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))
Three consecutive strongly trending sessions had fulfilled a confirmed breakout, and probed above the prior range’s maximum calculable breakout objective. A pullback had become likely regardless of news. The 1.4515 pullback limit held as support to a narrowly ranging session.
Gold Aug Contract (GC, ETF: (GLD))
Having held tests of its 1246.50 bounce limit Thursday, overnight weakness remained vulnerable to resuming Wednesday’s night’s plunge that had stopped $4-5 short of fulfilling the outstanding 1235.00 target below. Dipping down to 1239.00 reacted up to attack the bounce limit, which held.
Silver Sep Contract (SI, ETF: (SLV))
Dipping further overnight greeted Friday by gapping down, not required to extend lower but still yet to have tested it 16.35 target below intraday. The open’s low attacked 16.50 before bouncing more than 15 cents, with no signal either way.
30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight weakness briefly pierced Thursday’s low, which itself had held a test of the decline’s 153-28/154-04 target. The setup is almost tantamount to triggering the 154-16 buy signal. Friday’s intraday behavior didn’t suggest it, only ranging narrowly at the target.
Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting down Thursday to having met the extended 45.25 target was retraced overnight back up to Thursday’s 45.45 high, and then higher to attack 46.00. Back under 45.25 would signal the pattern is backing-and-filling down to the recent consolidation to complete a bottom.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Lower lows overnight extended Thursday’s lower resolution that followed its initially favorable knee-jerk reaction to the morning’s EIA report. So long as 3.08 isn’t recovered, the pullback has room below to test “lower prior highs” and fill the gap down to 2.95-2.97. In fact, Friday’s dip attacked the range’s upper-end to within 1 cent.