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))
Wednesday”s rejection of Tuesday”s probe above 1.0920 didn”t prevent rallying overnight to gap up Thursday above Tuesday”s 1.0977 high up to 1.0260 1.1026. There”s still room up to 1.0475 1.1047 without yet signaling the trend has reversed up.

Gold Aug Contract (GC, ETF: (GLD))
Initially bouncing overnight set-up a test of 1100.00 resistance, which held intraday Thursday. Resuming the decline would still next target 1176.50.

Silver Sep Contract (SI, ETF: (SLV))
Trading flat-to-lower Thursday continued avoiding fresh lows, but the pattern is still likely to probe fresh lows before any rally effort would be credible.

30-year Treasury Sep Contract (US, ETF: (TLT))
The rally extended Thursday to fulfill the next higher attraction, filling the gap outstanding back up to 154-00. A fresh high close remains in-play and likely to test 154-20, especially so long as pullbacks hold 153-18 as support.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The decline extended Thursday to fulfill the 48.25 target. Closing back above 49.30 would start to signal momentum reversing up.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Firming Thursday ahead the EIA report then blipped-up to 2.95 and collapsed back down to the 2.83 pullback limit, which needs to hold to maintain further upside potential.

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 excessive portion of its bounce above the 1.0920 bounce limit was rejected by gapping back down to it Wednesday, although the session essentially only ranged sideways around it. The low”s test of 1.0855 remains likely to be retested.

Gold Aug Contract (GC, ETF: (GLD))
Obligatory support at 1100.00 gave way Tuesday night and gapped down to test 1090.00 where the balance of the session ranged choppily sideways, presumably still targeting a retest of Sunday night”s 1080.00 flash crash low down to 1076.50.

Silver Sep Contract (SI, ETF: (SLV))
Gapping down and extending down Wednesday could probe fresh lows, but still not be likely to start a new downleg, while awaiting a better bottom in Gold.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday”s recovery from gapping down to test 151-00 and recovering back above last week”s 152-10 highs improved overnight to gap up Wednesday and extend higher to 153-15, within almost a half-point of filling the outstanding gap back up to 154-00.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow ranging around 50.00 broke lower to test fresh lows down to 49.25, presumably still targeting 48.25.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Initially firming Wednesday pierced the 2.88 resistance that had retrained much of Tuesday”s session.But the balance of the session only ranged choppily to either side of 2.88 without yet extending higher or reversing down.

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 ongoing test of the decline”s 1.0855 target reacted up Tuesday to probe the 1.0920 bounce limit up to 1.0970. That”s a wide margin, and creates a lot of room to absorb selling pressure if Wednesday were to fill the gap back down to 1.0855 and lower. There is otherwise no active buy signal.

Gold Aug Contract (GC, ETF: (GLD))
Overnight and pre-open ranging around 1100.00 narrowed intraday Tuesday, but persisted nonetheless. Probing under it would be likely to retest Sunday night”s low down to 1076.50. Back above 1122.20 first would be bullish.

Silver Sep Contract (SI, ETF: (SLV))
Choppy but flat ranging around 14.80 Tuesday absorbed Sunday/Monday”s shock to the system from its sympathy to Gold”s flash crash. There is no active signal.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down slightly Tuesday and probing under 151-14 was reversed into positive before territory by noon, keeping alive the upward momentum and its potential to 154-00.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday”s fresh low under 50.00 was initially retraced overnight into Tuesday”s open. The session ranged narrowly sideways, still likely to break lower targeting 48.00.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday”s recovery back above the 2.83 pullback limit was extended overnight to probe above Monday afternoon”s recovery high. Gapping up to immediately test 2.88 was the beginning of an entire session consolidating narrowly at 2.88. But since closing Tuesday above 2.83, Wednesday should confirm.

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))
No unfinished business below is outstanding, so closing back above 1.0910 after Monday”s ongoing test of 1.0855 support would signal at least a corrective rally underway.

Gold Aug Contract (GC, ETF: (GLD))
Sunday night”s “flash crash” down to 1080.00 allowed room for a corrective bounce up to 1118.00-1122.00 before retesting the spike”s low down to 1076.50. Closing above the bounce limit”s upper-end woul suggest a bigger bounce underway. Meanwhile, touching the bounce limit”s lower-end already reacted down to attack 1100.00, which is probably obligatory support. Just closing under 1103.00 would signal the low”s retest underway.

Silver Sep Contract (SI, ETF: (SLV))
Participating with Gold”s “flash crash” more in spirit than in substance was obvious by Monday”s reversal from testing 14.50 overnight, back into positive territory attacking 15.00. But that doesn”t prevent probing lower lows anyway, or at least remaining under pressure. The next lower support to be tested is now 14.40-14.45.

30-year Treasury Sep Contract (US, ETF: (TLT))
Sunday night”s initial probe up to 152-16 was reversed to the 151-14 pullback limit. It resolved up Monday to hover pessimistically short of Friday”s 152-07 close, seemingly waiting to resume the rally.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite holding Friday”s test of the prior week”s lows, Sunday night did not recover, and Monday extended down under $50 toward its 48.00 target.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping open Monday under the 2.83 pullback limit only attacked its room down to 2.77 before recovering back to Friday”s 2.87 close. Its reaction down was still testing the 2.83 pullback limit as support.

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 1.0855 target was tested Friday, while also filling the new gap back to Thursday”s open. Back above 1.0915-1.0920 would be credible for extending sharply higher intraday.

Gold Aug Contract (GC, ETF: (GLD))
Gapping open at Wed/Thu lows didn”t prevent probing lower, and testing 1138.00. But none of that created any requirement or impetus to recover, and the drop extended to fresh lows testing 1130.00. A bounce to 1163.00 would be the likely objective of any rally begun Monday, probably be gapping up above 1138.00. That would leave unfinished business below to fill the gap back down to Friday”s close. Rallying without leaving any unfinished business must still close above 1151.00 to signal momentum actually reversing up.

Silver Sep Contract (SI, ETF: (SLV))
Gapping down Friday barely extended lower intraday, spending the balance of the session ranging narrowly around Thursday”s ~14.85 low.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday”s confirmed breakout above 150-24, which had held a test of its 150-08 pullback limit, extended higher Friday to test 152-00. While this fulfills the minimum requirement for an eventual third higher close, there is potential up to 154-00 or to fresh highs above 154-20 so long as pullbacks now hold 151-14 . Closing back under 150-08 would target new lows under 147-14.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s break under 52.00 continued dropping Friday, probing under the prior week”s 50.55-50.60 low, and targeting a test of fresh lows at 48.00.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Friday”s dull ranging touched 2.83 but didn”t react up sharply from it. Any further weakness Monday should be rejected very quickly and aggressively to avoid launching a deeper correction, while any initial strength would be credible for extending higher intraday.