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))
Friday’s break under uptrending support wasn’t confirmed by Monday’s narrow ranging, but neither was it negated, as almost any new weakness is likely to make the next downleg obvious.

Gold Aug Contract (GC, ETF: (GLD))
More testing of the 1333.00 buy signal Monday hasn’t made a bigger bounce any likelier, other than to make its further delay unlikely if another downleg is to be avoided.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Monday to test 19.90 was recovered to test the 20.05 pullback limit. Resuming the rally after Monday’s fresh low shouldn’t be further delayed if a retest of the post-Brexit highs remains likely near-term.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s late surge was retraced Monday to a fresh low under 171-00, deeper into the pullback’s 170-16/171-08 target range. There is no bullish reason for any deeper pullback or for much further delay in retesting recent highs.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Attacking 44.85 Monday retraced enough of the recent bounce to confirm the 46.00 bounce limit had held, and that at least a test of 43.00 remains in-play.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Ranging narrowly Monday around unchanged confirmed that Friday’s dip didn’t stretch the rubber band enough for more than its intraday recovery. Nevertheless, closing above 2.80-2.85 would signal 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))
Friday’s weaker open broke under recent uptrending support and need only accelerate its decline a little to confirm momentum is reversing down to retest the post-Brexit 1.0945 low.

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s attack on the 1333.00 target reacted back down overnight to retest Wednesday’s lows in the 1322.00 area Friday morning. There is no unfinished business below if a recovery is ready.

Silver Jul Contract (SI, ETF: (SLV))
The 20.05 pullback limit was retested Friday morning. Its reaction up was even more muted than was Thursday’s limited reaction. That is still likelier pessimism than optimism, which would be more bullish from a contrarian perspective.

30-year Treasury Sep Contract (US, ETF: (TLT))
The 171-16/172-08 target area was probed Friday as support, and closing under it could prevent one more test of the recent topping area to complete it.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming further Friday tested the 46.00 bounce limit to keep alive this leg’s attraction down to 43.00.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Slightly lower lows at 2.67 was deep enough to stretch the rubber band tightly enough for a snap back up. Probing positive territory stopped a couple of pennies short of the minimum 2.80 target.

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 Thursday to the two-week old prior highs attacking 1.1200 was reversed back down immediately, spending the balance of the session ranging narrowly around unchanged. Further delaying a retest of the post-Brexit 1.0945 low would make a bigger bounce to 1.1300 likely first.

Gold Aug Contract (GC, ETF: (GLD))
Holding the 1346.50 buy signal’s test was reversed down sharply Wednesday night to fresh reaction lows testing 1320/50. Being the decline’s second gap fill. it produced a reaction that held the adjusted 1334.00 buy signal.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Thursday held 20.05 to avoid reversing down, maintaining the positioning for a breakout targeting prior highs above 21.15.

30-year Treasury Sep Contract (US, ETF: (TLT))
Already gapping back down Thursday to and through the 174-10/174-24 pullback limit and sell signal’s range has cut short Wednesday’s corrective bounce. The impatience suggests makes a complete recovery likely after fulfilling the nearest target at 170-16/171-08.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping is no more credible for ending the decline Thursday than was its attempt Monday, although 46.00 has little or no excuse not to hold as resistance this time while maintaining the 43.00 target.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s reaction to EIA was muted, so potential to a lower low down to 2.65 can’t be dismissed before recovering, although now closing back above 2.80 would start to signal a rally attempt 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))
Wednesday’s open pierced Tuesday’s high in the 1.1140 area whose recovery would signal a bigger detour likely to test 1.1300 before fulfilling the retest of recent lows.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday morning’s strength consolidated just under the 1346.50 buy signal that would confirm Tuesday’s retest of Friday’s spike low had satisfied selling pressure.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up Wednesday ranged exclusively in positive territory while testing the week’s prior highs without extending higher. This “ineffectual optimism” would be more convincing had 20.52 prior highs been probed instead of barely touched. That’s pessimism. Any breakout attempt would be credible for extending to retest pre-Brexit highs.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up Wednesday tested the 174-24 pullback limit which Tuesday’s open had gapped down to and through. The gap back to Monday’s close is likely to be filled, too, potentially to also probe within its range up to 164-10 before completing the topping pattern.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s bounce above 46.00 attacking 47.00 was reversed down sharply in reaction to Wednesday morning’s EIA report, filling the gap back down to Friday’s 44.78 close and reconfirming the likelihood for at least testing 43.00.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping up to test 2.80 Wednesday was reversed down intraday to test recent lows down to 2.70. Closing back in positive territory would greet Thursday’s EIA report from a position of strength — not necessarily capable of avoiding a knee-jerk reaction down, but likely to recover, if not already rallying..

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 Tuesday to the recent range’s upper-end doesn’t invalidate the likelihood for breaking under the range’s lower-end and retesting the post-Brexit lows. A bigger detour would be suggested by closing above 1.1155.

Gold Aug Contract (GC, ETF: (GLD))
The required retest of Friday’s 1336.30 spike low was fulfilled by Tuesday’s sharp drop to 1331.00. Extending lower to test 1329.00 isn’t necessary before recovering 1348.50 to resume the rally.

Silver Jul Contract (SI, ETF: (SLV))
The 22.15 post-Brexit higher still requires an eventual retest, which remains likely so long as 19.90 holds as support — especially if held while Gold completes its pullback .

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down Tuesday to the 174-10/174-24 range’s upper-end didn’t consider it much of a pullback limit, and instead extended below it intraday to test 173-08. It’s still a valid sell signal, although gapping down isn’t a very reliable end to the topping pattern which we’ve been discussing.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
There was no bearish reason to gap up Tuesday and probe above 46.00 resistance, whose test Monday morning had been productive already by reacting down to prior lows. Back above 47.75 would suggest a bigger detour underway, but otherwise, closing back under 45.25 would resume the decline. .

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Monday’s dip wasn’t rejected overnight, but it wasn’t extended, so the 2.85 buy signal remains unchanged.