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))
Monday’s firm open didn’t improve very much, which doesn’t suggest that testing 1.1175 support is yet done, and that it’s break remains possible.

Gold Aug Contract (GC, ETF: (GLD))
Firming Monday tested the decline’s 1348.00 bounce limit, which should hold as resistance to maintain this leg’s 1332.00 objective.

Silver Sep Contract (SI, ETF: (SLV))
Gapping up was reversed into negative territory only momentarily. But recovering from negative territory must be exploited by extending higher, or else at least a temporary probe lower remains likely.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down and sliding again Monday may have been bullish, having filled the gap back down to Thursday’s 121-29 close. And the drop originated from a position of strength, having closed Friday back above 172-26 and overlapping 173-04. But there should be little if any further delay to rallying, let alone backing-and-filling, to avoid a deeper downleg.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s break above 43.35 extended higher Monday to attack 46.00. Closing higher is a second consecutive confirming close, requiring an eventual third higher close..

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Briefly piercing above Friday’s range didn’t extend higher Monday. But it also didn’t immediately react bearishly to Friday’s “ineffectual optimism.” Further initial strength Tuesday would be likely to trend higher intraday.

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))
Spiking up Friday to a fresh high was ambitious, especially after Thursday’s open and close each had broken under the 1.1175 pullback limit to end upside momentum. Indeed, the spike up was soon being retraced. Closing back under 1.1175 could now serve as a sell signal, initially targeting 1.1105.

Gold Aug Contract (GC, ETF: (GLD))
Spiking up $17 Friday morning had originated from an inappropriate spot. Despite probing a fresh high, it was likely to fail. Not necessarily the same day, although it did, consolidating at 1357.00 until an $18 plunge tested 1338.50. The 1332.00 objective remains in-play.

Silver Sep Contract (SI, ETF: (SLV))
Friday’s spike up was premature for the recovery that still targets a retest of the 21.15 post-Brexit high. Its reaction down intraday was sudden, steep and substantial, probing under almost all prior lows down to 19.69, and stopping optimistically short of yet filling the gap back to Tuesday’s opening gap down.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s 61.8% retracement of the last upleg was proved to be only a correction by gapping up and extending to a fresh high at 173-30. Its reaction down tested support at what had been the 173-04 and 172-26 buy signals triggered by the last upleg. Closing above at least one would keep alive the recovery’s momentum.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s rally back up to the 43.35 bounce limit was still overlapping it at the close. Friday barely delayed extending higher, although not aggressively. Recovering it through the close would suggest the decline had ended for awhile, subject to confirmation from a second consecutive higher close. Otherwise, back under pivotal uptrending support that now coincides around 42.50 would target new lows.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping up Friday within Thursday’s range doesn’t require filling the gap back to Thursday’s close. Fluctuating around Thursday’s high up to 2.62 doesn’t require extending higher. But almost any early strength Monday would be credible for extending higher intraday.

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 gap up had quickly paused and consolidated at 1.1180 support. Closing any lower would signal the bounce had ended, and Thursday’s gap down under it extended lower intraday. Closing also under 1.1105 would confirm a new downleg underway.

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s weakness only touched Tuesday’s low, but rejected the open’s gap up, which is in-line with Wednesday’s gap up being only temporary. A retest of Tuesday’s low would enable a durable recovery to form.

Silver Sep Contract (SI, ETF: (SLV))
Thursday’s probe under Wednesday’s low testing 20.05 support need only close lower on Friday to confirm at least an attack on the week’s lows — not necessarily back down to the actual 19.60 low — before beginning a durable recovery.

30-year Treasury Sep Contract (US, ETF: (TLT))
Closing Wednesday simultaneously above both 172-26 and 173-04 buy signals didn’t prevent Thursday’s slight gap down from extending sharply lower intraday. The recent recovery was retraced precisely 61.8% to 171-25, which at least avoids reversing momentum down. Almost any initial strength Friday would be likely to extend higher intraday, and vulnerable to extending to fresh highs for the week.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially extending down Thursday morning to a fresh pullback low was reversed well before noon back up to probe the 43.35 bounce limit by 50 cents. Its test had launched the first reaction down, so closing above it at least once is required to suggest its reaction down has ended.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of weakness had made an initially favorable knee-jerk reaction up likely to fail. An initially negative knee-jerk reaction down to 2.53 was recovered into positive territory up to 2.60, but it was retraced back down to 2.53. RSIs diverged positively, so bottoming action would 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 Wednesday to test 1.1205 was not extended higher, and its consolidation was supported by 1.1180 whose break would signal momentum reversing down.

Gold Aug Contract (GC, ETF: (GLD))
Gapping up Wednesday to 1363.50 was unable to overcome the attraction to “unfinished business below” to at least retest Tuesday’s opening gap down, so the morning trended back down to 1348.50. The reaction down remains intact so long as bounces hold 1353.00 as resistance.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s gap up to test 20.50 was reversed back down to 20.15. Extending back under 20.05 would signal the gap back down to Tuesday’s 19.63 open is in-play .

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s recovery up to 172-26 resistance extended immediately Wednesday through its 173-04 confirmation on the way to attacking 174-00. The 176-10 objective is in-play.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Re-touching 43.35 resistance Wednesday morning was reversed back down to a fresh relative low testing 42.00 as support. Closing any lower would resume the decline targeting fresh lows at 36.60.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
The decline didn’t slow Wednesday, quickly breaking under last month’s 2.60 low and extending down another nickel. Thursday’s EIA report is not being greeted from a position of strength, so an initially favorable knee-jerk reaction up would be likely to fail.

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 narrowly ranging session tried resolving up soon after Tuesday’s open. But the setup’s first break was likely to be false, and testing 1.1140 resistance will signal momentum reversing back down under 1.1105.

Gold Aug Contract (GC, ETF: (GLD))
Gapping down again Tuesday attacked Sunday night’s lows at 1336.00 before bouncing back into positive territory at 1348.50. Back under 1341.00 would resume the decline to produce one more lower close before a rally can be credible.

Silver Sep Contract (SI, ETF: (SLV))
Sunday night’s 19.50 low was attacked at Tuesday’s opening gap down, and then reversed quickly to only fluctuate around unchanged. The gap down will want to be retested before a durable rally attempt could be credible.

30-year Treasury Sep Contract (US, ETF: (TLT))
Not yet exploiting recoveries from probing fresh lows Sunday night and pre-open Monday, the delay could be considered pessimism, and therefore potentially bullish from a contrarian perspective. But only for so long. Tuesday exploited that potential sooner, rather than later, breaking through 171-22 and extending to test 172-26 resistance.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s resistance test at 43.35 had reacted down a little into the close, and then a little lower overnight to 42.50. Firming into Tuesday’s open was retraced back to overnight lows. The reversal should become obvious with little delay (API is post-close Tuesday and EIA is Wednesday morning), or else closing above 43.35 would extend the detour up higher.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Friday’s break back under 2.80 extended Monday to gap down and test last week’s 2.72 low. The close narrowly failed to recover 2.77, which Tuesday’s open exploited by gapping down to last week’s lows then attacking last month’s lows down to 2.62. That will have to recover from probing lower in order to greet Thursday’s EIA report from a position of strength.