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))
Trending up Friday had made Monday morning likely to trend up, too. It did. Into Monday afternoon, too. Friday’s rally didn’t emerge from a multi-session range, so it wasn’t a breakout. And Monday was not its confirmation. But the burden of proof is on sellers, as Thursday’s BOE monetary meeting approaches.
Gold Oct Contract (GC, ETF: (GLD))
[Rolling coverage forward to Oct which trades currently at a $3.40 premium to Aug… Dec is currently more active and trades at an additional $3 premium.] Probing higher Friday had rewarded Thursday holding the 1257.00 pullback limit, which is now the sell signal. Sunday night’s weakness didn’t extend down Monday as it ranged narrowly.
Silver Sep Contract (SI, ETF: (SLV))
Thursday’s close had gone out testing its pullback limit but not decisively holding it. Friday’s narrow ranging peaked pessimistically short of filling the gap at Thursday’s opening gap. Monday’s gap up to fresh highs neutralized its attraction ,but only ranged choppily around last week’s highs.
30-year Treasury Sep Contract (US, ETF: (TLT))
Extending higher Sunday night touched the 153-16 inflection point whose recovery would confirm Friday’s close above the 152-26 buy signal. But Monday morning reacted down instead of exploiting the overnight effort, a failure that could prove very bearish for missing the opportunity to bottom. Back under 152-06 would convert that disappointment into a new downleg.
Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Not reacting down from 48.25 back under 47.25 had made the rally likely to test 50.10, which was attacked Sunday night to within a nickel. Back under 48.25 would now qualify as a sell signal.
Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Closing above the 2.95 buy signal had yet to extend higher. Friday had formed a Symmetrical Triangle that could break lower falsely before reversing more substantially in the opposite direction. Sunday night’s deep gap down to 2.90 extended to and through the 2.82 prior lows, well beyond the context of being only a false break.