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))
Lower lows overnight down to 1.1595 nearly touched last week’s 1.1580 overnight low of the entire decline. Stopping optimistically short before bouncing intraday doesn’t make fresh lows any less likely on this leg.

Gold Aug Contract (GC, ETF: (GLD))
Fresh lows overnight weren’t broken until the afternoon extended to attack 1248.00. This fulfills the minimum third lower close required by the confirmed breakout, but does not at all suggest the decline is ending.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Thursday creates a new piece of unfinished business below at the open, which must be retested eventually after retesting higher prior lows. Coverage rolls forward immediately to Sep, which trades at a 9-cent premium to Jul.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s test of downtrending resistance at 144-26 and extended higher intraday. Thursday did not extend higher, but neither was 144-26 reversed, which would signal the momentum reversing down.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s fresh highs tested 74.00. The 75.30 target remains intact so long as pullbacks now hold 72.95 as support. Back under 71.05 would signal that momentum is reversing down.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from only so much of a position of strength that a knee-jerk reaction down would likely recover. Reacting up first would still be vulnerable to reacting down. In fact, gapping up to 3.00 and probing higher was reversed down sharply to 2.93. Closing lower Friday would signal the trend reversing down.