Daily Spot

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Friday’s shallow probing above Thursday’s highs didn’t extend or gain traction as recent gains continue to consolidate.

Eurodollar Sep Contract (EC, ETF: (FXE))
The narrow ranging at 1.3600 support persisted into the weekend, with no new signal indicated.

Gold Aug Contract (GC, ETF: (GLD))
Friday’s shallow weakness happened to touch the 1335.50 support but didn’t break it, which would have begun signaling momentum had reversed down. Meanwhile, Thursday’s breakout close wasn’t confirmed by a second consecutive higher close, suggesting adip to 1332.00 or lower is next.

Silver Sep Contract (SI, ETF: (SLV))
Friday’s narrow ranging inside day didn’t confirm Thursday’s break out surge, which itself had not extended past the open’s gap up. At least a pullback to 21.28 is likely.

30-year Treasury Sep Contract (US, ETF: (TLT))
After Thursday’s reaction from the rally’s 137-22 target filled the gap back down to Wednesday’s 136-30 close, Friday’s inside day only ranged sideways narrowly around 137-12.

Crude Oil Aug Contract (CL, ETF: (USO))
Thursday’s test of the decline’s 102.90 bounce limit reacted down sharply Friday to fresh lows at 100.57, fulfilling the 101.00 target. Closing under 101.25 allows the decline to extend to 98.40.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Friday’s narrow ranging at 4.13-4.15 support could have broken lower easily into the weekend, but didn’t Closing back above 4.22 continues to be a valid actionable buy signal.

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A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Thursday’s gap up ranged narrowly sideways back to Wednesday’s 80.25 high, but no higher. Closing any higher would suggest a bigger bounce underway, but there is no active setup at this stage.

Eurodollar Sep Contract (EC, ETF: (FXE))
Delaying the bounce from last week’s lows had two effects. One effect was to make almost the entire move in one day. The other effect was to quickly collapse back to the bounce’s origin, back to last week’s lows. There is no actionable parameter at this stage.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s post-close surge to test 1332.00 extended higher overnight to 1346.00. Thursday’s reaction down avoided testing 1332.00 as support by about $4. Holding it would maintain potential for extending to 1352.00. Closing under 1326.00 would signal that momentum was reversing down, likely to test and then break under 1313.00.

Silver Sep Contract (SI, ETF: (SLV))
Recent underperformance vs. Gold was all but corrected in Wednesday night’s attack on 21.65. Back under 21.25 would signal the breakout was false, and closing back under 21.20 would start to signal the trend reversing down, targeting 20.95 and lower.

30-year Treasury Sep Contract (US, ETF: (TLT))
The stock market’s overnight decline induced a flight-to-safety that fulfilled the 137-22 target. The balance of the session dipped to fill the gap back down to Wednesday’s 136-29 close. Closing any lower after Thursday would signal momentum is reversing down. Closing above 137-22 would no longer qualify the recent rally as only a corrective bounce.

Crude Oil Aug Contract (CL, ETF: (USO))
Slightly lower lows probed under 102.00 but bounced to test the 102.90 bounce limit. Closing back under drop’s initial 102.50 target would confirm 101.00 remains in-play.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report doesn’t seem to have been responsible for inhibiting Wednesday’s buyers from recovering already. Wednesday’s low was retested by a fresh low, but not aggressively. Back above 4.21 would still trigger a recovery underway.

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A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Tuesday’s shallow dip was broken easily after a modest gap up failed. The fresh lows retraced the week-old spike up back to 80.00 support, attacking 79.95 whose break would essentially taret new lows under 79.75.

Eurodollar Sep Contract (EC, ETF: (FXE))
It was too long to be optimal, but the recent testing of 1.3590 support finally launched a rally effort Wednesday that all but fulfilled its 1.3655 target. Extending to fresh highs above 1.3700 requires that pullbacks now hold 1.3700 as support.

Gold Aug Contract (GC, ETF: (GLD))
Tuesday morning’s attack on 1326.00 was probed Wednesday morning, even before the afternoon’s FOMC Minutes release. Consolidating there broke higher in reaction to the afternoon’s FOMC Minutes released after the close. Fresh highs tested 1332.00, whose break would target 1352.00 if recovered through Thursday’s close. Closing under 1326.00 would reverse momentum down.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s immediate recovery back to 21.21 didn’t negate the prior two sessions closing under 21.05 support, but instead offered the last opportunity to clean out weak-handed buyers before launching a downleg. Not much of an opportunity, or not much of weak-handed buyers. The 21.21 test was still ongoing, but otherwise holding as resistance.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s initial dip to 136-09 was recovered aggressively in reaction to the afternoon’s FOMC Minutes, surging to a fresh high attacking 137-00. The fresh high now raises the pullback limit to 136-14. Closing under 135-26 would now signal momentum reversing down. Meanwhile, 137-22 is in-play.

Crude Oil Aug Contract (CL, ETF: (USO))
The drop extended to probe under its first objective of 102.50. Closing below it confirms the next lower target at 101.00 remains in-play, as well. Bounces now have room up only to 102.90 to maintain the decline’s momentum.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
It wasn’t much to ask that Wednesday’s buyer produce a close back above Tuesday’s 4.21 post-open high — Tuesday’s close was attacking it to within 2-3 cents. But Wednesday’s session essentially consolidated at and/or under it, certainly not blowing through it as would have been optimal confirmation of the 4.13-4.15 targeted support holding.

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A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Flat to lower ranging didn’t threaten reversing the trend down Tuesday, but not yet extending the recent bounce does suggest that it has run its course.

Eurodollar Sep Contract (EC, ETF: (FXE))
Did the support test finally launch a bounce? Tuesday’s opening dip required organic sponsorship since no econ report was scheduled that might incite buyers. Its bounce did appear, but not a rally, leaving no room for delaying it past Wednesday’s open.

Gold Aug Contract (GC, ETF: (GLD))
The corrective bounce to 1326.00 was fulfilled to within 30 cents before reacting down sharply intraday, although 1313.00 held to avoid signaling momentum is reversing down.

Silver Sep Contract (SI, ETF: (SLV))
Monday’s test of 21.05 critical support reacted up Tuesday to 21.21 resistance, which failed and reversed down into negative territory to test 21.05. Closing down again Wednesday would signal a new downleg underway.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s bounce to 135-26 resistance extended 1 point higher without delay through 136-05 confirmation to signal the rally underway has potential to substantially higher highs targeting 137-22. Closing under 136-05 would suggest otherwise, and under 135-26 would reverse momentum down for a new and durable downleg.

Crude Oil Aug Contract (CL, ETF: (USO))
Fresh lows testing 103.00 continued the downleg still targeting 102.50 and 101.00, which remain in-play so long as bounces now were to hold any test of 103.70 as resistance.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
The drop extended even deeper Tuesday, testing 4.15 support, which is an extension of the 4.38 support that held only momentarily last week. Being similar, closing above Tuesday’s 4.21 intraday high would also be able to signal a rally underway.

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A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Monday’s narrow ranging around 80.25 resistance wasn’t decisive enough to reverse momentum up, but any initial strength Tuesday would be credible for extending higher intraday.

Eurodollar Sep Contract (EC, ETF: (FXE))
Sunday night’s dip to 1.3580 recovered back above Thursday’s low before Monday’s open. Holding the low keep s the door open to at least bounce back up to 1.3660 if not also to probe above 1.3700.

Gold Aug Contract (GC, ETF: (GLD))
Monday’s early dip to 1313.00 support held but didn’t launch a reaction up any higher than the 1322.00 resistance. An intraday probe up to 1326.00 remains likely.

Silver Sep Contract (SI, ETF: (SLV))
Overnight weakness didn’t bleed into the new week, although neither was it rejected as Monday only ranged narrowly above 21.05 support.

30-year Treasury Sep Contract (US, ETF: (TLT))
Holding 134-10 Thursday morning made a near-term bottom likely, and closing above 134-25 made a bounce to 135-26 likely, too. Monday’s opening surge got there. Closing above it would signal a much bigger leg in-play targeting 137-22.

Crude Oil Aug Contract (CL, ETF: (USO))
Sunday night’s weakness extended down intraday Monday to fresh lows testing 103.20. The 102.50 and 101.00 targets remain intact so long as bounces now hold 104.05 as resistance.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Barely clinging to 4.38 support last week proved only to have expended buying pressure fruitlessly, as the week began with fresh lows overnight that trended down more sharply intraday, probably targeting 4.23.

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