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))
Wednesday’s gap up had quickly paused and consolidated at 1.1180 support. Closing any lower would signal the bounce had ended, and Thursday’s gap down under it extended lower intraday. Closing also under 1.1105 would confirm a new downleg underway.

Gold Aug Contract (GC, ETF: (GLD))
Thursday’s weakness only touched Tuesday’s low, but rejected the open’s gap up, which is in-line with Wednesday’s gap up being only temporary. A retest of Tuesday’s low would enable a durable recovery to form.

Silver Sep Contract (SI, ETF: (SLV))
Thursday’s probe under Wednesday’s low testing 20.05 support need only close lower on Friday to confirm at least an attack on the week’s lows — not necessarily back down to the actual 19.60 low — before beginning a durable recovery.

30-year Treasury Sep Contract (US, ETF: (TLT))
Closing Wednesday simultaneously above both 172-26 and 173-04 buy signals didn’t prevent Thursday’s slight gap down from extending sharply lower intraday. The recent recovery was retraced precisely 61.8% to 171-25, which at least avoids reversing momentum down. Almost any initial strength Friday would be likely to extend higher intraday, and vulnerable to extending to fresh highs for the week.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially extending down Thursday morning to a fresh pullback low was reversed well before noon back up to probe the 43.35 bounce limit by 50 cents. Its test had launched the first reaction down, so closing above it at least once is required to suggest its reaction down has ended.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of weakness had made an initially favorable knee-jerk reaction up likely to fail. An initially negative knee-jerk reaction down to 2.53 was recovered into positive territory up to 2.60, but it was retraced back down to 2.53. RSIs diverged positively, so bottoming action would be credible.