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))
Gapping up Monday to test 1.1770 resistance reacted down to 1.1750 support, which held and almost recovered 1.1770 again. Extending higher Tuesday would next target filling last Monday’s gap open back up to the 1.1850 original corrective bounce target.

Gold Aug Contract (GC, ETF: (GLD))
Bouncing overnight held 1245.50 resistance and reversed down through the morning to fill the gap back to Friday’s 1238.40 gap down. It required being filled after testing “higher prior lows,” but Monday’s inside day must await closing above Sunday night’s 1245.80 interim higher to signal momentum reversing up. Downside momentum otherwise remains intact.

Silver Sep Contract (SI, ETF: (SLV))
Firming Sunday night to attack Friday’s 15.90 high was retraced entirely back down to Friday’s low attacking 15.75. This is neither a buy signal or a sell signal, but neither does it establish that Friday’s drop and optimistic low has yet attracted strong-handed buyers. Probing again above 15.90 would be credible for extending higher intraday, but the decline’s momentum otherwise remains intact.

30-year Treasury Sep Contract (US, ETF: (TLT))
Greeting the new week from the range’s 145-25 upper-end once again reversed back down to its 145-02 lower-end Monday morning. But the lower-end was also probed down to 144-23, albeit only momentarily before recovering back into the range. Only closing under 144-23 would signal a new downtrend underway.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s confirmed breakout from 74.00 had bounced Friday, but gapping down Monday extended intraday to fresh lows testing 67.60. The pattern’s minimum eventual third lower close is now fulfilled. More lower closes are pssible, but the bounce limit is now 69.60.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Bouncing Sunday night to 2.77 was reversed to fresh lows Monday morning at 2.73. A post-open bounce retraced the overnight highs. This stage of the decline cannot tolerate much if any delay to extending lower, to avoid at least a corrective bounce.

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 bounce from 1.1702 support had held 1.1740 resistance, only testing the 1.1725 buy signal at the close, so momentum did not reverse up. The overnight drop to 1.1665 support was retraced enough for Friday’s open to gap down to the 1.1702 support narrowly avoided Friday. The retracement extended to fill the gap back up to Thursday’s 1.1725 buy signal, which would still be valid if triggered.

Gold Aug Contract (GC, ETF: (GLD))
Holding Thursday’s bounce at 1248.50 had kept alive the decline’s momentum, next targeting 1237.50. Which was met at the 1236.20 overnight low just before Friday’s gap down. Bounces must now hold tests of 1243.50 to maintain the decline’s momentum.

Silver Sep Contract (SI, ETF: (SLV))
The 16.02 buy signal was only touched at the peak of Thursday’s bounce, keeping alive the decline’s momentum for at least a deeper test of the prior week’s 15.80 low. Friday’s gap down did test it by a nickel, and leaves no “unfinished business below,” but it is premature to qualify as a low.

30-year Treasury Sep Contract (US, ETF: (TLT))
The 145-02 / 145-25 range continued its influence Friday as Thursday’s dip back down to its lower-end was reversed to attack its upper-end. The range is effectively a “standing-stop,” and is losing its predictive value for identifying the first trending attempt beyond its range.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming slightly Friday morning keeps alive downside momentum which has already confirmed Wednesday’s breakout that requires at least an eventual third lower close.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
The bounce to 2.82 resistance resolved down Friday to fresh lows attacking 2.75, and the lower-end of April’s range had launched the interim highs above 3.02. Bounces holding 2.80 would keep alive 2.71 and 2.67 targets below.

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))
Fresh pullback lows overnight attacked 1.1702 closely enough before Thursday’s open to consider its test as having fulfilled more selling pressure than Wednesday’s intraday dip to 1.1725. Regardless, closing back above 1.1725 starts to signal the pullback’s retracement up to 1.1850 is underway.

Gold Aug Contract (GC, ETF: (GLD))
Barely filling the gap back down to the prior week’s 1241.60 low close was reversed back up through the Thursday morning up to Wednesday’s 1248.50 sell signal. Its recovery would help to start forming a bottom, but the bounce otherwise is only a temporary correction on the way down to 1237.50.

Silver Sep Contract (SI, ETF: (SLV))
Gapping up Thursday from Wednesday’s test of the prior week’s 15.80 lows extended higher through the morning to touch the 16.02 buy signal. Closing above it would start to form a bottom and reverse the trend up. Again. Meanwhile, the buy signal’s test is potentially the peak of a corrective bounce.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s gap down to the 145-02 sell signal held its retest to produce a bounce that essentially filled the gap back up to Wednesday’s close. Its reaction attacked 145-02, still awaiting either its break lower or a break above 145-25 to extend in that direction.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing overnight back up to the 71.05 sell signal that had triggered Wednesday never improved Thursday, and only extended lower. Wednesday’s break from a multi-session range and under its 72.90 pullback limit is now a confirmed breakout. At least an eventual third lower close is required. Already having fulfilled the rally’s 75.30 target to within 3 cents, the signal could develop into a trend reversal.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Wednesday’s bounce was still testing its 2.82 bounce limit and not reversing the downtrend. Gapping down Thursday and extending down intraday keeps alive the decline’s momentum.

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))
Wednesday’s wobbly open recovered a gap down to actually probe back above Monday’s close (which Tuesday’s recovery barely did) before reversing down to fresh session lows. Breaking back under Tuesday’s open extended to 1.1725, which must hold to allow a near-term retest of 1.1850 instead of retesting 1.1610 and lower.

Gold Aug Contract (GC, ETF: (GLD))
Tuesday’s close back above 1254.50 after having dipped overnight to 1248.50 had indicated the reaction down didn’t gain traction. But a second consecutive higher close was needed to confirm. And now closing back under 1248.50 is signaling fresh lows in-play, targeting 1237.50.

Silver Sep Contract (SI, ETF: (SLV))
Closing back above 16.07 Tuesday had signaled the overnight test of 15.93 held. But retracing it overnight again has probed back under 15.85. A lower close would trigger a new downleg.

30-year Treasury Sep Contract (US, ETF: (TLT))
Surging overnight off the Mon-Tue test of the 145-02 sell signal attacked the 145-25 buy signal before reversing back down intraday Wednesday.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging Wednesday tested the 72.90 pullback limit and then broke sharply lower to trigger the 71.05 sell signal. Last week’s gap up above all prior highs has foregone its retest, but the rally’s 75.30 target has held.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Slightly lower lows overnight were recovered into Wednesday’s open and firmed to test 2.82 resistance. Regardless, just closing at or under 2.82 maintains the decline’s momentum.

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 reaction down from the open’s test of its 1.1850 bounce limit had barely closed positive. Already gapping down Tuesday fought back to attack positive territory. Meanwhile, Monday’s gap up was above all prior highs for the trend, so it should be retested before a durable reversal down would be credible.

Gold Aug Contract (GC, ETF: (GLD))
Trending down sharply overnight nearly fulfilled the original optimal pullback that would have made Monday’s rally durable. Testing 1248.50 overnight and closing Tuesday above 1254.50 would make the next rally leg much more reliable for extending higher durably.

Silver Sep Contract (SI, ETF: (SLV))
Monday’s open had filled a week-old gap open above. Its reaction trended down intraday and overnight to test the 15.93 pullback level from which a durable rally would have begun. The second attempt is still credible for bottoming, if closing above 16.07 Tuesday is confirmed by a higher close Wednesday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Already flirting with the 145-02 sell signal Monday, Tuesday continued by fluctuating around it intraday. There is room for noise between 144-22 and 145-26 before signaling the next move underway.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming further overnight nearly threatened to finally fill last week’s 74.82 gap up above all prior highs that should be retested before a durable decline can begin, which could then be signaled under what is now the 72.90 pullback limit.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Bouncing off of 2.92 Monday instead of breaking under it didn’t reflect strength, so Tuesday’s more decisive break under 2.92 to 2.79essentially confirms are more substantial downleg is underway. .