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 down Thursday under 1.1120 was extended initially to attack 1.1075 to trying forming an Island Reversal setup. A recovery back above 1.1120 did avoid reversing momentum down.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday”s rally revised the pullback limit up to 1112.00, which was tested at Thursday”s open and essentially through the balance of the day. It must hold in order to maintain the rally”s momentum.

Silver Sep Contract (SI, ETF: (SLV))
Thursday”s pullback held its test of Tuesday”s “lower prior highs” at 15.30, maintaining the rally”s momentum.

30-year Treasury Sep Contract (US, ETF: (TLT))
Attacking the 158-08 pullback limit into Wednesday”s close was immediately extended at Thursday”s open. The session basically consolidated under 158-08 down to 157-14, whose break would have signaled the trend reversing down.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Without even threatening to recover, fresh lows have now pierced 42.00. The breakout close immediately follows an unconfirmed breakout close, which makes Friday less likely to close lower. But that”s not yet to be taken as bottoming, as the sequence can repeat indefinitely while price continues sliding.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report triggered a spike down through 2.88 to attack 2.83, which gradually weakened from there back through Tuesday”s prior low to test 2.77. Closing back above 2.83 would signal the rally had resumed.

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 to Tuesday night”s Yuan sequel drove price sharply higher through Monday”s test of 1.1075 resistance and through 1.1120 resistance to test 1.1220. Closing above 1.1225 would target 1.1345, but a dip back to at least 1.1075 is likelier.

Gold Dec Contract (GC, ETF: (GLD))
Extending higher Tuesday night and Wednesday probed Monday night”s 1119.00 high and closed higher, targeting 1144.00 so long as pullbacks now hold 1112.00 as support.

Silver Sep Contract (SI, ETF: (SLV))
The rally resumed Wednesday by gapping up and extending to test 15.55. Now holding 15.25 would keep alive potential to 15.90.

30-year Treasury Sep Contract (US, ETF: (TLT))
Yuan”s devaluation triggered a new upleg overnight that peaked upon testing 160-20 resistance. It was retraced almost entirely before Wednesday”s open. But fresh highs back up to 159-28 still probed back into negative territory under 158-26.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging at or under Sunday night”s 43.50 gap down through Wednesday has converted 44.25 into a preliminary buy signal.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Wednesday”s open gapped up to the 2.88 buy signal and extended a nickel higher, presumably confirming 2.83”s recovery that signaled a new upleg is forming. Gapping up isn”t optimal at this stage, but gets a benefit of the doubt..

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))
The bounce extended even higher Tuesday, still without any buy signal, and without there having been any accumulation. Resistance was tested at 1.1075, and reacted down to attack 1.1000, whose break would start to signal momentum may be reversing back down.

Gold Dec Contract (GC, ETF: (GLD))
Sharply higher highs overnight tested 1119.00 before reacting back down under 1105.00 and 1108.50, needing to recover both — and preferably also 1112.00 — to confirm momentum remains pointed up.

Silver Sep Contract (SI, ETF: (SLV))
Gold”s overnight extension was ignored but its reaction down was more influential. Regardless, there is no bullish reason to further delay a more obvious rally leg Wednesday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping back up extended higher to fill the gap back to Fridays” 158-18 close and to probe Friday”s high, probing fresh highs above. Topping signals must appear almost immediately to avoid extending higher to 160-20. Topping signals such as closing back under 158-08 or lower

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
An overnight surge peaked suddenly upon touching the 45.15 bounce limit, resolving down in new lows probing under Sunday”s gap down and under 43.00.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday”s testing of 2.83 didn”t extend higher overnight, and faced pushback intraday Tuesday, still needing to close above 2.83 and 2.88 to launch an upleg.

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 recovery of the 1.0920-1.0945 bounce limit was extended Monday. While the decline may yet resume — and remains likelier to resume than to reverse the trend up — the door is open to a more substantial recovery. There is currently no active signal.

Gold Dec Contract (GC, ETF: (GLD))
Recovering back above 1083.00 and 1087.00 after probing under them intraday Friday was very bullish. That was confirmed by extending sharply higher from Monday”s open to probe above 1100.00 and 1105.00. The next confirmation is to close above 1112.00 upon touching it to put 1144.00 into play, rather than closing back under it.

Silver Sep Contract (SI, ETF: (SLV))
Extending sharply higher Monday after closing Friday above 14.75 has put into play 15.95-16.05 so long as 14.90 now holds as support.

30-year Treasury Sep Contract (US, ETF: (TLT))
Regardless of closing Friday above the 158-08 target, no higher target was put into play. Monday”s gap down to the 157-20 pullback limit extended lower from there to probe under the prior pullback limit at 156-24. The gap back up to Friday”s 158-18 close should be fulled at some point before a top can finish forming, but Monday”s drop can extend a little lower first down to 155-16.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night”s open gapped down to a fresh low testing 43.35 and firmed ahead of Monday”s open, then through it to almost attack the 45.15 bounce limit, with potential for extending a corrective bounce to 46.75.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Monday to the 2.83 buy signal and ranging around it intraday doesn”t qualify as triggering it. But extending through 2.88 Tuesday would be unlikely unless a rally were 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))
Friday”s knee-jerk reaction to the Employment Situation report spiked up through the 1.0920-1.0945 bounce limit to test 1.0980. Its retracement held above 1.0855 support, and then recovered to attack 1.0985. Closing above the bounce limit does undermine the decline”s momentum, which would be reinstated by closing back under it.

Gold Dec Contract (GC, ETF: (GLD))
Probing intraday under both 1087.00 and 1083.00 Friday was recovered by a surge up to attack 1100.00, holding 1094.00 as support to make a more successful probe above 1100.00 easier.

Silver Sep Contract (SI, ETF: (SLV))
Surging to attack 15.00 and holding a reaction down to 14.75 support makes a higher close Monday more credible for extending sharply higher intraday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday”s Employment Situation report facilitated a test of the outstanding 158-08 target that attacked 158-16. Although no higher target is in-play, a pullback has room down to 157-08/157-20 before suggesting the rally”s momentum has peaked.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having failed to bounce Thursday from fulfilling the 44.25 target, fresh lows were likely, which Friday fulfilled incidentally by ranging narrowly.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA reaction had recovered from probing under 2.77 to test the 2.82 buy signal. Reacting back down to 2.77 Friday was recovered to attack 2.82. Confirming its recovery above 2.88 would be likely to trend sharply higher.