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))
Three consecutive strongly trending sessions had fulfilled a confirmed breakout, and probed above the prior range’s maximum calculable breakout objective. A pullback had become likely regardless of news. The 1.4515 pullback limit held as support to a narrowly ranging session.

Gold Aug Contract (GC, ETF: (GLD))
Having held tests of its 1246.50 bounce limit Thursday, overnight weakness remained vulnerable to resuming Wednesday’s night’s plunge that had stopped $4-5 short of fulfilling the outstanding 1235.00 target below. Dipping down to 1239.00 reacted up to attack the bounce limit, which held.

Silver Sep Contract (SI, ETF: (SLV))
Dipping further overnight greeted Friday by gapping down, not required to extend lower but still yet to have tested it 16.35 target below intraday. The open’s low attacked 16.50 before bouncing more than 15 cents, with no signal either way.

30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight weakness briefly pierced Thursday’s low, which itself had held a test of the decline’s 153-28/154-04 target. The setup is almost tantamount to triggering the 154-16 buy signal. Friday’s intraday behavior didn’t suggest it, only ranging narrowly at the target.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting down Thursday to having met the extended 45.25 target was retraced overnight back up to Thursday’s 45.45 high, and then higher to attack 46.00. Back under 45.25 would signal the pattern is backing-and-filling down to the recent consolidation to complete a bottom.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Lower lows overnight extended Thursday’s lower resolution that followed its initially favorable knee-jerk reaction to the morning’s EIA report. So long as 3.08 isn’t recovered, the pullback has room below to test “lower prior highs” and fill the gap down to 2.95-2.97. In fact, Friday’s dip attacked the range’s upper-end to within 1 cent.

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 breakout from a multi-session range was already substantial. So was Wednesday’s confirmation. That didn’t prevent extending higher still on Thursday. But Thursday’s higher close does fulfill the confirmed breakout’s minimum objective, so a reaction down has become likely.

Gold Aug Contract (GC, ETF: (GLD))
Dropping $9 to 1239.70 into Thursday’s open stopped short of the 1235.00 target before reacting up to the 1246.50 bounce limit. Holding its test as resistance maintains the 1235.00 target.

Silver Sep Contract (SI, ETF: (SLV))
[Rolling coverage forward to Sep which trades at a 10-cent premium to Jul] Sliding at Thursday’s open filled the gap back down to Tuesday’s 16.65 close, which had launched Wednesday’s gap up to the highs. The decline’s 16.35 target was already met Sunday night.

30-year Treasury Sep Contract (US, ETF: (TLT))
Sharply lower lows overnight for a third consecutive session tested the decline’s 153-28/154-02 objective down to 153-18. The 154-16 buy signal was attacked to within 4 ticks, still needing at least a consolidation before a recovery would be credible.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s attack on the 48.90 target had formed an Ascending Triangle with its target being 49.25. It was tested before Thursday’s open and probed intraday by 20 cents before dipping back under 44.90. A corrective pullback to 43.40 is likely, and would help to seal a bottom.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
The initial ultimate reaction to Thursday’s EIA report probed above Wednesday’s high to 3.12, which had been the confirmation for Tuesday’s breakout. Its reaction down avoided fulfilling the minimum objective of a third higher closer, which suggests a corrective pullback to 2.95 before extending the rally.

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))
Initially dipping held the 1.1355 pullback limit Wednesday before resolving up sharplyto 1.1441. Extending higher Wednesday confirms Tuesday’s breakout from a multi-session range. Regardless of either session’s advance or the cumulative gain, at least an eventual third higher close is required.

Gold Aug Contract (GC, ETF: (GLD))
Firming further overnight finally retraced the 1254.50 origin of last of Sunday night’s “fat finger” plunge. Its resistance held post-open, enabling another downdraft to begin that actually tests the decline’s 1235.00 target.

Silver Jul Contract (SI, ETF: (SLV))
Fresh highs overnight probed the 16.75 prior high that had preceded Sunday night’s “fat finger” sell-off. Its reaction down was recovered, but not exceeded through the close.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s steep drop had only two likely resolutions, either to extend down a lot immediately, or else to rally. Sharply lower overnight lows tested the next leg’s 154-16 objective down to 154-09 and bounced. Wednesday’s post-open action dipped to attack the overnight low down to 154-19.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting down to API after Tuesday’s close was recovered overnight, and then extended in reaction to Wednesday morning’s EIA report. The 44.90 target was attacked to almost within a nickel, while forming an Ascending Triangle targeting 45.25.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up and extending higher Wednesday confirmed Tuesday’s breakout, sealing a bottom. That bottom can still be tested as support down to 2.95, but the rally is otherwise free to exten.

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))
Favorable comments overnight by ECB Chief Draghi triggered a surge through the 1.1255 buy signal and the 1.1270 peak of Monday’s test of it, extending sharply higher to 1.1388. No second consecutive higher close would suggest a deeper pullback underway.

Gold Aug Contract (GC, ETF: (GLD))
Sunday night’s plunge had been retraced considerably to 1253.80 by Tuesday’s open but not entilrely, still not yet testing the decline’s 1235.00 target either overnight or intraday. Closing higher Wednesday would be premature.

Silver Jul Contract (SI, ETF: (SLV))
Sunday night’s plunge had been retraced almost entirely by Tuesday’s open up to 16.70, not yet having tested the decline’s 16.25-16.30 target intraday. Closing higher Wednesday is possible, but not optimal while still not having retested Sunday night’s low.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s night dip to the 156-20 pullback limit extended down sharply to open under 156-14 and to slide much deeper to 155-07. This tested the two-week old consolidation’s lows. Extending down immediately would be the product of new sponsorship, and so it would be credible for targeting 154-16. Not extending down immediately would be credible for recovering.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday night’s high already probed above Sunday night’s 43.65 high, making the attempt likely to extend higher intraday. Fresh highs up to 44.44 suggest the 44.90 bounce target is in-play.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Extending higher overnight to 3.06 had pulled back to open flat, then recovered back up to overnight highs. A second consecutive higher close Wednesday would confirm a bottom has been sealed.

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 reaction down from the 1.1255 buy signal to what had been the 1.1225 bounce limit was recovered entirely into Monday’s open. Trying to extend higher was sloppy, and not very successful. Now 1.1225 is a sell signal, and its break would target fresh lows.

Gold Aug Contract (GC, ETF: (GLD))
Thursday and Friday sessions had avoided extending their gaps up, but not fully retracing or reversing them to fulfill the pattern’s ultimate resolution. Sunday night’s “fat finger” plunge compensated for the delay, probing fresh lows. The decline’s 1235.00 target was only attacked and remains outstanding.

Silver Jul Contract (SI, ETF: (SLV))
Thursday and Friday sessions had avoided extending their gaps up, but not fully retracing or reversing them to fulfill the pattern’s ultimate resolution. Sunday night’s “fat finger” plunge compensated for the delay, probing fresh lows. The decline’s 16.25-16.30 target was met, but could be retested intraday before any buy signal is credible.

30-year Treasury Sep Contract (US, ETF: (TLT))
Still hovering at the extended rally’s 156-24 target broke higher Monday morning to 157-08. So long as 156-20 holds as support, the rally could extend up to 157-20 if not also to 158-20.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing Sunday night above the 43.40 buy signal was retraced before Monday’s open back under the buy signal. It was retested at noon, where price hovered into the afternoon. Extending any higher would target 44.90, albeit still needing one more dip to complete a bottom pattern.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Sunday night’s gap up above the 2.95 buy signal was maintained overnight, and then extended higher Monday morning to 3.02. A pullback has room down to 2.95-2.97 without reversing momentum down, although a second consecutive higher close Tuesday would make a pullback likelier to recover.