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))
Tuesday”s sell signal had extended down Wednesday afternoon, following an initially favorable knee-jerk reaction to the FOMC policy statement. Its ultimate reaction down extended much deeper Thursday, fulfilling the 1.0900 minimum objective for only a correction. The drop may extend to fresh lows under 1.0815-1.0835 so long as 1.0945 isn”t recovered.

Gold Aug Contract (GC, ETF: (GLD))
The 1083.00 target was fulfilled overnight which allows a rally leg to begin. But, first, closing back above 1086.00-1087.00 Thursday was the minimum requirement to signal that sellers were done. A bounce attacking 1095.00 reacted down to attack 1086.00-1087.00, and now closing back above 1093.50 can launch a rally.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday”s probe above the 14.75 buy signal was repeated after the FOMC policy statement, but never extended higher. Dipping overnight was recovered back above 14.75 for another opportunity to extend higher. Closing above 14.90 would confirm a rally leg underway.

30-year Treasury Sep Contract (US, ETF: (TLT))
Dipping deeper Wednesday night to 153-13 didn”t pevent recovering Thursday to fill the gap back to 155-08, coming within 1 tick of the bounce”s 155-16 target. Closing above it would put into play the next higher objective at 156-20. Meanwhile, back under 154-12 would launch a new downleg, or at least a correction of the recent rally.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another test of the 49.25 buy signal Thursday was also unable to break higher. Closing back under 48.25 signals the decline has resumed and is targeting 44.25.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Firming a little further overnight to the 2.77-2.88 range”s upper-end was already being retraced when Thursday”s EIA report triggered a deeper slide back down to its lower-end. Without breaking out either way, there is no new 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))
Tuesday”s break lower extended down slightly Wednesday before the FOMC statement. Its reaction blipped-up, then resolved down to attack 1.1000. The drop should extend if the recent rally”s correction is underway, let alone its retracement.

Gold Aug Contract (GC, ETF: (GLD))
Slipping momentarily down to 1089.00 was recovered quickly back into the range, where a blip-up tested 1100.00 in reaction to the FOMC statement. That resolved back down into negative territory, still likely to visit 1083.00 before a rally would be credible.

Silver Sep Contract (SI, ETF: (SLV))
Crossing the 14.75 buy signal early Wednesday reacted up sharply to 14.90, helping to confirm the level is relevant. The surge was retraced entirely to test 14.75 as support, which held through the FOMC statements reaction.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down slightly and within Tuesday”s range still extended down Wednesday, testing the 154-00 pullback limit by several ticks. The FOMC reaction wasn”t very strong, but it recovered well back into the range. Dipping a little deeper Wednesday has made filling the gap back up to Monday”s 155-08 close likely to probe above it by at least a quarter-point — still assuming that 154-00 holds as support.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday”s EIA report triggered a surge that tested the 49.25 buy signal — twice, by a quarter. Its reaction down under 48.75 was too shallow to signal that longs were trapped. Closing back under 48.25 would have signaled extending down to 44.25.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Firming Wednesday in positive territory doesn”t strengthen the pattern any further for greeting Thursday”s EIA report. But neither is it any weaker, still sitting complacently within its 2.77-2.88 range..

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 test of 1.1075/1.1120 resistance was gapped down Tuesday, testing 1.1030 whose break would target 1.0910 and possibly fresh lows.

Gold Aug Contract (GC, ETF: (GLD))
Overnight weakness didn”t extend down Tuesday, but neither was it recovered. At least an attack on recent lows is still needed before a more substantial rally leg triggered above 1105.00 would be very credible.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday”s weakness might have been sufficient to stretch the rubber band deeply enough to launch a more substantial rally effort, which would be triggered back above 14.75.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday”s reaction down from fulfilling the 155-26 target resolved in gapping down Tuesday, but the gap back up to Monday”s 155-08 close should still be filled before a more substantial downleg would be credible.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight attacking 47.00 were recovered into positive territory before Tuesday”s open. That failed to extend through 48.25, which was the decline”s last target, or back above 49.25 which would start to signal a rally is underway.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Firming early Tuesday from Monday”s test of 2.77 support was retraced entirely back to Monday”s close, but not into negative territory. Closing above 2.88 would signal the consolidation had ended and a new 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))
Sunday night”s rally soared past the 1.1045 bounce limit to test 1.1120 by almost 40 pips. Closing back under 1.1075 would target 1.0990 just as a pullback. Closing under 1.1045 would have been likely to trend down sharply to at least retest recent lows.

Gold Aug Contract (GC, ETF: (GLD))
Overnight testing of the 1100.00 bounce limit reacted down before Monday”s open to retrace the post-close gain above Friday”s close back to the 10880.00 area. Another bounce was restrained by 1100.00 Monday, keeping the door open to reversing back down.

Silver Sep Contract (SI, ETF: (SLV))
Flat-to-higher narrow ranging Monday suggests a recovery could be delayed by retesting last week”s lows. But immediately rallying would be more credible by gapping up (i.e. rallying already overnight).

30-year Treasury Sep Contract (US, ETF: (TLT))
Falling stocks helped Sunday night”s rally extend to the 155-26 target. There is no requirement to trend any higher, but reversing down requires closing under 154-00.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing under the 48.25 target that was met Thursday would have suggested the decline is extending to 44.25, except the session didn”t trend down. So, early trending Tuesday in either direction is likely to extend intraday.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Holding 2.77 support Monday didn”t attract sponsorship for a rally. Ignoring a second consecutive opportunity to break lower doesn”t prevent probing lower Tuesday. But hovering at support for so long does suggest that a break lower would be reversed more substantially in the opposite direction.

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 gap down from Thursday”s 1.1010 close stopped short of touching 1.0920 before bouncing back toward Thursday”s close. There”s no requirement to tick any higher before returning to the 1.0835-1.0855 lows.

Gold Aug Contract (GC, ETF: (GLD))
Another overnight plunge was able to fulfill the 1076.50 targeted retest of Sunday night”s 1080.00 low down to 1072.20. The open was already probing above 1076.50 and extended slightly higher intraday. Retesting the actual low isn”t required, but the 1090.00 bounce limit was probed after Friday”s close, potentially creating extra room to help absorb another sell-off.

Silver Sep Contract (SI, ETF: (SLV))
Overnight lows fulfilled the 14.40-14.45 target which was retested intraday Friday down to 14.33, and recovered back up to 14.40-14.45. A low could begin developing so long as Monday does not close lower.

30-year Treasury Sep Contract (US, ETF: (TLT))
Slicing through the gap at 154-00 Friday kept alive the upside momentum to continue higher overnight. Friday”s stock market decline encouraged a flight-to-quality that helped to push price higher to test 155-03, targeting 155-26 so long as 154-00 holds any test as support.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s test of the 48.25 target Thursday didn”t react up much overnight before Friday”s fresh low tested 47.75. Its reaction tried recovering 48.25. Closing back above 49.25 would signal the downleg was ending, if not also reversing up.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday afternoon”s test of 2.83 extended lower overnight to also test 2.77, which lowers the buy signal to 2.83. The session essentially ranged narrowly sideways at or around 2.77.