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 a little doesn’t yet prevent retesting Sunday night’s low down to 1.1055. But closing above 1.1205 would signal at least a substantial multi-session bounce underway.

Gold Aug Contract (GC, ETF: (GLD))
The ongoing series of lower lows and lower highs remained intact following Tuesday’s bounce. Dipping under Tuesday’s 1210.50 low makes likely at least a retest of Sunday night’s ~1202.00 lows.

Silver Jul Contract (SI, ETF: (SLV))
Ranging narrowly at Tuesday’s test of 16.00 appears to be forming an Island, although that pattern isn’t likely at this stage.

30-year Treasury Sep Contract (US, ETF: (TLT))
The stunning rejection of Tuesday’s probe under the 162-04 sell signal to rally back up to the original 163-05 buy signal needed a correction before extending higher. Dipping to Tuesday night’s dip to 162-25 support reacted up back into positive territory at Wednesday’s open and extended sharply higher intraday. It was retraced to its signal, but closing higher and confirming would target 166-14.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The capitulative reversal of the Complex Triangle’s false break became obvious by Wednesday’s gap down under the 49.00 sell signal. Extending down to 47.75 didn’t prevent bouncing back up to the sell signal. A second consecutive lower close Thursday would confirm the minimum objective in-play to probe under the Triangle’s 47.25 low.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday and extending higher intraday need only close higher to confirm Tuesday’s break above 2.18 and 2.24 has finally sealed a bottom.

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))
Fresh lows during the US holiday weren’t repeated Tuesday, as the session ranged narrowly sideways. Bottoming potential is increasing, but must still be triggered above 1.1205. And meanwhile a retest of Monday’s lows is possible.

Gold Aug Contract (GC, ETF: (GLD))
Extending down during the US holiday could have been a second consecutive lower close confirming Friday’s close under the decline’s target that had held through Thursday’s close. Tuesday’s steep rally suggests otherwise, but doesn’t yet qualify for a buy signal.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Tuesday to the holiday’s lows testing 16.00 broke away from the ranging around 16.50, which should not be confirmed by a second consecutive lower close if any near-term recovery remains plausible.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down Tuesday to retest the 163-16/163-16 pullback limit found no support to inhibit a plunge back to prior lows at 163-03. But the leg was retraced entirely, and reversed into positive territory to retest the original 164-17 buy signal. It’s too late to trigger that, but almost any follow-through Wednesday would be credible for extending higher to at least test the 164-26 new buy signal.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Avoiding a close under the 49.00 sell signal last week had created potential for retesting the 49.95 prior target. Its retest Tuesday was reversed back into negative territory to test the 49.00 sell signal. Its break would target a probe under 47.25.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Two consecutive sessions chipping away at the 2.18 buy signal into the weekend greeted the new week gapping up to the 2.24 confirmation and extending sharply higher intraday to test 2.30. Closing higher Wednesday would seal a bottom.

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 Jun Contract (EC, ETF: (FXE, UUP))
Having held its test Thursday of the 1.1205 bounce limit, Friday’s dip back to the lows can now form a bottom if held, which would be signaled by probing again back above 1.1205. Not immediately rejecting the low’s retest would resume the decline without delay, next targeting 1.1055.

Gold Jun Contract (GC, ETF: (GLD))
Friday’s new lows down to 1209.50 only recovered to 1213.50 which fulfilled the eventual lower close required by the week’s earlier confirmed breakout. A second consecutive lower close Monday would put into play 1190.00. Otherwise, the pattern is now free to form a bottom, so long as not initiated by gapping up.

Silver Jul Contract (SI, ETF: (SLV))
Dropping Friday to the range’s ~16.25 lower-end is still in the orbit of 16.50 which keeps alive the bottoming potential.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s narrow overlapping of the 164-17 buy signal didn’t resolve up Friday, as price dipped back in the range toward the 163-16/163-22 pullback limit that has been thoroughly tested already.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Friday under the 49.00 sell signal bounced to test the 49.55 pullback limit that Thursday’s close was still testing. If momentum is reversing down, it’s not very decisive. But the burden of proof is on the rally to resume, or else capitulation by a new downleg should be obvious within hours..

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Friday’s continued testing of the 2.18 buy signal didn’t resolve, requiring 2.24 to be recovered before having any confidence in 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 Jun Contract (EC, ETF: (FXE, UUP))
Wednesday’s positive divergence in RSI at the morning’s blip-down has produced a bounce Thursday up to “higher prior lows” testing 1.1205 bounce limit. Its reaction down retested Wednesday’s 1.1177 opening gap so that closing back above 1.1205  would now be credible for launching a rally that avoids extending the trend to fresh lows.

Gold Jun Contract (GC, ETF: (GLD))
Holding the 1223.00 target Wednesday avoided new lower target, but still requires one more fresh low close before recovery would be credible.

Silver Jul Contract (SI, ETF: (SLV))
Gapped up Thursday to its 16.50 anchor as the outperformance vs. Gold continues, while awaiting Gold to bottom.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s low held a retest of the 163-16/163-22 pullback limit and bounced again to not only attack the 164-17 buy signal, but also to at least pierce it.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting down Thursday after fulfilling the 49.95 bounce target overnight probed under the 49.55 pullback limit, but avoided the 49.00 sell signal, maintaining potential for a bigger bounce targeting 51.45 before capitulating.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Outperformance vs. Jun continued Thursday, as the morning’s dip held Wednesday’s 2.13 lows. Closing above 2.18 and 2.24 would launch a durable rally leg.

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 Jun Contract (EC, ETF: (FXE, UUP))
Having fulfilled the minimum requirement Tuesday from last week’s confirmed breakout, Wednesday’s narrow ranging firmed, only back up to Monday’s high, leaving the decline’s momentum intact.

Gold Jun Contract (GC, ETF: (GLD))
The next lower objective under 1241.00 at 1223.00 had been put into play by closing Tuesday under 1236.50. Probing under it and under 1218.00 intraday was still overlapping 1223.00 into the afternoon. But closing negative confirms Tuesday’s breakout from a multi-session range, requiring at least an eventual third lower close.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s inside day ranged exclusively in negative territory after gapping down, continuing its relative outperformance to Gold. But “ineffectual pessimism” or not, attraction above to the 16.50 anchor is still trying to prevent another downleg.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday night’s dip probed back into the 163-16/163-22 pullback limit that had limited the intraday reaction down. Wednesday fluctuated narrowly, barely attacking the 164-17 buy signal while twice dipping to test its pullback limit.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing above 49.00 Wednesday instead of reacting down almost immediately from its Tuesday test has created a target at slightly higher highs up to 49.95 and potentially 51.45. But now closing back under 48.40 would signal momentum reversing down.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Wednesday morning wasted no time duplicating the two prior day’s relentless drop, extending back down to last week’s 1.95 spike low.