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))
BOE hinted at a round of QE Thursday morning and drove the Pound down. ECB suggested the same one hour later and drove down the Euro, too. The two prior sessions had expended buying pressure without gaining traction, and both are required to probe last week’s lows, which may be fulfilled by week’s end.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s shallow gap up to 1329.60 instead of through it had failed to invalidate Tuesday’s close under the 1322.40 pullback limit. The same buy signal above 1329.60 would be credible Friday without Thursday’s probe back under 1322.40 making fresh lows.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s surge to fresh highs was consolidated Thursday. Not reacting down doesn’t preclude a delayed reaction, but it does make a delayed reaction down likelier to recover.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s dip under the pullback limit extended down overnight to 171-01 and to touch “lower prior highs.” Friday’s 173-06 gap up was retested on the way up to 173-23, which reacted back down to 172-00. Back under 171-00 would seal a top, without first testing 174-24.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s bounce to 50.00 reacted down to touch the adjusted 48.75 sell signal. A valid trigger at this stage of the pattern should have extended down decisively by the close if valid.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength likely to absorb an initially negative knee-jerk reaction down. But not from a strong enough position to exploit a knee-jerk reaction up. So the retest of Wednesday’s high reacted back down into the rally’s 2.86-2.91 target area.