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))
Friday’s break back above 1.1720 resistance was suspicious because it originated from an extended test of “lower prior highs.” Monday’s open gapped down to 1.1720 and didn’t recover, suggesting that momentum remains pointed down.

Gold Dec Contract (GC, ETF: (GLD))
Sunday night’s drop to the 1285.00 pullback limit held for Monday morning, but only to hold 1290.00 and not yet to bounce back up to Friday’s close. Potential to 1305.00 otherwise remains intact.

Silver Sep Contract (SI, ETF: (SLV))
Sunday night’s dip attacked the 16.90 low of last week’s test of the 17.05 pullback limit. Monday’s open began recovering and the morning extended back into positive territory, marginalizing sellers for another day.

30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight weakness was probably motivated by a flight-from-quality during the stock rally. Gapping down to the 154-30 pullback limit held, and despite the rally persisting throughout the morning, the gap back up to Friday’s close was nearly filled above 155-10. .

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s test of the 48.25 sell signal had held, but didn’t recover the two-week long Triangle’s lower-end. Monday morning improved back up to the Triangle’s apex at 49.15. That corrected the first drop, and resolved down into Monday afternoon probing fresh lows under 47.74. A second consecutive lower close Tuesday would confirm the pattern has rolled over.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Room down to 2.91-2.92 was tested through Monday morning’s steep opening slide. Firming through the noon hour avoided closing lower, which would still target 2.81-2.82.

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 reaction up tested the 1.1820 buy signal, and continued testing it into the afternoon. It still lacks optimal credibility since so much time was spent hovering optimistically at the 1.1730 lower prior highs already.

Gold Dec Contract (GC, ETF: (GLD))
Initially spiking up Friday to test 1298.00 was reversed down hard into negative territory. But only momentarily as price recovered to flat-to-even, maintaining potential to 1305.00.

Silver Sep Contract (SI, ETF: (SLV))
Friday’s dip touched Wednesday’s 16.90 lower prior highs as support and recovered back above the 17.05 pullback limit to keep alive the upside potential.

30-year Treasury Sep Contract (US, ETF: (TLT))
Initially rallying to fresh highs overnight, Friday morning’s retracement back into the 154-30/155-08 range held a test. More than hold a test, it must produce a higher close to confirm the rally has extended, and not that a top is forming.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight weakness persisted into Friday’s opening test of fresh 3-week lows and of the 48.25 sell signal piercing 48.00. The reaction up held the test, but also failed to recover into 3-week range, keeping alive the potential for breaking more substantially under 48.25.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Friday’s narrow ranging at Thursday’s highs was not bearish, consolidating the surge and the entire week’s rally off of the prior week’s lows. It still doesn’t preclude a potential dip to 2.91-2.92 or its break down to 2.81-2.82, but from a position of strength that would likely recover and resume the rally.

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))
Still hovering at the 1.1730 “lower prior highs” isn’t necessarily tantamount to holding the test, especially when the test is a retest that strong buyers would have resolved up much sooner. .

Gold Dec Contract (GC, ETF: (GLD))
Avoiding a corrective dip to 1271.00, an overnight rally triggered a gap up Thursday through 1285.00 that extended higher through the morning to attack 1294.00. Upside momentum remains intact for extending to 1305.00 so long as 1285.00 holds as support. Under 1281.50 would signal momentum reversing down.

Silver Sep Contract (SI, ETF: (SLV))
Extending higher overnight without a pullback to 16.60 gapped up to test the 17.20 target and then react down to 17.05, which must hold as support to maintain the upside momentum.

30-year Treasury Sep Contract (US, ETF: (TLT))
A retest of Wednesday’s 155-08 high found its catalyst in the flight-to-safety that was triggered Thursday morning. Its resistance initially produced a reaction back under the 154-30 pullback limit. But more afternoon turmoil enabled an attack on the highs to avoid sealing a top instead, and to launch an extended upleg.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ignoring turmoil elsewhere since last week had created an extended narrowing range, a pattern which tends initially to break falsely in one direction before reversing more substantially in the opposite direction. Thursday’s gap up attacked the rally’s 50.10 target and immediately began reversing down back down to the range’s lower-end, just above the 48.25 sell signal.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Having sealed a bottom two days prior, Thursday’s EIA was greeted from a position of strength. Not so much as to preclude a knee-jerk reaction down from retesting the low, but to make that dip likely to recover into a rally. No test or recovery was needed, as the reaction spiked up and extended to fresh recovery highs attacking 3.00.

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))
Slightly lower lows Wednesday didn’t extend beyond the “lower prior highs” that must hold to maintain potential for one more fresh high in the 1.1945-1.1970 area.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s gap up back to last week’s 1280.00 prior highs fluctuated there intraday, leaving gaps outstanding below to at least 1271.00 before any further rally would be credible for gaining traction.

Silver Sep Contract (SI, ETF: (SLV))
Gapping up Wednesday to last week’s 16.85 highs fluctuated there through the day. Closing any higher would have been bullish before the interim collapse, but now there are gaps outstanding below. At least a dip to 16.60 is likely.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up probed the prior high and tested the longstanding 155-08 objective, neutralizing its attraction. Closing back under 154-30 would suggest the retest and neutralization will hold for a top to form, and 154-16 was already being tested into the afternoon. Somehow closing Thursday above Wednesday’s high would invalidate Wednesday’s weaker close.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Intraday action continues to lack volatility as the ranging persists between 48.25-50.10. The calm seems eerie during the volatility being seen elsewhere, but that is not unusual, and it is often followed by hyper-volatility that compensates for the delay.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s second consecutive higher close launched a gap up Wednesday that trended higher intraday to attack 2.92 resistance. The bottom has Island-like characteristics that suggest its 2.82 “lower prior high” will be retested. That would not be inappropriate in reaction to Thursday’s EIA report, which is being greeted from a position of 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))
Gapping up slightly Tuesday didn’t prevent dipping back down to test Friday’s lows, which were testing “lower prior highs” at 1.1730-1.1755. So long as the support area holds, there remains potential for probing fresh highs above 1.1945.

Gold Dec Contract (GC, ETF: (GLD))
Rallying overnight ran into 1271.00 resistance that triggered a reversal to fresh lows attacking 1257.00. Its reaction up tested Monday’s 1264.00 close, but more importantly held above 1261.00 to avoid completing a bottom.

Silver Sep Contract (SI, ETF: (SLV))
Gapping up Tuesday was reversed down from 16.45 resistance. But its reaction down to fresh lows was recovered back into positive territory. It’s not a completed bottom, but the behavior does suggest that a pullback is ending with potential for a bounce up to 16.60 or 16.70.

30-year Treasury Sep Contract (US, ETF: (TLT))
Probing a fresh low had room down to 153-16 before signaling a deeper drop underway. It was only attacked Tuesday morning, keeping alive the likelihood for retesting last week’s highs up to 155-16.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still fluctuating in the range, closing above 50.10 would trigger a new upleg, but under 48.25 would help to confirm that a more substantial retracement back to the lows is underway.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Probing higher overnight was retraced into Tuesday’s open. The initial dip was reversed back into positive territory. A second consecutive positive close does suggest that a bottom has formed, with some potential for probing a fresh low, but now very likely to recover and reverse up.