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))
Dipping Thursday to test 1.1550 had served as the consequence of Wednesday’s ineffectual optimism. Already gapping up to 1.1600 Friday and retesting Wednesday’s highs makes 1.1600 new sell signal.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s post-close test of the 1191.50 was recovered overnight into a a surge through Friday morning that tested the next higher objective at 1215.00. Its test has room up to 1220.00 to fill the gap still outstanding there. Back under 1200.00 first would already resume the decline targeting 1272.50.

Silver Sep Contract (SI, ETF: (SLV))
Thursday’s post-close dip to 14.45 was reversed overnight to gap up back into the 14.63-14.80 range and extend through its upper-end. Potential for extending to 15.05 would be invalidated back under the range’s 14.63 lower-end, targeting an intraday test of 14.45 and probably also fresh lows under 14.30.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s inside day had formed position of strength, whether extending higher immediately or ensuring recovery from an interim dip. Friday morning’s dip to 145-03 did recover to test the Wed-Thu 145-23 highs by a couple of ticks, still likely to extend higher.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s inside day had formed a position of strength for not rejecting Wednesday’s gap up. Friday’s gap up to 68.90 confirmed that, still having potential to complete a corrective bounce up to 70.55 so long as pullbacks now hold 68.00-68.30 as support.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Recovering intraday from Thursday’s knee-jerk reaction down to EIA had itself stopped short of gaining traction. Back under 2.95 Friday morning extended down to the week’s lows, still targeting 2.85.