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))
Already having spiked up into the weekend, gapping up Sunday night touched the 1.1955-1.1970 target area’s upper-end. Its reaction down was recovered entirely through the morning, and extended to fresh highs attacking 1.2000.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s retest of the 1288.00 sell signal was deeper than Tuesday, and its reaction still held a test of its prior high. But it was a second failure to extend lower, which Sunday night exploited by rallying into Monday morning’s test of the 1302.00 buy signal. A second leg surged to its 1313.00 target, and through it to also test 1315.00, next targeting 1322.00.

Silver Sep Contract (SI, ETF: (SLV))
The 16.90 sell signal had held two tests as support and closed back at its prior high, while testing what had been the rally’s 17.05 pullback limit. Sunday night probed higher to test its 17.20 buy signal into Monday’s open. Reacting down toward unchanged was reversed up by another upleg attacking 17.50, all but ensuring 17.80 is targeted.

30-year Treasury Sep Contract (US, ETF: (TLT))
Ranging narrowly Sunday night while stocks were battered about does reflect a degree of stability to keep alive the likelihood for one more probe higher. But it also reflects some complacency creeping in to suggest that one more probe higher may be final.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s bounce back up to the 47.95 sell signal resolved down sharply Monday morning to fresh lows at 46.15, which should not be retested at this stage unless the next downleg is actually getting underway. the next lower support is at 45.50.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Oct, which is trading at a 2-3 cent premium to Sep]. Dropping overnight extended to fresh lows at 2.88 within a nickel of the 2.84 target. A post-open surge tested 2.98 briefly, which the decline would marginalize as noise by closing back under 2.94.

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 Friday extended higher through the morning to test 1.1900. A bigger rally to fresh highs at 1.1915 and potentially 1.1970 is now likely underway, albeit still vulnerable to reversing back down to the recent lows.

Gold Dec Contract (GC, ETF: (GLD))
A wild Friday morning first spiked up, then plunged to a fresh low under 1284.00, and spiked back up again to 1298.00. Extending higher Monday would be credible for retesting the high and higher. Otherwise, launching a downleg has little excuse for further delay.

Silver Sep Contract (SI, ETF: (SLV))
Another probe under 16.90 was triggered among Jackson Hole headlines. It originated from an early morning bounce above 17.05, and recovered back to it after testing 16.70. This gives the pattern an opportunity to rally if Monday were to extend higher, but without delay since 17.05 still isn’t recovered.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s initial dip held just under 156-00 before snapping back up to fresh highs at 156-24. Having failed to confirm Wednesday’s breakout, closing higher Friday would signal a much larger rally leg underway.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing Friday morning back up to the 47.95 sell signal still keeps alive the potential for resolving down, but also limits the time available to sellers for retaking control.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s failed bounce above 2.95 had warned already that another downleg was forming, especially having failed to exploit the otherwise bullish influence of the Guld of Mexico hurricane bearing down. Friday’s dip back down under 2.91 and lower puts into play 2.81 where a better bottom can still form..

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))
Thursday morning’s dip held Wednesday’s low and its 1.1800 support whose break would target 1.1765 and potentially lower into a new downleg. Closing above Thursday’s 1.1845 high on Friday could extend the bounce.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday night’s attack on the 1288.00 sell signal that was tested Tuesday doesn’t entirely confirm the recovery attempt failed, but it does suggest that a break lower could be very productive before consolidating.

Silver Sep Contract (SI, ETF: (SLV))
The 16.90 sell signal was retested overnight which continues to threaten launching a new downleg that seals a top.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s breakout close was not on-track to be confirmed by a second consecutive higher close Thursday. The morning was contained within Friday’s range, not even threatening the room for a pullback to just under 156-00 or to 155-22.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Immediately dipping back under the 48.45 sell signal Thursday extended down to the 47.25 low of its prior test, which shouldn’t have been retested at this stage unless the pattern were ready to extend down.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
[Tomorrow I’ll roll coverage forward to Oct, which is trading at a 3-cent premium to Sep…] Gapping up Thursday to test 2.95 was reversed back down, still vulnerable to closing under 2.91 and putting back into  play a deeper pullback targeting 2.81. Hurricane Harvey’s influence could inhibit sellers.

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))
Despite Monday having filled the gap up left outstanding from the prior Friday, Tuesday’s gap down created another gap back up to Monday’s close. Tuesday’s gap down held the 1.1765 sell signal, enabling Wednesday to fill the gap above. And it was done by gapping up, creating a gap back down to Tuesday’s close, which is essentially the 1.1765 sell signal.

Gold Dec Contract (GC, ETF: (GLD))
Only firming overnight wasn’t enough to reject Tuesday’s test of the 1288.00 sell signal, which wasn’t recovered above a relevant level and remains vulnerable to triggering.

Silver Sep Contract (SI, ETF: (SLV))
Only firming overnight wasn’t enough to reject Tuesday’s test of the 16.90 sell signal, which wasn’t recovered above a relevant level like 17.05 and remains vulnerable to triggering.

30-year Treasury Sep Contract (US, ETF: (TLT))
A third consecutive session Wednesday developed within Friday afternoon’s range, without trending down or rejecting any probe of fresh highs. But Wednesday developed at Friday’s highs, just avoiding a fresh high to still qualify as more “ineffectual pessimism,” which is vulnerable to resolving up.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still fluctuating around 47.95 and back up to the 48.45 sell signal — instead of trying to resume Monday’s break — is undermining the potential for another downleg that finally tests the low’s consolidation.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Closing back under 2.95 Tuesday wasn’t sufficient to reverse momentum down, like closing under 2.91. Gapping down to it Wednesday still held it into the afternoon.

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 reacting down overnight, Tuesday’s open again retested the 1.1765 sell signal, which continues to behave more as a magnet than as an inflection point.

Gold Dec Contract (GC, ETF: (GLD))
Overnight weakness tested the 1288.00 sell signal before bouncing. The bounce stopped short of recovering 1295.00, which makes another dip likelier to extend down.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday morning dipped deeper to test the 16.90 sell signal. Reacting up sharply held the 17.05 pullback limit as resistance, all but signaling the trend is reversing down.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s inside-day was followed by another Tuesday morning, even while surging stocks seemingly offset the catalyst for last week’s flight-to-safety rally.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday night’s bounce back up to 47.95 resistance was largely retraced into Tuesday’s open. But Tuesday morning’s bounce retested 47.95. Resistance held through the close, but can still resolve down Wednesday as EIA is being greeted from a position of weakness.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Surging before Tuesday’s open wasn’t extended above its 3.00 open, and reversed through the morning to 2.93, preventing a decisive close above 2.95 that would have closed the door to a deeper pullback targeting 2.81.