (GLD))
Quickly recovering 1325.00 Wednesday is in-line with the recent pattern bottoming, but still needs to close above 1329.50 to confirm momentum reversing up.

Silver Sep Contract (SI, ETF: (SLV))
Surging through 19.75-19.85 to attack 20.20 now needs a second consecutive higher close Thursday to confirm the decline has been reversed to probe fresh highs.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s close above the 171-22 buy signal was still overlapping it, but Wednesday morning probed it to its highest levels attacking 173-00.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The reaction to Wednesday’s EIA report triggered fresh lows testing 41.70, now targeting 36.60 so long as 43.80 isn’t recovered.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Narrow ranging sideways Wednesday gradually slipped back down to the 2.65 lows, which is not greeting Thursday’s EIA report from a position of strength. But an initially favorable  knee-jerk reaction up can be maintained.

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 was upward biased, which tends to resolve bearishly. Tuesday’s range was even narrower, so closing under Friday’s 1.0987 close is required to signal the decline has resumed.

Gold Aug Contract (GC, ETF: (GLD))
Monday’s recovery from fresh lows to almost fill the gap back up to Friday’s close was extended overnight, but a close above 1325.00 is still needed to signal another recovery attempt underway.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s narrow ranging did not yet recover the 18.75-18.85 buy signals to resume the recovery attempt.

30-year Treasury Sep Contract (US, ETF: (TLT))
Another overnight probe well above the 171-22 buy signal was returned before Tuesday’s open, and a post-open attempt to rally was retraced to fluctuate around unchanged into the afternoon. Wednesday afternoon’s FOMC policy statement is not being greeted from weakness, but already triggering the buy signal would have been a position of strength.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows attacked 42.35 overnight and recovered at least to range narrowly Tuesday around 42.80. Wednesday’s EIA report is not being greeted from a position of strength, but closing back above 43.80 would start to suggest this downleg is ending.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping down Tuesday touched last week’s “lower prior highs” down to 2.68 before bouncing to fill the gap back up to Monday’s 2.75 close. The 2.80 buy signal must still be recovered thorough the close to signal a recovery effort underway.