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 and Friday’s highs filled the prior Thursday and Friday’s closing gaps, neutralizing their upside attraction. Gapping down Monday to Friday’s lows doesn’t qualify as rejecting the upside attractions, let alone as reversing the trend down.

Gold Aug Contract (GC, ETF: (GLD))
Fresh lows Sunday night tested the 1204.80 objective, but recovered before Monday’s open to avoid an intraday retest. Closing higher Tuesday could reverse momentum up near-term for a corrective bounce, but a bottom in this pattern should leave no overnight low untested intraday — including Sunday night’s 1204.00.

Silver Sep Contract (SI, ETF: (SLV))
Sunday night’s fresh low at 15.15 wasn’t tested by Monday’s gap down, which soon reversed sharply into positive territory at 15.70. Closing back above the decline’s 15.55-15.60 target that was thoroughly tested Friday does suggest a bottom is forming, but recovering another blip-down would be helpful.

30-year Treasury Sep Contract (US, ETF: (TLT))
Flat-to-higher ranging Monday morning didn’t exacerbate the pre-open surge into a “warning shot across the bow” at sellers of an impending bottom forming.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing of fresh lows Sunday night was retraced entirely to gap up slightly Monday. The overnight lows had stopped short of the 43.40 objective, which would help to complete the recent bottoming pattern.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s gap up within Friday’s range leaves no “unfinished business below.” Extending higher intraday to Friday’s high, which had tested 2.95 resistance, still must recover it by more than a 2-cent margin to start sealing a bottom while reversing momentum up.

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))
Reacting down to Friday’s Employment Situation report held the 1.1400 that has filled one gap above, and still needs to fill the high close’s gap at 1.1480 for a credible downleg to begin.

Gold Aug Contract (GC, ETF: (GLD))
Probing briefly overnight under 1220.00-1224.00 to 1218.50 was trying to recover before Friday’s Employment Situation report triggered a drop to fresh lows at 1206.50, within $2 of another potential bottom.

Silver Sep Contract (SI, ETF: (SLV))
A flash-crash Thursday night caused a temporary spike down that fulfilled the decline’s 15.55-15.60 target. Reacting up to attack 16.00 into Friday’s open was reversed down to fresh lows under 15.35 through the morning. There is no active signal.

30-year Treasury Sep Contract (US, ETF: (TLT))
Lower lows Friday in reaction to the Employment Situation report weren’t so substantial to allow lowering the 152-20 reversal signal or its 153-00 confirmation.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap down to 44.90 extended sharply lower to test 44.25 by almost 50 cents. The backing-and-filling down to the 43.40 area has likely begun, so that a more durable bottom can finish forming.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Rallying overnight gapped up to what is now resistance at 2.95 was reversed down through Friday morning to  fill the gap back to Thursday’s 2.88 close, still leaving the gap back down to Wednesday’s 2.85 close to be filled so that a rally can be credible.

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 above 1.1400 buy signal extended up to what had been the 1.1445 pullback whose interim break corrected the rally. At least gaps back to the high up to 1.1485 are likely to be filled.

Gold Aug Contract (GC, ETF: (GLD))
Overnight strength was retraced back down into what is now 1220.00-1224.00 support Thursday to maintain potential for a bigger bounce to 1235.00 and 1243.00 before extending the decline to one more lower low.

Silver Sep Contract (SI, ETF: (SLV))
Flat-to-higher shallow ranging didn’t end the decline’s momentum, especially so long as bounces hold 16.20 so the next lower objective at 15.55-15.60 can remain in-play.

30-year Treasury Sep Contract (US, ETF: (TLT))
Two days of testing late-May’s “lower prior highs” didn’t prevent probing lower Thursday. Closing back above 152-20 would star to suggest the decline had ended, yet to be signaled back above 153-00 and 153-18.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s drop was retraced back up to 46.00 resistance into Thursday’s open. The morning’s EIA report pushed another 50 cents higher. But an early-afternoon reversal to unchanged filled the gap back down to Wednesday’s close.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up a nickel Thursday was inappropriate for immediately reversing momentum up, leaving the gap outstanding back down to Wednesday’s 2.85 new low close. Muted reaction to the morning’s EIA report avoided filling the gap, let alone holding it. Probing it Friday and recovering to close positive would signal a bottom is forming.

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 down Wednesday was retraced to Monday’s close at 1.1400, leaving a couple of gaps above outstanding. Their attraction suggests the reaction down is premature, but filling their gaps could complete a topping pattern.

Gold Aug Contract (GC, ETF: (GLD))
RSIs diverged positively into fresh lows being probed overnight, while attacking obligatory support from prior lows at 1220.00. Room for noise between 1216.50-1224.00 could hold for a bounce to 1243.00 before resuming the decline.

Silver Sep Contract (SI, ETF: (SLV))
Probing fresh lows overnight showed no signs of accumulation. Bounces could test 16.20, and still be likely to resove down to lower lows at 15.50.

30-year Treasury Sep Contract (US, ETF: (TLT))
Slightly lower lows overnight retested late-May’s “lower prior highs” as support, now needing a close above 153-28/154-02 to signal momentum reversing up.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Two nights being unable to extend above 47.00 resistance reacted down Wednesday. A second consecutive lower close Thursday would confirm the pullback underway to test 44.30 where a bottom can be sealed.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Yet another dip to 2.95 support and yet another reaction up was reversed yet again down to attack 2.95 before Wednesday’s open but trended down sharply through 2.90 prior lows to 2.83. Closing back above 2.97 would now signal a new upleg 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))
Gapped down Monday under its 1.1450 pullback limit to test 1.1400 whose break would signal the trend reversing down. Filling the gap back up to 1.1475 first would make a trend reversal more credible.

Gold Aug Contract (GC, ETF: (GLD))
Reacting up through the week avoided fulfilling the 1235.00 target that was only attacked during last Sunday’s “fat-finger” plunge. Sliding into the weekend extended down sharply Sunday night to fulfill the target, which was probed Monday morning down to 1220.50.

Silver Sep Contract (SI, ETF: (SLV))
Last Sunday’s overnight “fat-finger” plunge had reacted up sharply from testing its 16.35 target, retracing entirely to test the 16.75 prior high up to 16.85 Thursday. But the trend never reversed up, and the weekend was greeted in decline. Sunday night’s plunge extended to retest the prior low, and trended deeper through the morning to attack 16.00.

30-year Treasury Sep Contract (US, ETF: (TLT))
Probing lower Sunday night needed to close above 154-02 to suggest the drop’s momentum had lapsed. But Monday morning probed fresh lows down to 152-28. Lower-prior highs from late-May offer potential for launching a bounce back up to 155-04.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having extended Friday above Thursday’s test of the 45.25 target to 46.00, Sunday night also extended higher to test 46.85 Monday morning. And there’s room up to 47.00 before closing back under 46.00 would signal a quick temporary dip targeting 43.40.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday’s knee-jerk reaction up had been retraced to suggest the “lower prior highs” down to 2.95 would be tested so the bottoming pattern could complete. Friday’s dip had stopped 3 cents short before bouncing, but Sunday night gapped down to 2.95 and rallied through Monday’s open. Filling the gap back up to Friday’s 3.05 close reacted back down to attack 2.95.