Daily Spot
A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.
Today’s Highlight Natural Gas exploded higher in reaction to a setup that has been tracking tired sellers trapping themselves short. And there’s room for more upside.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Thanks only to intervention rumor, Thursday produced a second consecutive lower close, but still testing prior lows. Closing under 82.35 Friday would target 81.40. Otherwise, close above 82.80 would target 83.40.
Eurodollar Sep Contract (EC, ETF: (FXE)) Intervention rumor pushed up above the closing test of 1.2615 prior highs. Confirmation Friday would target 1.2760. Closing under 1.2555 would target 1.2325.
Gold Aug Contract (GC, ETF: (GLD)) A lot of difficulty getting at 1626.00 resistance. No bullish reason to retest 1608.00-1610.00 support again, or to further delay retesting last week’s highs up to 1644.50.
Silver Jul Contract (SI, ETF: (SLV)) Despite holding 28.75 support Wednesday, Thursday soon plunged through it to 28.15, and any lower would trigger a new downleg targeting new lows under 26.00.
30-year Treasury Sep Contract (US, ETF: (TLT)) Another day, another probe under 148-18 that recovers to avoid sellers gaining traction. But the delay in producing even an obligatory rally above 150-06 is getting odd.
Crude Oil Jul Contract (CL, ETF: (USO)) Another test of 84.00 has further delayed the unfinished business below at 81.25, but a second consecutive higher close Friday would target another detour at least to 86.65.
Natural Gas Jul Contract (NG, ETF: (UNG, UNL)) The 4-5 day pattern that reflected tired selling pressure was vulnerable to any news. The 2.23 open spiked up through the 2.32 signal on EIA news and extended higher to its 2.50 target. A second consecutive higher close Friday would next target 2.83.
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