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 was appropriate for helping to confirm that Tuesday’s gap down had only neutralized the attraction below without breaking lower. The FOMC reaction extended higher and filled the gap back up to Tuesday’s close. Retesting last week’s 1.1400 high remains in-play.

Gold Aug Contract (GC, ETF: (GLD))
Tuesday didn’t reject Monday’s surge, so with or without a pullback that would be likely to recover, the 1312.00 target above remains intact. Spiking up post-close in reaction to FOMC already tested 1300.00.

Silver Jul Contract (SI, ETF: (SLV))
Firming to a fresh relative high Wednesday morning continued the attack on the outstanding target above at 17.60. But it was fulfill in reaction to the afternoon’s FOMC news.

30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight weakness tested the 168-20 pullback limit to enable Wednesday morning’s post-open rally. Recovering to within 3 ticks of Tuesday’s 167-27 high suggests the rally is resuming.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending down even deeper after Tuesday’s API report, and then reacting up on Wednesday’s EIA, has not undermined the distributive pattern unfolding that should soon now be entering its capitulative stage.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Still not falling any deeper than Tuesday’s pre-open dip is starting to suggest that the 2.70-2.75 target will be met first. Meeting it without first correcting would make the target’s test likely to react down.

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 gap up helped to invalidate Friday’s break to fresh lows, and to keep alive the likelihood for retesting last week’s 1.1400 high close. Gapping down Tuesday to retest Monday’s lows must avoid closing negative to maintain that recovery potential.

Gold Aug Contract (GC, ETF: (GLD))
Choppy trading overnight and Tuesday didn’t reject Monday’s gap up and intraday extension, keeping alive this leg’s 1312.00 target.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s fluctuation didn’t threaten reversing momentum down, which keeps alive the 17.60 target of this upleg.

30-year Treasury Sep Contract (US, ETF: (TLT))
Breaking above 168-00 Friday had signaled a new upleg underway, which was confirmed by not rejecting it Monday. Attacking 170-00 Tuesday must now hold 169-00 on pullbacks to maintain upward momentum next targeting 171-24.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s intraday bounce testing 49.00 was extended down overnight to fresh lows attacking 48.00. The session’s “ineffectual optimism” avoided fresh lows without any reward, so the decline should accelerate without delay if its momentum remains intact.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Still inhibited by the lack of any recent pullback, dipping prior to Tuesday’s open reveals the rally’s risk in trying to extend higher without a correction.

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 Monday and extending higher intraday helps to confirm that Friday’s break lower was false. A second consecutive higher close Tuesday would confirm last week’s 1.1400 high close is being targeted, and potentially also 1.1550.

Gold Aug Contract (GC, ETF: (GLD))
Gapping up sharply Monday to test 1290.00 found resistance, but did not reject the second consecutive gap’s recovery. Fresh relative highs targeting 13112.00 are likely so long as pullbacks now hold 1280.00.

Silver Jul Contract (SI, ETF: (SLV))
Firming into the new week keeps alive potential for this leg to reach 17.60 which would be vulnerable to reversing down if Gold were simultaneously fulfilling its objective.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s fresh highs were maintained but not extended while stocks tested and retested Friday’s lows. Not immediately rejecting Friday’s fresh highs doesn’t prevent dipping anyway, but it makes a dip likely to recover and to resume the rally.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s break under the 50.15 sell signal gapped down deeper Monday. Bouncing intraday held 49.00 resistance before reversing back down in the afternoon, as the capitulation pattern presumably develops.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Not yet dipping to a more constructive pullback test like 2.51 or 2.47 probably inhibited Monday’s gap up from being more productive than momentarily piercing Friday’s high. Spending the entire session in positive territory formed “ineffectual optimism,” which can’t afford to hesitate extending higher Tuesday to avoid even deeper pullback potential.

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))
Despite Thursday’s gap down having held the 1.1315 pullback limit, lower lows were probed Friday morning, extending down to 1.1245. Avoiding a second consecutive lower confirming close Monday would maintain the likelihood for retesting Wednesday’s highs.

Gold Aug Contract (GC, ETF: (GLD))
Friday morning’s rally filled the last outstanding gap at 1277.00 up to 1281.00, still needing to hold 1268.50 to maintain momentum next having potential up to 1312.00.

Silver Jul Contract (SI, ETF: (SLV))
Extending higher Friday morning to attack 17.40 kept in-play potential for the next higher objective at 17.60.

30-year Treasury Sep Contract (US, ETF: (TLT))
Falling stocks generated a flight-to-safety that pushed through 168-00 to gap up Friday and probe higher highs. An intraday dip held 168-00 as support to maintain the uptrend’s momentum.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing the 50.15 sell signal overnight extended down Friday morning, testing the original 49.00 sell signal by the afternoon. Its break, too, would help to confirm the capitulative stage has arrived, so long as 50.15 isn’t recovered.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s powerful knee-jerk reaction up on the EIA report didn’t extend any higher Friday. But its pullback was shallow, with room down to 2.51 or 2.47 to help refuel the rally.