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))
Firming temporarily Sunday night was followed Monday morning to fresh highs including the next higher resistance at 1.1700. The current sell signal at 1.1600 will be raised.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s surge up to 1215.00 had much more room available for a pullback than just 1209.50, which was recovered to fresh highs attacking 1220.00 resistance.

Silver Sep Contract (SI, ETF: (SLV))
Sunday night’s fluctuation around 14.78 resistance where Friday once again close was somewhat improved Monday, having potential for a temporary detour to 15.05 before fulfilling an intraday test of 14.45.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s post-close blip-up to fresh recovery highs at 145-29 was touched Sunday night, and then retraced back down to Friday’s 145-02 low Monday. The ineffectual pessimism had started to become restrained optimism, which is an unnecessary stage on the way to surging.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging Sunday night held the upper-end of 68.00-68.25 support, maintaining the upside target at 70.55.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Friday’s dip extended lower Sunday night to within a nickel of the pullback’s 2.85 objective, and then another 2-cents closer 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))
Dipping Thursday to test 1.1550 had served as the consequence of Wednesday’s ineffectual optimism. Already gapping up to 1.1600 Friday and retesting Wednesday’s highs makes 1.1600 new sell signal.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s post-close test of the 1191.50 was recovered overnight into a a surge through Friday morning that tested the next higher objective at 1215.00. Its test has room up to 1220.00 to fill the gap still outstanding there. Back under 1200.00 first would already resume the decline targeting 1272.50.

Silver Sep Contract (SI, ETF: (SLV))
Thursday’s post-close dip to 14.45 was reversed overnight to gap up back into the 14.63-14.80 range and extend through its upper-end. Potential for extending to 15.05 would be invalidated back under the range’s 14.63 lower-end, targeting an intraday test of 14.45 and probably also fresh lows under 14.30.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s inside day had formed position of strength, whether extending higher immediately or ensuring recovery from an interim dip. Friday morning’s dip to 145-03 did recover to test the Wed-Thu 145-23 highs by a couple of ticks, still likely to extend higher.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s inside day had formed a position of strength for not rejecting Wednesday’s gap up. Friday’s gap up to 68.90 confirmed that, still having potential to complete a corrective bounce up to 70.55 so long as pullbacks now hold 68.00-68.30 as support.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Recovering intraday from Thursday’s knee-jerk reaction down to EIA had itself stopped short of gaining traction. Back under 2.95 Friday morning extended down to the week’s lows, still targeting 2.85.

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 “ineffectual optimism” that briefly probed above the rally’s 1.1625 target was reversed into Thursday afternoon down to 1.1550. Its likely minimum objective is to fill the gap outstanding from the 3-week old open under all prior lows at 1.1475, and potentially correct into the consolidation of the lows down to 1.1405.

Gold Dec Contract (GC, ETF: (GLD))
Reversing down from Wednesday’s opening gap up to 1207.50 resistance retested the 1195.00 buy signal and extended lower, attacking 1191.50 whose break would target 1172.50 and possibly also an intraday retest of the 1167.00 overnight low.

Silver Sep Contract (SI, ETF: (SLV))
Having failed to close above Wednesday’s test of 14.80, overnight weakness greeted Thursday’s open at or under the 14.63 sell signal and extended to within a nickel of filling the week-old gap back down to 14.45. Filling it may not hold initially, but it would be optimal before launching a recovery.

30-year Treasury Sep Contract (US, ETF: (TLT))
Only momentarily piercing the 145-23 high of Wednesday’s “ineffectual optimism” overnight did not qualify as breaking through it, nor did Thursday morning’s brief piercing of it. But neither suggested that Wednesday’s fresh highs were being rejected, which can be bullish when confronted with ineffectual optimism.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s rally to 68.00 was probed only briefly overnight, stopping short of its next higher objective at 68.32. Thursday’s open was back within Wednesday’s range, as was the entire session.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was not greeted from a position of strength, but its knee-jerk reaction down was very shallow and very brief, and recovered into positive territory to attack prior highs up to 2.98. Closing any higher Friday would be entirely credible — if not also the minimum requirement — to extend the rally instead of pulling back to 2.85.

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))
Already having fulfilled both higher objectives Tuesday at 1.1545 and 1.1625, while testing “higher prior lows” from the decline, trying to probe higher overnight to 1.1645 wasn’t likely to extend Wednesday. Its reaction down Wednesday morning didn’t actually reverse the trend down, however likely that may be, and extending the rally would next target 1.1705.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s close above 1195.00 extended higher overnight and gapped up Wednesday to test the next higher resistance at 1207.50. Reacting straight back down through the morning filled the gap back down to Tuesday’s  close. Back under 1191.50 would reverse the trend back down, but there’s otherwise room up to 1215.00-1220.00.

Silver Sep Contract (SI, ETF: (SLV))
Probing the 14.63-14.80 range’s upper-end overnight was retraced into Wednesday’s open, dipping back into the range, instead of extending to 15.05 above, and still attracted to 14.45 below.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up Wednesday and probing a fresh high wasn’t assured of extending higher. It would likely be at a steep slope, or else the rally would otherwise have peaked. Retracing the intraday fresh high probe back under Monday’s high would be “ineffectual optimism” and more vulnerable to reversing down.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Rallying overnight gapped up to fresh recovery highs and extended to test the week-old 67.50 gap up above prior highs, neutralizing its attraction above. Closing above its 67.75 intraday would keep alive the next higher attraction at 68.30.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
The attraction back down to 2.85 remains intact so long as the rally back to prior highs isn’t extended Wednesday. Especially on a closing basis, which would greet Thursday’s EIA report from a position of strength. Wednesday morning’s dip back down to prior highs at 2.95 doesn’t create any added strength.

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 confirmed breakout from 1.1385 extended higher overnight and fulfilled its minimum objective at 1.1545. Consolidating at its resistance into and out of Tuesday’s open broke higher during the noon hour to fulfill the next higher objective at 1.1625. That’s also “higher prior lows,” so a reaction down is likely.

Gold Dec Contract (GC, ETF: (GLD))
Firming overnight probed the 1195.00 buy signal and triggered it through the close by $5. Upside could be limited to 1205.50 or extend to 1215.00-1220.00, but probably be only temporary with the outstanding attraction below to retest the 1167.00 overnight low down to 1172.50.

Silver Sep Contract (SI, ETF: (SLV))
Overnight choppiness repeated Monday’s post-close bounce to 14.80. Continuing to hold its resistance makes the gap back down to 14.45 likely to be filled before a reliable rally can begin.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s fresh high resolved similarly to last Wednesday’s recovery to fresh relative highs, by also dipping back into the multi-session range under 145-00 from which the prior day’s rally had originated. There’s room down to 144-18 before suggesting momentum is reversing down, instead of more likely extending the rally.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Finally rallying Tuesday morning may have launched a rally targeting the week-old opening gap back up to 67.50. Closing under 65.00 would otherwise signal a false break and momentum reversing down.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up to a fresh high seemed to confirm Monday’s gap up from Sunday night’s gap down. A fresh high close would suggest the pullback is being ignored to resume the rally. But Tuesday’s 2.98 high qualified as neither a breakout nor a reversal, and remains vulnerable to a reversal that fulfills a test of 2.85 as support.