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))
The maximum pullback limit was probed Thursday, making a retest of fresh highs above 1.1800 much more difficult without either gapping up sharply to reject Thursday”s break, or else taking time to develop an accumulative pattern.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday”s consolidation under the 1125.40 pullback limit didn”t extend down Thursday but the consolidation must now resolve up to confirm the pullback has been only temporary.

Silver Sep Contract (SI, ETF: (SLV))
Thursday”s surge back up to 14.55 resistance helps to begin forming a bottom that could launch a recovery without trending down to lower lows. But it is premature to begin recovering yet..

30-year Treasury Sep Contract (US, ETF: (TLT))
Fresh low finally reacted up intraday to test the 157-07 buy signal, which wasn”t recovered, much like the decline”s last two buy signals were attacked to within 1-2 ticks before resuming the decline.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s gap up trended considerably higher throughout the day, much more so than the bottoming pattern suggested was likely at this stage. Regardless of being so substantial the reversal attempt is too premature and impatiently formed to avoid a retest of the lows before completing a bottom.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
.Thursday”s EIA report wasn”t being greeted from a position of strength, and the knee-jerk reaction up recovered to fill the gap back to Wednesday”s 2.69 close. But only temporarily, as the balance of the session drifted back down to the week”s lows testing 2.63. Early strength Friday above 2.69 would be credible for extending higher intraday.

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))
Firming Tuesday night had reversed to gap down Wednesday and to protract the test of 1.1400 support, presumably before resuming the rally to probe above 1.1800, which would be triggered back above 1.1435.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday”s pullback from testing the 1169.00 target Monday extended down overnight to gap down Wednesday, testing the 1125.70 maximum pullback limit that would keep alive another bounce. It was probed down to 1117.00 before trying to recover into the close. Back above 1130.40 would signal momentum reversing up to at least test 11147.40.

Silver Sep Contract (SI, ETF: (SLV))
A couple of days of testing 14.65 support failed to hold as overnight selling trended down sharply and Wednesday”s open gapped down under all prior recent lows to attack 13.90.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday night”s bounce to within 1 tick of the 159-10 buy signal was reversed back down Wednesday by the open, extending down sharply intraday to attack 156-00. Back above 157-06 would still trigger a rally targeting 161.26.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday”s gap up hardly even firmed before Wednesday”s open, and the intraday action essentially flat-lined, further suggesting a likely probe to fresh lows fulfilling the 37.55 target before a credible rally leg can begin.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Firming further at Wednesday”s open exercised the same restrained optimism as Tuesday afternoon”s recovery from filling the gap back down to Monday”s close. No unfinished business below and no excessive optimism doesn”t greet Thursday”s EIA report from strength, but the an initially negative knee-jerk reaction down would be likely to recover and to reverse up. Closing above 2.77 would start to 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))
Tuesday”s pullback took advantage of the confirmed breakout, which is targeting a probe above 1.1800. The objective need not be done immediately, although the pullback to 1.1400 seems substantial enough to satisfy near-term selling pressure.

Gold Dec Contract (GC, ETF: (GLD))
Fulfilling the 1169.00 target Monday had reacted down through the close, and then deeper overnight to 1134.00. The pullback could test 1130.50 or 1125.50 before signaling the trend has reversed down. Otherwise, back above 1147.50 would launch a retest of 1169.00.

Silver Sep Contract (SI, ETF: (SLV))
Testing 14.65 a little more deeply Tuesday was still overlapping it, and in any case still not rejecting it and recovering. Back above 14.90 should extend higher to extend a further decline.

30-year Treasury Sep Contract (US, ETF: (TLT))
The reaction down from Monday morning”s 163-00 high extended deeper Tuesday by gapping down and falling to 157-20. The gap back to Monday”s 161-26 open should still be retested while forming a more durable top, which would be triggered back above 159-10.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Tuesday didn”t extend higher, and didn”t even fill the gap back to Friday”s 40.30 close, only spending the session ranging narrowly. Having come within 20 cents Monday of the 37.55 target, a bottom can now form by probing under Monday”s low and closing above Tuesday”s 39.90 high. .

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up and ranging sideways Tuesday left no unfinished business below. Firming early Wednesday above Tuesday”s high would be credible for trending higher intraday.

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))
A third consecutive close at resistance gapped up and extended higher intraday Monday. From 1.1120 to 1.1220, to 1.1360 and now up to a 1.1700 handle with a probe above 1.1800 in-play.

Gold Dec Contract (GC, ETF: (GLD))
Flat-to-lower ranging during Sunday night was recovered almost grudgingly to probe a fresh high that satisfied the 1169.00 target narrowly missed last week. Gradually reacting down into the close later spiked down momentarily to 1145.00 and back up again,

Silver Sep Contract (SI, ETF: (SLV))
Complete divergence allowed a break lower back to last week”s low, which had narrowly stopped 2 cents short of touching its 14.65 pullback objective. It was actually probed by at least a nickel Monday morning. Its reaction up to 15.10 reacted down, but held above 14.65.

30-year Treasury Sep Contract (US, ETF: (TLT))
Continued flight-to-quality triggered Sunday night”s surge to new highs that extended intraday to 163-01. The stock market”s recovery attempt let bonds drop sharply back down to 159-26, bouncing into the close to overlap the rally”s prior 160-20 target as resistance.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows Sunday extended through Monday morning and eventually came within 20 cents of fulfilling this leg”s 37.55 target.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping down and probing a fresh low was reversed back into positive territory Monday intraday. While that may foreshadow a bottom forming, it doesn”t qualify as the bottom, or as its reversal, which would yet be able to form. In fact, the recovery was retraced into negative territory, although not to a fresh low.

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 no the way to fulfilling 1.1220 without closing above it didn”t prevent extending higher overnight and gapping up Friday to test the next higher objective at 1.1360-1.1385 intraday. .

Gold Dec Contract (GC, ETF: (GLD))
Extending higher Thursday night attacked the next higher target at 1169.00 to within almost $1. Intraday highs held 1158.00 resistance.

Silver Sep Contract (SI, ETF: (SLV))
The underperformance vs. Gold became more obvious Friday as an overnight probe above last week”s highs was reversed back down into negative territory for the duration of the session. Back above 15.45 would start to signal that Silver intended to play “catch-up.”

30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight highs retested 160-20 but dipped back into negative territory during Friday”s open. That was recovered into Friday afternoon in a flight-to-quality. The second consecutive higher close above a multi-session range now requires there to be a third higher close, albeit not necessarily consecutively on Monday.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The decline extended, still not at any new pace other than to have begun sliding from its recent multi-range consolidation. While Wednesday”s confirmed breakout is now fulfilled by a minimum third lower close, the energy market doesn”t tend to end trends on Fridays. So, at least a lower intraday low is likely, and meanwhile the potential to 37.55 remains intact.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
The confirmed breakout”s third lower close was finally produced Friday. But a lower low is likely since this market doesn”t tend to bottom on Fridays.