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))
Probing a fresh low and testing “lower prior highs” under the 1.1765 sell signal down to 1.0707 was mostly recovered intraday, but not rejected. Any initial weakness Wednesday would be credible for a more durable break lower.

Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s drop under the 1285.00 pullback limit stopped short of its potential to 2471.00, but its reaction up also stopped short of recovering 1280.00 to reverse momentum up. Regardless, the pattern results in an Island, which is generally reliable for being retested, but from lower levels if not already underway within 1-2 days.

Silver Sep Contract (SI, ETF: (SLV))
Retesting the 17.05 pullback limit overnight didn’t hold and instead broke sharply lower Tuesday morning to 16.60. Its reaction up tested 16.70, whose recovery would suggest the pullback had ended. Closing under 16.60 would signal a deeper pullback underway.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down to the 154-30 pullback limit and sliding to nearly fill last week’s gap back down to 153-22 expended almost all allowable selling pressure without altogether reversing the trend down. Closing back above 154-20 — which a bounce was overlapping mid-afternoon — would almost single-handedly launch the next upleg.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s open quickly extended down from Monday’s close under the 48.25 sell signal to test 47.00. The extra confirmation makes the reversal more reliable, targeting a retest of prior lows.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Monday’s reaction down to 2.91-2.92 support had reacted up into the close, but Tuesday didn’t immediately exploit it by extending any higher. .