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))
Firming Thursday off of Wednesday”s test of 1.0855 support tested 1.0920-1.0945 resistance to remain only a bounce refueling sellers. Back under 1.0900 would resume the decline.

Gold Dec Contract (GC, ETF: (GLD))
Testing of 1083.00-1087.00 support bounced Thursday up to 1093.00 resistance, not yet breaking the range either way to signal trending in that direction. Above 1100.00-1105.00 would signal an upleg underway, and the risk is to fresh lows at 1062.00 or 1050.00.

Silver Sep Contract (SI, ETF: (SLV))
Ranging narrowly around 14.55 continued to avoid trending, which would be signaled beyond either end of the 14.35-14.90 range.

30-year Treasury Sep Contract (US, ETF: (TLT))
The recovery from Wednesday”s 155-06 low extended higher Thursday to probe above 157-00, targeting a retest of Monday”s 157-30 high up to 158-08 so long as 155-16 now holds as support.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows Thursday morning fulfilled the 44.25 target. The decline wasn”t rejected by a bounce, or renewed by closing below it, making fresh lows likely, even if only temporarily.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Probing a nickel under 2.77 ahead of Thursday”s EIA report reacted up sharply to test the 2.83 buy signal. It held its test for now, but remains the buy signal.

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))
Lower lows Tuesday night reacted up from 1.0855 support, which Wednesday retested reacted up, too. Although that was the decline”s original target, the current decline still stopped optimistically short of retracing entirely back down to prior lows. This suggests this is not just a retest of prior low, but a new downleg.

Gold Dec Contract (GC, ETF: (GLD))
Without gapping open either way Wednesday, the template”s symmetry has been invalidated. Closing under 1087.00 and 1083.00 with confirmation the following day puts into play fresh lows targeting 1062.00 and potentially also 1050.00. There is otherwise room back up to 1100.00 before signaling a rally underway

Silver Sep Contract (SI, ETF: (SLV))
Narrow ranging dipped to retest the 14.55 support that must hold tests to avoid launching a new downleg.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday extended Tuesday”s pullback, probing under the 156-24 pullback limit and testing the 155-16 sell signal. The day”s 155-07 low represents a 61.8% retracement of the latest upleg, which is an appropriate spot to launch a retest of the high up to 158-08 that satisfies remaining buying pressure.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially firming further Wednesday came within a nickel of the 46.75 bounce limit before the EIA report triggered a return to fresh lows attacking the 44.25 target..

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Wednesday”s gap up above Tuesday”s high was retraced 61.8% back into Tuesday”s range. Tuesday”s breakout wasn”t confirmed, but also not rejected, and back above 2.83 would now signal a rally leg is 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))
Monday”s consolidation had been supported by 1.0945 pullback limit, which was finally probed Tuesday afternoon back to Friday”s 1.0900 low. So long as 1.0930 now holds as resistance, the 1.0835 low”s retest is in-play, probably on the way to lower lows.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday”s ranging was even narrower than Monday”s, both of which held above 1087.00 support, despite an overnight drop to 1080.00. The complacency is problematic to the pattern, as its timing requires a resolution to have been obvious before Tuesday”s noon hour. This delay often resolves by gapping sharply in either direction, i.e. trending sharply overnight.

Silver Sep Contract (SI, ETF: (SLV))
Monday”s dip to 14.55 support was probed overnight but recovered in time for Tuesday to remain firm. But the recovery must extend back up through 14.75 to suggest that a rally leg may be underway.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down slightly Tuesday didn”t extend down intraday, hovering above the rally”s 156-24 pullback limit, after Monday”s highs came within 10 ticks of the next higher attraction at 158-08.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight firming was maintained into Tuesday after Monday”s lows held a test of 45.15, which is the last objective along the path targeting 44.25.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up above 2.77 quickly tested 2.82 and peaked there, weakening intraday to attack 2.77 as support. Closing Wednesday above Tuesday”s high would be credible for signaling 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))
Friday”s odd detour was retraced a little more deeply into Monday”s open, testing 1.0945 as support what had been the prior downleg”s bounce limit. Its break would target new lows, so rejecting it and recovering without delay may be the only path higher.

Gold Dec Contract (GC, ETF: (GLD))
[Rolling coverage forward to Dec, which trades at a $0.50 discount to Aug] Flat-to-lower ranging supported by 1088.00 sat out conspicuously from otherwise volatile stock and bond market action. Back above 1100.00-1105.00 would be credible for extending sharply higher intraday. Delaying its recovery much past noon Tuesday would instead start to develop a new downleg.

Silver Sep Contract (SI, ETF: (SLV))
Dipping once again back under 14.75 Friday extended lower Monday to test 14.50 support, which should hold to maintain the 14.75 buy signal”s validity.

30-year Treasury Sep Contract (US, ETF: (TLT))
Hardly any hesitation interrupted extending the rally to within 8 ticks of its next higher attraction at 158-08. The rally remains intact so long as 156-24 now holds as support.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Last week”s break under 148.25 targeting 144.25 was extending down already into Monday”s open, and extended down deeper intraday to test 145.10-145.15, which is the last support prior to the 144.25 target.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Bouncing overnight to attack the 2.77 buy signal was retraced Monday morning back down to Friday”s test of 2.70 support. Bouncing again from the filled gap was well within proximity to trigger 2.77 Tuesday if a deeper drop is to be avoided.

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))
Having fulfilled the 1.1075 sell signal”s 1.0900 minimum objective Thursday, the pattern became vulnerable to a corrective bounce. Understatement. Gapping up Friday morning extended sharply higher to touch the same 1.1120 resistance that had contained this week”s earlier bounce. Reacting down retraced more than 61.8% of the bounce to test 1.0970 — deep enough to trigger a new buy signal above 1.1075, while also suggesting extending any deeper would target new lows. I”ll describe this setup more thoroughly during the post-market Wrap.

Gold Aug Contract (GC, ETF: (GLD))
Another test of 1083.00 down to 1080.00 Friday was recovered quickly back above 1078.00, and then sharply higher to test 1100.00. The recovery should be obvious Monday, or else back under 1078.00 and 1083.00 would launch a new downleg .

Silver Sep Contract (SI, ETF: (SLV))
Surging through 14.75 Friday morning didn”t extend, and was actually retraced again, although 14.75 was still being tested as support to keep the pattern vulnerable to recovery.

30-year Treasury Sep Contract (US, ETF: (TLT))
Rallying Thursday to within 1 tick of the 155-16 target was followed by gapping up Friday and extending higher to attack the next higher target of 156-24 to within 3 ticks. Now the rally”s momentum remains intact so long as 155-16 holds as support.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing, retesting and re-retesting the 49.25 buy signal without breaking higher was reversed down sharply Friday afternoon to probe Monday”s low under 47.00. That also triggered the 48.25 sell signal, now targeting 44.25 if confirmed by a second consecutive lower close Monday.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
After ending Thursday at the 2.77-2.88 range”s lower-end, Friday extended down further to attack 2.70, where 2.77 would become a buy signal again.