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 choppiness certainly didn’t reject last week’s repeated dips back to relative lows. So the likelihood for breaking lower to retest the post-Brexit lows remains intact.

Gold Aug Contract (GC, ETF: (GLD))
Closing back under 1365.50 Friday had signaled the intraday recovery attempt had failed. Not gapping up above it Monday makes Friday’s 1336.30 spike low likely to be retested, potentially down to 1322.00-1329.00.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up Monday above all prior intraday highs still has yet to retest the 21.22 post-Brexit high. Its retest is likely so long as 20.05 now holds as support.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s intraday dip of more than 1 point further suggests the recent highs are toppy, as the current pattern has no higher calculable target without at least first correcting.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s modest strength didn’t prevent Monday attacking last week’s lows, further suggesting probing lower to test 43.00 .

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Monday pierced under last week’s 2.71-2/72 lows by 1-2 cents, essentially holding, and still requiring a close above 2.85 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))
.Choppy ranging around unchanged after Friday’s payrolls report didn’t alter the near-term attraction back down to retest prior lows, triggered under 1.1035-1.1045

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s late bounce had peaked before recovering the 1365.50 pullback limit, which Friday’s payrolls report leveraged to trigger a spike down to 1336.30. Already reacting back up to probe $6 above 1365.50 doesn’t lessen the likelihood of retesting the spike down’s low. Closing above 1365.50 would likely delay it until retesting the highs up to 1385.00..

Silver Jul Contract (SI, ETF: (SLV))
Barely failing to recover the 19.90 pullback limit Thursday opened the door to reacting sharply lower on Friday’s payrolls report. But spiking down to 19.28 was soon recovered well back up into positive territory at 20.15. Only ranging around 19.90 instead of closing above it doesn’t yet reinstate the potential to retest prior highs.

30-year Treasury Sep Contract (US, ETF: (TLT))
Another shallow pullback avoided touching 174-10/174-24 and maintained the upside momentum to probe fresh highs up to 177-09. There is no further unfinished business above in this leg.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing 46.00 resistance early Friday was reversed down sharply to retest Thursday’s 44.85 low by a dime. Its test reacted back up to 45.00-45.40 which must hold to maintain this leg’s attraction down to 43.00.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Firming Friday morning still needed to recover 2.85 to signal the pullback had ended, and that the gap back up to Friday’s 2.98 close was going to be filled, potentially on the way to higher highs..

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 intraday recovery was rejected by Thursday’s gap down, and then extending down into the afternoon. Ultimately an inside day, a retest of post-Brexit lows is still likely.

Gold Aug Contract (GC, ETF: (GLD))
The 1365.50 pullback limit was being tested at Thursday’s open, and being probed down to 1352.00 Thursday morning. Recovering into the afternoon attacked 1365.50 as resistance. Its recovery would target 1386.00.

Silver Jul Contract (SI, ETF: (SLV))
The 19.90 pullback limit failed Thursday morning, triggering a deeper dip to 19.52. Its reaction attacked 20.90, which must be recovered to retest recent highs.

30-year Treasury Sep Contract (US, ETF: (TLT))
Shallow overnight weakness enabled Thursday’s retest of Tuesday and Wednesday’s highs, and maintains potential for rallying further so long as 174-10/174-24 holds as support.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming further after Wednesday’s close held a test of the original 48.25-48.75 area’s sell signal. Thursday morning’s reaction to the delayed EIA report plunged to test the 45.00-45.40 target area down to 44.85. There is potential to 43.00 so long as bounces now hold 46.25.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping up and firming to 2.84 reacted down to Thursday morning’s EIA report. Negative territory down to 2.72 avoided fresh pullback lows, and recovered positive territory. Back above 2.85 would target filling the gap back up to Friday’s 2.98 close, and potentially resuming 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))
Wednesday’s weakness almost touched last week’s 1.1052 reaction low to the ECB commenting on QE. Its recovery was apparently only temporary after all, and fresh lows could be probed soon.

Gold Aug Contract (GC, ETF: (GLD))
Extending higher Tuesday night fulfilled the retest of Brexit’s spike up to 1362.60, surging through its 1369.50 target to test 1377.00. Upside momentum remains intact with potential to 1385.00 so long as pullbacks now hold 1366.50.

Silver Jul Contract (SI, ETF: (SLV))
Holding above 19.90 Wednesday doesn’t keep in-play any particular targets above, but it does avoid launching a new downleg or deeper correction.

30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight strength up to 177-04 was reversed to unchanged soon after Wednesday’s open, and then into negative territory testing 175-18 intraday. The open’s gap up to 176-28 requires an eventual retest. so long as 174-10 / 174-28 holds as support.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending down Tuesday night stopped optimistically short of touching last week’s 45.85 low before bouncing back into positive territory to test 47.55. The decline’s momentum remains intact, next targeting 45.00-45.40.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s corrective dip extended down to 2.69 Wednesday, holding “lower prior highs” before bouncing back into positive territory. This would suffice as a pullback low, but not delaying a retest of the 2.98 high close could be too optimistic ahead of Thursday’s EIA report.

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))
BOE hinted at a round of QE Thursday morning and drove the Pound down. ECB suggested the same one hour later and drove down the Euro, too. The two prior sessions had expended buying pressure without gaining traction, and both are required to probe last week’s lows, which may be fulfilled by week’s end.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s shallow gap up to 1329.60 instead of through it had failed to invalidate Tuesday’s close under the 1322.40 pullback limit. The same buy signal above 1329.60 would be credible Friday without Thursday’s probe back under 1322.40 making fresh lows.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s surge to fresh highs was consolidated Thursday. Not reacting down doesn’t preclude a delayed reaction, but it does make a delayed reaction down likelier to recover.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s dip under the pullback limit extended down overnight to 171-01 and to touch “lower prior highs.” Friday’s 173-06 gap up was retested on the way up to 173-23, which reacted back down to 172-00. Back under 171-00 would seal a top, without first testing 174-24.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s bounce to 50.00 reacted down to touch the adjusted 48.75 sell signal. A valid trigger at this stage of the pattern should have extended down decisively by the close if valid.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength likely to absorb an initially negative knee-jerk reaction down. But not from a strong enough position to exploit a knee-jerk reaction up. So the retest of Wednesday’s high reacted back down into the rally’s 2.86-2.91 target area.