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))
Sunday night’s rally greeted Monday’s open testing the 1.1850 target. Price immediately reversed to probe negative territory down to 1.1793. The gap up above all prior highs is likely to be retested before a durable reversal down can gain traction.

Gold Aug Contract (GC, ETF: (GLD))
Monday’s gap up to 1266.00 reversed down through the noon hour to test last week’s lower prior highs under 1259.00. The gap back to Friday’s 1256.50 close could be filled, too, but more important to maintaining the rally effort is to close above Monday’s high on Tuesday.

Silver Sep Contract (SI, ETF: (SLV))
A pullback to 15.85 would have been optimal before completing a bottom, so rallying prematurely Sunday night can’t afford to much hesitation extending higher. And Monday morning already neutralized the nearest upside objective, filling the week-old gap up to 16.25. Closing higher Tuesday would form a bottom, and overcome the risk of a deeper pullback.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s “ineffectual optimism” reacted down Sunday night and gapped down Monday to test the 145-02 sell signal. That defined the lower-end, and keeps alive potential for a recovery above 145-25 to resume the rally.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trading up through 74.25 Sunday night was retraced to only fluctuate narrowly Monday. Coming so close to filling the gap back up to 74.82 doesn’t qualify as filling it, which remains likely before a durable reversal down would be credible.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Friday’s bounce neutralized the attraction to “higher prior lows,” which was retested Sunday night, But Monday’s intraday slide tested 2.82, whose break would confirm a deeper downleg 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))
Gapping up Friday back to Thursday’s 1.7735 open surged to fresh recovery highs at 1.1830. The 1.1850 objective is also in view so long as Monday doesn’t retrace all of Friday’s gain.

Gold Aug Contract (GC, ETF: (GLD))
Friday’s gap down still held well above Thursda’s lows, but didn’t recover. It’s not the optimal pullback before launching the next upleg, but almost any initial strength Monday would be credible for extending higher anyway.

Silver Sep Contract (SI, ETF: (SLV))
Barely attacking Thursday’s high Friday morning reacted back down to attack Wednesday’s lows, which is still shallower than optimal before launching a credible rally leg. While a fresh high early Monday could extend, it probably wouldn’t be durable.

30-year Treasury Sep Contract (US, ETF: (TLT))
Spiking up in reaction to Friday’s Employment Situation report was retraced back within Thursday’s range, almost entirely to fill the gap back down to 145-16. Friday’s gap up was within Thursday’s range, too, so there is not inhibition to prevent reacting down through the week-long range’s lower end to 144-08.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Retesting the 72.80 pullback limit Friday morning was recovered to hold its test, still being likely to fill Tuesday’s 74.80 opening gap and possibly retest the 75.30 target.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Friday’s session didn’t rally, and only slightly probed under Thursday’s low. Twice. The recent break and the position of weakness greeting the EIA report weren’t rejected, making the pattern likely to resolve down if not already recovering Sunday night.

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 Thursday filled the gap to last Tuesday’s 1.1781 open and immediately began trending down to last Friday’s 1.1745 “lower prior highs.” Extending any higher would next target the 1.1850 area.

Gold Aug Contract (GC, ETF: (GLD))
Shallow overnight weakness was recovered to gap up Thursday and then probe fresh highs attacking 1262.50. The pullback was too shallow to be optimal, but almost any higher close would be credible for extending the bounce to 1269.50.

Silver Sep Contract (SI, ETF: (SLV))
Dipping under 16.00 overnight was recovered in time to gap up Thursday and then probed Tuesday’s high up to 16.20. The gap back down to Monday’s 15.85 close remains outstanding, but almost any initial strength Friday would be credible for extending sharply higher.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up Thursday and probing fresh highs above the recent range’s upper-end could have greeted Friday’s Employment Situation report from a position of strength. But the range’s upper-end was still being tested. A negative reaction or resolution can’t be dismissed. But closing above the range would be considered a breakout.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping again to the 72.90 pullback limit Thursday still hasn’t reversed the trend down, and remains likely to retest the 74.82 gap up or even to more fully test the 75.30 target.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce up to “higher prior lows” at 2.90 was retraced through Thursday morning down to 2.82. Friday’s EIA report is being greeted from a position of weakness.

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 gap up didn’t extend, but held 1.1295 to avoid signaling the trend reversing up above 1.1745.

Gold Aug Contract (GC, ETF: (GLD))
Fresh lows under 1239.00 overnight stopped short of fulfilling potential to 1237.50 before reversing up sharply. Tuesday’s open was greeted at 1248.50 and extended to 1258.50. A pullback to 1247.50 could suffice to form a bottom, but under 1244.50 would signal a corrective bounce was reversing down.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s 16.00 open was greeted by an overnight rally that extended intraday up to 16.08. A pullback to 15.93 would be optimal for forming a bottom that could launch a significant trend reversal.

30-year Treasury Sep Contract (US, ETF: (TLT))
Still testing downtrending resistance under 144-26 Tuesday reacted up to attack the recent range’s 145-16 upper-end. Back under 144-08 would signal momentum reversing down, but the pattern otherwise remains vulnerable to extending higher.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Coming to within 3 cents of the longstanding 75.30 target Tuesday coincided with headlines of Saudi increased oil output. The steep reaction down to 72.75 stopped optimistically short of touching Sunday night’s gap down, suggesting an eventual break lower. Meanwhile, Tuesday’s 75.00 open gapped up above all prior highs, and would like to be retested from below. Upside remains likelier first so long as the 72.95 pullback limit continues holding.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s temporary probe under the 2.82 sleeper low had failed to extend, so Tuesday’s rally touched 2.90 and closed at 2.88 support. Higher prior lows could be tested up to 2.92 before resuming the decline.

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 bounce to 1.1725-1.1745 resistance was retraced Sunday night to gap down Monday to test 1.1670. Extending down even a little would likely extend down to fresh lows under 1.1585-1.1595.

Gold Aug Contract (GC, ETF: (GLD))
Friday’s 1257.00 high was considered a likely candidate for ending the corrective bounce before resuming the decline. Reacting down into the weekend and out of it has probed fresh lows, with lower potential outstanding. Attacking 1240.50 nearly fulfilled 1237.50, which would remain likely so long as 1244.50 now holds bounces.

Silver Sep Contract (SI, ETF: (SLV))
Trending down Sunday night extended to gap down Monday to last week’s 15.95 low and extend to 15.80. The decline’s momentum remains intact so long as bounces now hold 15.87.

30-year Treasury Sep Contract (US, ETF: (TLT))
Volatility is still missing since probing the 144-26 falling trendline that was at first an attraction, and which must now hold as support to avoid another corrective drop.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s low retested Thursday night’s low, both lows holding the 72.90 pullback limit that keeps alive the next higher objective at 75.30. So does Monday’s recovery.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
There was no bullish reason to close lower Friday, since Thursday’s drop already had filled and held the prior gap. So, Sunday night’s weakness extended down sharply to gap down under multi-week lows down to 2.82. Bounces should hold 2.87 to maintain the breakout’s momentum.