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))
Gapping up Wednesday to test Tuesday’s gap probably only delays the inevitable retest of recent lows, since Tuesday’s reaction down had stopped optimistically short of filling the gap back to Monday’s close.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s gap up didn’t immediately recover the 1329.60 that would have served by proxy to invalidate Tuesday’s close under the 1322.40. pullback limit. But it doesn’t prevent extending higher anyway to retest last Thursday’s 1363.00 overnight spike high.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up  Wednesday’s open easily retested Thursday night’s spike high, presumably still targeting 18.80 so long as 18.00 now holds as support.

30-year Treasury Sep Contract (US, ETF: (TLT))
Already having fulfilled the requirement to retest last Thursday nights 173-25 high Tuesday, it’s interesting that overnight action only ranged narrowly while stocks rallied sharply. The excuse for a pullback was ignored, as it was Wednesday while stocks rallied even more sharply. The 174-26 target remains intact.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s late surge extended higher overnight, and then also intraday Wednesday into and out of a bullish EIA report. Closing back under 48.35 would signal the upside momentum was lapsing, which might allow raising the sell signal.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday was reversed back into the rally’s 2.86-2.91 target area that had been fulfilled Tuesday. This rally leg has extended considerably without only shallow pullbacks, so Wednesday’s key-reversal is more vulnerable to reversing down. But Wednesday’s gap up above all prior highs will want to be filled.

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 was immediately reversed, albeit only to attack or to fill the gap back down to Monday’s close, and not yet to trend to fresh lows.

Gold Aug Contract (GC, ETF: (GLD))
Overnight weakness had initially held a test of the 1322.00 pullback limit, but a rally leg never gained traction so Tuesday afternoon action dipped a little deeper to test 1311.00. Immediately recovering 1329.50 would resume the rally back to Thursday night’s 1362.60 high.

Silver Jul Contract (SI, ETF: (SLV))
Attacking 17.60 overnight held and reacted up to try resuming the rally. A slightly deeper test reacted up intraday to test 17.84 resistance.

30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight highs touched Thursday night’s 173-25 prior high that had required a retest, which is still likely to include a visit to 174-24, now so long as 172-14 holds as support.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing overnight to 47.80 held resistance at Wednesday’s “higher prior lows” before reversing back down to test a new sell signal at 46.75.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday tried to produce the new high close that had become required by last week’s confirmed breakout, while probing the next higher resistance area at 2.86-2.91. The vulnerability to reacting down is based on there now being no unfinished business above outstanding, and only a shallow base with no pullback having launched the current leg.

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))
Few currencies joined the Pound in probing under Thursday night’s lows, but the Euro’s behavior was typical among other currencies for probing under Friday’s intraday lows. Stopping optimistically short of probing fresh lows — while closing lower to confirm Friday’s breakout — keeps alive the downside momentum.

Gold Aug Contract (GC, ETF: (GLD))
Gapping up Monday to retest Friday’s 1336.00 post-open high reacted down to the 1322.40 pullback limit, which must hold as support to maintain near-term potential for retesting Thursday night’s 1362.60 high.

Silver Jul Contract (SI, ETF: (SLV))
Firming Sunday night up to 17.94 didn’t prevent dipping to test the 17.75 pullback limit that keeps alive a retest of Friday’s 18.37 pre-open high up to 18.80.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up sharply Monday to 173-00 immediately recovered well above the rally’s original 171-24 target that had held its test Friday, and well on its way to retest Friday’s 173-25 pre-open high.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Monday and closing under Friday’s breakout session confirmed that at least a third eventual lower close is required. The 48.75 sell signal already targets 45.00-45.40 which is now within 50 cents.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up slightly Monday didn’t extend much, the pattern still requiring an eventual third higher close above 2.78, but not precluding a detour down to 2.47-2.51 first..