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 Friday to 1.1700 extended to test 1.1745. Extending any higher would target 1.1845-1.1860. Closing back under 1.1700 would target fresh lows under 1.1595.

Gold Aug Contract (GC, ETF: (GLD))
Having fulfilled its minimum objective of a third lower close on Thursday, Friday had become more vulnerable to bouncing. It firmed, still having potential for fresh lows down to 1245.50 or 1237.50.

Silver Sep Contract (SI, ETF: (SLV))
An overnight pullback to 16.00 made a higher low before extending above Thursday’s highs to test 16.20. The price and pattern are appropriate for a corrective bounce to be ending. Otherwise, extending any higher aggressively would suggest that a bigger bounce is underway.

30-year Treasury Sep Contract (US, ETF: (TLT))
Flat, narrow ranging overnight became flat-to-higher ranging Friday. Breaking back under 144-26 would still launch a much deeper reaction down, and probably not only a temporary correction.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A shallow pullback overnight held the newly adjusted shallow pullback limit at 72.90 before firming to a fresh high intraday attacking 74.45, and still targeting 75.30.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping down Friday extended Thursday’s reaction down further under 2.96 to signal momentum reversing down.

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 overnight down to 1.1595 nearly touched last week’s 1.1580 overnight low of the entire decline. Stopping optimistically short before bouncing intraday doesn’t make fresh lows any less likely on this leg.

Gold Aug Contract (GC, ETF: (GLD))
Fresh lows overnight weren’t broken until the afternoon extended to attack 1248.00. This fulfills the minimum third lower close required by the confirmed breakout, but does not at all suggest the decline is ending.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Thursday creates a new piece of unfinished business below at the open, which must be retested eventually after retesting higher prior lows. Coverage rolls forward immediately to Sep, which trades at a 9-cent premium to Jul.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s test of downtrending resistance at 144-26 and extended higher intraday. Thursday did not extend higher, but neither was 144-26 reversed, which would signal the momentum reversing down.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s fresh highs tested 74.00. The 75.30 target remains intact so long as pullbacks now hold 72.95 as support. Back under 71.05 would signal that momentum is reversing down.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from only so much of a position of strength that a knee-jerk reaction down would likely recover. Reacting up first would still be vulnerable to reacting down. In fact, gapping up to 3.00 and probing higher was reversed down sharply to 2.93. Closing lower Friday would signal the trend reversing down.

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))
Still testing the 1.1725 sell signal at Tuesday’s close, but as resistance, resolved down overnight to gap down Wednesday under the 1.1700 confirmation. Extending down sharply intraday tested 1.1635 which had been the original decline’s target, likely now to probe fresh lows.

Gold Aug Contract (GC, ETF: (GLD))
Probing fresh lows overnight was extended Wednesday morning, as the session tested 1253.50. Thu-Mon had formed a multi-session range, so Wednesday’s fresh low close has confirmed Tuesday’s breakout and now requires at least an eventual third lower close.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s 16.18 gap down under all prior lows had required a retest from above, which was fulfilled at Wednesday’s open. Its reaction up filled the gap back to Tuesday’s close before resolving down to fresh lows. While this does not form a breakout, at least fresh intraday lows are likely, if not also extnding the trend.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s gap up immediately tested downtrending resistance coinciding at 144-26. Extending higher intraday to attack 145-08 did not reverse down intraday, but closing back under 144-26 would signal momentum reversing down.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fulfilling the 70.25 target Tuesday wasn’t rejected or reversed, and the rally extended higher overnight to gap up Wednesday at 71.18. Trending up intraday probed a nickel above 73.00 and 35 cents above 5-week old highs. Holding 71.25 as support keeps alive the next higher target at 75.30.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday to 2.96 and extending up to 3.00 greets Thursday’s EIA more from a position of strength than of weakness. An initially negative knee-jerk reaction down to 2.92 would be likely to recover, but there’s no assurance of an initially favorable reaction being maintained.

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))
Overnight weakness tested the new  1.1725 pullback limit, and held it intraday to maintain potential for extending the bounce up to 1.1850. Otherwise, breaking the pullback limit and extending under 1.1700 would target fresh lows at 1.1575.

Gold Aug Contract (GC, ETF: (GLD))
A double-digit overnight slide to 1256.50 gapped down to fresh lows again Tuesday. Like Thursday’s gap down, the balance of the morning trended back up to 1264.00. But Tuesday had already begun rolling back over. Regardless, the low will need to be retested.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down to fresh lows after testing 16.15 quickly rallied Tuesday to fill the gap back up to Monday’s close above 16.30. The balance of the session hovered narrowly under unchanged, with the open’s gap now requiring a retest.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s flat-to-lower ranging held within Monday’s range and just under Monday’s 144-16 high, still having potential to test 144-26 and to reverse down from there.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Not confirming Friday’s breakout above 65.65 on Monday didn’t prevent extending higher Tuesday to fulfill the 70.25 target up to 70.65. Pullbacks must now hold 69.35 as support to avoid potentially triggering the 68.80 sell signal.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Aug which trades at a 1-cent premium over Jul]… Flat, narrow ranging between 2.90-2.92 didn’t extend Monday’s drop, which remains vulnerable to breaking lower anyway so long as 2.96 isn’t recovered first.

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))
Dipping Sunday night back to Friday’s test of the 1.1700 sell signal was recovered to gap up Monday to test 1.1775. The sell signal could be raised to 1.1725, at least a preliminary signal that must still break under 1.1700 to reverse the trend back down.

Gold Aug Contract (GC, ETF: (GLD))
Monday’s shallow dip retraced 61.8% back down to Thursday’s low, which didn’t acknowledge the overnight low that had preceded it. This qualifies as “ineffectual optimism” which is tends to be more bearish from a contrarian perspective.

Silver Jul Contract (SI, ETF: (SLV))
Having held Friday’s test of its 16.45 bounce limit, drifting lower Monday helps to confirm resistance held. But closing lower on Tuesday is still needed to signal the decline has resumed.

30-year Treasury Sep Contract (US, ETF: (TLT))
Bouncing again off of the 143-18 buy signal attacked last week’s highs up to 144-18. Downtrending resistance coinciding at 144-28 is even likelier to be tested before reversing down, so long as 143-04 now holds as support.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap up from the 65.65 buy signal to probe the 67.40 buy signal up to 66.85 wasn’t extended higher overnight. But Monday’s open did gap up and probe fresh highs at 69.45 before reversing back into negative territory at 68.00. A second consecutive higher close would have confirmed Friday’s breakout close. Momentum hasn’t reversed down, but any higher high must print immediately.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Probing Sunday lower night gapped down Monday to test 2.90, then bounced to test what is now resistance at 2.95. There’s no bearish reason to further delay resolving down, especially since there’s no “unfinished business above.