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))
Still hovering at the 1.1730 “lower prior highs” isn’t necessarily tantamount to holding the test, especially when the test is a retest that strong buyers would have resolved up much sooner. .
Gold Dec Contract (GC, ETF: (GLD))
Avoiding a corrective dip to 1271.00, an overnight rally triggered a gap up Thursday through 1285.00 that extended higher through the morning to attack 1294.00. Upside momentum remains intact for extending to 1305.00 so long as 1285.00 holds as support. Under 1281.50 would signal momentum reversing down.
Silver Sep Contract (SI, ETF: (SLV))
Extending higher overnight without a pullback to 16.60 gapped up to test the 17.20 target and then react down to 17.05, which must hold as support to maintain the upside momentum.
30-year Treasury Sep Contract (US, ETF: (TLT))
A retest of Wednesday’s 155-08 high found its catalyst in the flight-to-safety that was triggered Thursday morning. Its resistance initially produced a reaction back under the 154-30 pullback limit. But more afternoon turmoil enabled an attack on the highs to avoid sealing a top instead, and to launch an extended upleg.
Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ignoring turmoil elsewhere since last week had created an extended narrowing range, a pattern which tends initially to break falsely in one direction before reversing more substantially in the opposite direction. Thursday’s gap up attacked the rally’s 50.10 target and immediately began reversing down back down to the range’s lower-end, just above the 48.25 sell signal.
Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Having sealed a bottom two days prior, Thursday’s EIA was greeted from a position of strength. Not so much as to preclude a knee-jerk reaction down from retesting the low, but to make that dip likely to recover into a rally. No test or recovery was needed, as the reaction spiked up and extended to fresh recovery highs attacking 3.00.