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 continued reacting down from Wednesday”s attack on the 1.1120 bounce limit, back to what had been the low”s 1.1000 bounce limit. At least a retest of Tuesday”s 1.0935 opening gap is required, potentially resuming the decline.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday night”s reaction down from the 1163.00 buy signal was recovered to gap up Thursday, but only to overlap 1163.00 and to avoid triggering it. The signal remains valid, along with Thursday”s 1167.00 high.

Silver Sep Contract (SI, ETF: (SLV))
Extending the bounce into Thursday morning tested 15.35-15.45 resistance. One more shallow corrective dip should recover to launch a rally if the bottoming pattern”s timing remains valid.

30-year Treasury Sep Contract (US, ETF: (TLT))
Sliding Thursday into and out of the noon hour”s auction tested the pullback”s minimum 151-28 pullback limit. Probing under it to at least 151-16 was deep enough that closing back above 151-28 would suggest the pullback had ended, so the eventual third higher close above 154-14 could be produced.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The recent decline could not extend any deeper than Tuesday”s test of 50.40-50.55 while still being considered potentially only a temporary correction. Wednesday did not extend lower, and Thursday tested Wednesday”s 53.00 highs Back above 54.30 would be credible for launching a rally, or else new lows will become likely.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
.Thursday”s EIA report was not greeted from a position of strength, as Wednesday”s fresh low close confirmed Tuesday”s breakout, requiring at least a third eventual lower close. The open”s firming was reversed down sharply on the news to test 2.64, but that recovered back above the morning”s high to test 2.73. This is a “pivot reversal” setup that often extends the reversal up immediately, or immediately after retesting its low. Closing lower would indicate a much more substantial decline is underway.

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 post-close surge above the fresh low”s 1.1000 bounce limit was extended Wednesday to attack the prior low”s 1.1120 bounce limit. Tuesday”s breakout wasn”t confirmed, but its session should still be tested before considering whether a durable rally leg were underway.

Gold Aug Contract (GC, ETF: (GLD))
A slightly lower low Tuesday night attacking 1146.00 was recovered Wednesday morning to the 1163.00 buy signal. Any early strength Thursday would be credible for extending higher intraday.

Silver Sep Contract (SI, ETF: (SLV))
Flat-to-higher ranging Wednesday avoided confirming Tuesday”s breakout, making any early surging likely to extend higher intraday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday didn”t gap down at all, let enough to form an Island out of Tuesday”s pattern. At least an eventual third higher close is required, and any interim pullback is likely to be recovered.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Holding Tuesday”s low is critical to maintaining the recent decline as only a temporary correction. Firming ahead of Wednesday”s session helped to absorb intraday selling pressures, avoiding fresh a low. The EIA report had little if any impact.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Surging through Wednesday”s open peaked upon attacking 2.77 and reversed down to pierce Tuesday”s 2.68 low. Thursday”s EIA report is being not being greeted from a position of weakness. Closing back above 2.77 is needed to suggest any negative knee-jerk reaction down was recovered.

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 held the 1.1120 bounce limit after Monday”s bounce originated optimistically short of actually touching the prior Sunday”s low, lower lows Tuesday filled the month-old gap at 1.0930. The drop”s momentum remains intact so long as bounces now hold 1.1000 as resistance.

Gold Aug Contract (GC, ETF: (GLD))
Tuesday”s plunge fulfilled the retest of 1158.50 down to 1146.80. Consolidating under 1158.50 qualified as a breakout. A second consecutive lower close Wednesday would confirm at least a third eventual lower close coming. Closing above 1163.00 would signal that a bottom is forming, if not already reversing up.

Silver Sep Contract (SI, ETF: (SLV))
Spiking down more than $1 Tuesday to 14.62 doesn”t seem to qualify as “slow-playing” its decline. But this is the stage where a bottom can form by re-syncing with Gold. Avoiding a second consecutive lower confirming close Wednesday would be the first step.

30-year Treasury Sep Contract (US, ETF: (TLT))
The quality of last week”s bottom hasn”t improved simply because of the rally that it launched. Extending higher even during Monday night”s stock index rally suggests that more than a flight-to-safety is driving price higher. A second consecutive higher close Tuesday confirms Monday”s breakout and requires an eventual third higher close. That said, Tuesday”s price action formed a potential Island that would be triggered by gapping open Wednesday back under 151-28 and leaving the eventual recovery for another week.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending down deeper through Tuesday morning tested relevant support at 50.40-50.55. The next relevant support had been 51.90-52.05, which a reaction up was overlapping. This should be the low of what is only a correction, so long as a bounce recovers 52.90-53.00. Otherwise, extending down would next target new lows at 48.25.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday”s break back to 2.77 extended lower overnight somewhat similarly to Friday”s temporary probe above 2.83. Fresh lows intraday under 2.69 were retraced enough that also recovering 2.77 Wednesday could form a durable bottom. There is otherwise no compelling pattern currently.

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 gap down only attacked the prior Sunday”s 1.0981 opening gap before recovering back into positive territory at 1.1108. Its retracement stopped optimistically short of even touching the overnight low, but its reaction up was resisted by last week”s closes. Fresh lows remain likely so long as the 1.1120 bounce limit holds.

Gold Aug Contract (GC, ETF: (GLD))
Sunday night”s $6 gap up to 1174.00 had reacted down to 1162.00 before Monday”s open. That was recovered to attack 1174.00. It”s not optimal for a bottom, but back above 1175.00 would start to signal momentum reversing up.

Silver Sep Contract (SI, ETF: (SLV))
Sideways ranging continued avoiding whatever influences have been keeping gold under pressure. Closing at 15.75 which the past two weeks have repeatedly overlapped still keeps the decline from extending.

30-year Treasury Sep Contract (US, ETF: (TLT))
Sunday night”s flight-to-safety triggered a probe above last week”s 151-15 high up to 151-26. Its reaction down to 150-13 was recovered to a fresh post-open high. Back under 150-06 would signal momentum reversing down, eventually targeting fresh lows under 147-14.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows Sunday night tested support at 53.25 by more than a dime. And that was exceeded after the close down under 53.00. The decline”s momentum remains intact so long as bounces now hold 53.85 as resistance.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Filling the outstanding gap above Thursday and closing back under 2.83 prevented buyers from gaining traction. Gapping down to 2.77 support Monday doesn”t help sellers to gain traction, although the session simply ranged choppily sideways. There is no compelling setup in this pattern.

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 1.1110 bounce limit held Thursday, so reversing the trend up would now require closing above 1.1155. Otherwise, 1.0910 down to 1.0855 is in-play.

Gold Aug Contract (GC, ETF: (GLD))
Thursday”s s Employment Situation report was greeted already testing the longstanding 1158.50 target. A blip down to 1156.00 reacted up sharply to 1168.00 before ranging sideways into the close. There is no buy signal, and at least a retest of 1158.50 is likely, regardless of the resolution.

Silver Sep Contract (SI, ETF: (SLV))
Fresh lows were avoided during the past week fresh — or, at least confirming a break lower — while gold met its target. None of which is a buy signal, but makes the pattern vulnerable to leveraging buying pressure.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday morning”s reaction the Employment Situation report blipped down to touch 147-26. That”s a 61.8% proxy retracement of last Friday”s range, whose gap back to its 147-16 should still be filled.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing Thursday off of 56.85 — support that had held Wednesday”s low — bounced to 57.75 resistance. Resistance held, and its reaction down attacked 56.85. Closing above Thursday”s 57.95 high would end the decline and above 58.35 would reverse the trend up. The drop”s momentum otherwise remains intact.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up to 2.83 Thursday extended sharply higher to 2.89, filling the week-old gap back up to 2.86. Neutralizing its attraction above enabled a dip back to 2.83 as support. Closing above 2.83 requires extending higher aggressively without delay, to prove that filling the gap back up to 2.86 didn”t neutralize all remaining upside attractions.