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))
Monday still fluctuated around the 1.1510-1.1525 resistance that had reacted down last week to 1.1450 support. There’s no requirement to break lower, but any further delay would more likely extend up.

Gold Aug Contract (GC, ETF: (GLD))
Extending higher into Monday’s open attacked the next higher resistance at 1236.00 to within 50 cents, still having potential for extending to 1247.00.

Silver Sep Contract (SI, ETF: (SLV))
After remaining within the week’s range through Friday’s close, rallying into Monday’s open gapped up to 16.09, and closed there, after an interim probe higher through the morning. Back under 15.90 would retest 15.55-15.60.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up to touch the 153-00 buy signal at Monday’s open reacted down to 152-14, but firmed again into the afternoon, still poised to launch a recovery leg.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s eventual close above the 46.00 buy signal was already suspicious, and didn’t extend higher Sunday night. Monday’s action gradually slipped back down to 46.00, further suggesting that it isn’t triggering.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s open at the 2.98 short-term downtrending inflection point immediately surged to fill the gap back up to Tuesday’s 3.05 close. Closing any higher should extend the recovery without further delay. Meanwhile, much further delay would retest Friday’s pre-open dip to 2.92.

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))
Having held the 1.1450 pullback limit Thursday, Friday morning’s econ reports easily triggered a surge attacking 1.1510-1.1525 resistance. Holding its test enables closing under 1.1450 to signal the trend reversing down.

Gold Aug Contract (GC, ETF: (GLD))
Gapping up Friday back above the 1219.00 sell signal avoided confirming Thursday’s shallow close under it. Back under 1222.00 would now signal new lows. Otherwise, this bounce can extend to 1236.00 or 1243.00.

Silver Sep Contract (SI, ETF: (SLV))
Thursday’s dip was extended overnight to test the 15.55-15.60 pullback limit before rallying into Friday’s close, and gapping up to recent highs at 16.00. Holding above 15.75 now allows extending higher to 16.30 or 16.70.

30-year Treasury Sep Contract (US, ETF: (TLT))
Initially surging in reaction to Friday’s econ reports formed a gap up to 152-12 that surged through Thursday’s highs up to 153-16. Its reaction retraced back down to the 152-12 opening print. “Another warning shot across the bow” at sellers? No further backing-and-filling is needed before resuming the recovery.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s open and Thursday’s close were both at 46.00, preventing it from signaling a rally underway. That didn’t prevent fresh highs Friday morning from testing 46.75. Closing back under 46.00 would be the first step to allowing a more durable bottom to form, but this continues regardless to be a bottoming pattern.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Dipping overnight to 2.92 essentially retested the gap back down to Monday’s close, Friday’s open was at Thursday’s low, and firmed from there. No further backing-and-filling is required to form a bottom, so any early strength Monday would be credible for extending higher 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))
Wednesday’s drop from 1.1510-1.1525 resistance down to 1.1450 support tried probing a little lower overnight.

Gold Aug Contract (GC, ETF: (GLD))
Thursday morning’s overlapping of 1219.00 by only $3 still needs confirmation to put into play a retest of last week’s 1204.00 low, probably to include a test of 1199.00.

Silver Sep Contract (SI, ETF: (SLV))
Dipping Thursday attacked the 15.55-15.60 pullback below which fresh lows would be put into play.

30-year Treasury Sep Contract (US, ETF: (TLT))
Briefly probing above 153-02 overnight was retraced before Thursday’s open. Extending down to test 152-00 “lower prior highs” now allows a more durable recovery leg to begin, initially targeting 154-04.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s last intraday swing had neutralized the attraction back to its opening gap up at 46.00. But Thursday didn’t trend back down, and instead continued testing 46.00. Resolving down at all should begin resolving down by Friday’s open.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from an attack on 2.95 “lower prior highs” was recovered to 3.02 before reversing back down toward intraday lows. Filling the recent gap back down to 2.92 would be optimal for correcting the breakout so that it may resume.

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 surge to the 1.1510-1.1525 target as a false breakout seemed to be confirmed by immediately dipping back to prior highs Wednesday morning. That was in reaction to a catalyst (Yellen’s remarks), and down to 1.1450 support. So, a second consecutive lower close is needed to confirm the trend reversing down.

Gold Aug Contract (GC, ETF: (GLD))
Firming overnight and then surging in reaction to Yellen’s remarks Wednesday tested resistance at 1225.00. Closing back under 1219.00 would signal a move underway to retest the recent 1204.00 low, possibly to 1199.00.

Silver Sep Contract (SI, ETF: (SLV))
Higher highs into Wednesday’s open tested recent highs, the highest levels above 15.55-15.60. while testing resistance that should now trigger a test of 15.55-15.60 as support for a durable bottom to form.

30-year Treasury Sep Contract (US, ETF: (TLT))
Yellen’s remarks Wednesday morning triggered a surge testing 152-20/153-00 that qualified it as relevant. Immediately pulling back to “lower prior highs” at 152-00 would likely form a durable bottom whose next rally leg is credible for launching a recovery. Extending higher first would target 154-02 where a deeper pullback would become likely.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still overlapping 44.90 resistance at Tuesday’s close didn’t prevent extending higher later in reaction to API, and extending higher overnight for Wednesday’s open to gap up to 46.00. A slightly higher post-open high testing 46.45 reacted down on EIA, filling the gap back to Tuesday’s close. Under 46.00 would signal the low’s retest underway.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Wednesday morning’s dip tested Tuesday’s 2.98 opening gap up as support. It was pierced down to 2.97, which could serve as the pullback low. A complete retracement to 2.95 would be healthier before rallying.

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))
Not yet reversing down Monday after having neutralized the high’s outstanding gaps did make a probe of fresh highs likely before reversing down would be credible. Resistance was tested in the 1.1510-1.1525 area. Closing back under 1.1450 would signal momentum reversing down.

Gold Aug Contract (GC, ETF: (GLD))
Shallow overnight weakness hardly attacked Monday’s 1204.80 support before recovering to probe above Monday’s high to 1217.00. A more reliable bottom would retest the overnight lows, but closing higher Wednesday would be credible for extending.

Silver Sep Contract (SI, ETF: (SLV))
Overnight weakness was reversed Tuesday to probe Monday’s close, which had recovered 15.55-15.60 to being signaling the decline has ended.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s narrow ranging didn’t extend the decline, but still doesn’t qualify as the “warning shot across the bow” at sellers which this pattern tends to form at the end of its trend and just prior to reversing.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging narrowly sideways Tuesday would have confirmed that Monday’s dip didn’t complete the bottoming pattern, which should still test the low’s consolidation to at least 43.40 if not also slightly lower. Firming back above 44.90 instead did fill a gap, but does undermine the near-term test of the lows.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s gap up was within Friday’s range so the gap back down to Friday’s close does not require being filled. Gapping up this morning above the 2.95-2.97 buy signal was above a prior low, so retesting “lower prior highs” may be avoided. Closing above 3.05 would suggest the rally is simply extending.