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))
The cycle repeated Wednesday — early strength followed by a fresh low that was recovered to attack the earlier strength. Wednesday was the first instance of this cycle developing entirely intraday, suggesting that it is nearing a resolution. Back above 1.1755 would target 1.1850, in what should be a swift move since the pattern has already backed-and-filled.
Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s gap up to the recent range’s 1230.00 upper-end spent the day ranging around the range’s upper-end exclusively in positive territory, but without a breakout. That’s “ineffectual optimism,” which can be bullish if followed by aggressive buying early Thursday.
Silver Sep Contract (SI, ETF: (SLV))
Gapping up Wednesday to test Tuesday’s high above 15.60 repeated Tuesday’s “ineffectual optimism” by remaining in positive territory but not closing above prior highs. This pattern can repeat indefinitely, so its hesitating gains are not compelling to short. And the door remains open to a surge targeting 15.80 or 16.00.
30-year Treasury Sep Contract (US, ETF: (TLT))
Firming up to the 143-12 bounce limit Wednesday held, without reversing back under 143-02 where the decline would signal it is extending. The buy signal remains unchanged at 144-08.
Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s favorable reaction to the EIA report extended through the 68.82 buy signal up to 69.70 which is now targeting at leas 71.75 as a correction. Any higher would start to suggest a retest of the prior highs.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday tested 2.78 which must hold as resistance to maintain the decline’s momentum. Holding its test through the close, and leaving outstanding the gap back down to Tuesday’s close, is greeting Thursday’s EIA report from a position of weakness.