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))
Thursday”s open gapped up from Wednesday”s close at 1.1120 resistance and extended higher until fulfilling its 1.1220 target. Closing higher Friday would confirm the trend had reversed. up. This is otherwise the upper-end of the range.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up Thursday quickly extended to fulfill the 1144.00 target, but continued rallying to test 1153.30. Maintaining the rally”s momentum to next taget 1169.00 at this stage requires pullbacks to be shallow holding 1147.50 and for the next close to be higher .

Silver Sep Contract (SI, ETF: (SLV))
Gapping up Thursday didn”t extend higher intraday. And it held its test of last week”s prior highs. In both cases, price action underperformed Gold, suggesting that a pullback first might help them to lock back in tande..

30-year Treasury Sep Contract (US, ETF: (TLT))
Reacting up from Wednesday”s opening test of the 157-14 sell signal to end the day testing the 158-26 buy signal was extended higher immediately Thursday by trending up intraday to fresh highs up to 160-08. Probably spurred on by a flight-to-quality from falling stocks, while a retest of the recent 160-22 overnight high is likely, not reversing down already before noon could turn the rally exponential..

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging Thursday doesn”t undermine the decline”s momentum, but it does open the door to forming a buy signal if fresh lows aren”t being probed into the weekend..

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Reaction to Thursday”s EIA report triggered a surge that probed above 2.77, but it held as resistance through to allow another probe of fresh lows that can fulfill unfinished business below before a durable rally might form..

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 close under 1.1075 was retraced ahead of Wednesday”s FOMC news, which triggered a spike up to 1.1120 resistance. Not rejecting its recovery would target 1.1220 (not 1.2250) before another sell signal could be considered.

Gold Dec Contract (GC, ETF: (GLD))
Recovering Tuesday back above the 1112.00 pullback limit despite Silver”s problem meant Gold intended to resume its rally. Gapping up Wednesday to last Wednesday”s high and trending through it to test 1131.50 helped to confirm the 1144.00 target remains intact. Now the 1121.50-1125.50 consolidation at last Wednesday”s “lower prior high” must hold as support to maintain the rally”s momentum.

Silver Sep Contract (SI, ETF: (SLV))
Coming within 2 cents of its 14.65 pullback objective Tuesday proved sufficient to at least try resuming the rally. Wednesday”s gap up extended sharply to and through 14.90 whose recovery suggests the rally has resumed.

30-year Treasury Sep Contract (US, ETF: (TLT))
Similar to testing the 158-26 buy signal only temporarily intraday Monday, Wednesday morning probed under the 157-14 sell signal before reacting back up through it to retest 158-26.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Identifying a buy signal Tuesday also meant the decline must resume with little further delay if it were going to resume at all. Wednesday”s fresh lows testing 40.45 now need only a second consecutive lower close to confirm 37.15 is in-play.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report is being greeted from a position of weakness at or under 2.70-2.73, with a third lower close being likely.

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))
Probing overnight under 1.1075 proved that clinging to it Monday afternoon wasn”t actually rejecting its retest as support. Lower support at 1.1000 that still must break lower to signal a new downleg underway was attacked down to 1.1020.

Gold Dec Contract (GC, ETF: (GLD))
Retesting the 1112.00 pullback limit Tuesday probed under it to 1108.50 while Silver was substantially lower. But 1112.00 was recovered without a commensurate recovery in Silver, which suggests the rally will resume.

Silver Sep Contract (SI, ETF: (SLV))
Retesting 15.30 support under 15.15 extended down to attack 14.65 intraday Tuesday. Closing back above 14.90 would suggest the extra dip had been absorbed and that momentum was reversing back up.

30-year Treasury Sep Contract (US, ETF: (TLT))
Probing the 158-26 buy signal temporarily Monday was retraced back down toward the 157-14 sell signal Tuesday morning, and then a few ticks closer during the afternoon.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A new low was avoided Tuesday which allows a buy signal to be identified. Closing back above 43.55 would start to suggest that at least a corrective rally had begun, targeting at least 45.15. By the same token, a fresh low close under 41.15 would resume the decline, next targeting 37.15.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Trending down lower overnight to gap down Tuesday has jeopardized the trading range”s 2.77 lower-end from launching at least a retest of its 2.88 upper-end. Back above 2.77 would still be bullish.

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))
Sunday night”s dip tested the 1.1075 reversal signal and bounce back up to 1.1120. But only temporarily, as the morning”s low was retested. A second consecutive lower close Tuesday would confirm that momentum had reversed down.

Gold Dec Contract (GC, ETF: (GLD))
Two days of testing the 1112.00 pullback limit resolved up before Monday”s open gapped up to test those two days” 118.00-1120.00 highs. But the opening surge didn”t extend any higher. Neither was it rejected, so extending higher overnight would be likely to trend up Tuesday, too.

Silver Sep Contract (SI, ETF: (SLV))
Friday”s deeper test of its “lower prior highs” was almost rejected into Monday”s gap up. But the open”s surge didn”t extend higher as the balance of the session ranged sideways in positive territory. Back under 15.15 would probably test 14.90 as support. But almost any strength above 15.40 would be credible for extending higher.

30-year Treasury Sep Contract (US, ETF: (TLT))
Probing the 158-26 buy signal at Monday”s open extended up toward last week”s prior intraday highs, with potential back to last week”s 160-22 overnight highs if not rejected Tuesday.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows were probed Sunday night under 42.00 and even lower intraday Monday to test 41.65. The trend remains down so long as 43.10 now holds as resistance.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Friday”s extension of Thursday”s EIA reaction had attacked 2.77 support. Sunday night”s gap down pole vaulted over it to probe a nickel lower Monday, back to the two-week old prior low. Having touched a relevant level, closing back above 2.77 would now suffice at least to test the range”s 2.88 upper-end.

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))
Rather than reject 1.1120 either way, Friday only ranged choppily around it. That”s not necessarily bullish, but the path higher remains open so long as 1.1075 holds as support

Gold Dec Contract (GC, ETF: (GLD))
Friday”s ranging more thoroughly tested the 1112.00 pullback limit that was barely attacked Thursday. Closing above 1118.00 would be likely to resume the rally.

Silver Sep Contract (SI, ETF: (SLV))
Dipping back into the pullback limit that had been tested already down to 15.30 needs to hold its test of 15.20 support. There shouldn”t be much further delay in probing back above Thursday”s high if the recovery remains in-play.

30-year Treasury Sep Contract (US, ETF: (TLT))
Bouncing Thursday night stopped just several ticks short of the 158-24 bounce limit whose recovery would suggest a repeat of Wednesday night”s highs testing the 160-22 objective. The overnight high was retested Friday. Any close back under 157-14 would signal the trend reversing down.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday”s inside day was in-line with the four-session sequence of consecutive non-confirmations to consecutive breakouts. The inside day does make the next trending attempt vulnerable to being false and reversed more substantially in the opposite direction.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
After Thursday”s EIA reaction had extended down to attack 2.77, Friday”s open gapped up to 2.83 and probed it intraday. Closing above 2.88 would confirm the rally had resumed.