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 There was room for currencies to firm just a little more against the Dollar before resuming their declines. They didn’t need it — the Euro weakened over the holiday, plunging into Thursday’s open. And there’s long-outstanding unfinished business below.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) No further dip was needed after Tuesday before launching a rally leg. Thursday’s open gapped up sharply and extended back to last week’s 83.07 high. So long as a close under 82.85 is avoided, the rally should extend to fill the gap back to June 1‘s 83.76 open, and to test its 83.94 intraday high.
Eurodollar Sep Contract (EC, ETF: (FXE)) The decline didn’t need any more room before resuming. Last week’s 1.2475 low was retraced by the open’s gap down from 1.2625. There is no bullish reason to further delay filling the gap back to June 1’s 1.2324 open, and to also probe under its 1.2292 intraday low.
Gold Aug Contract (GC, ETF: (GLD)) Thursday’s close under 1613.00 signals momentum reversing down, but still needs a second consecutive lower close to confirm 1598.00 and potentially much lower is targeted. The entire session ranged sideways below 1613.00, so closing above it Friday instead could be bullish.
Silver Sep Contract (SI, ETF: (SLV)) Closing above 28.50 Thursday would have been bullish, but a gap down back under prior highs avoided it. At least 27.75 held as support, so a close above 28.50 would still target 30.00-30.35.
30-year Treasury Sep Contract (US, ETF: (TLT)) Holiday bounces tried to recover 149-00, as did Thursday’s open, probing it up to 149-12. But it was still being tested at Thursday’s close, which would have made a new rally leg obvious. Closing above 149-18 would still be bullish.
Crude Oil Aug Contract (CL, ETF: (USO)) Although a fresh high had attacked 89.00 before Thursday’s open, intraday action only ranged narrowly under 88.00. Pullbacks now have room down to 86.00 before resuming the rally next targeting 91.10.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL)) No more dip was needed before trying to resume the rally. Thursday’s session extended back to prior highs to close above 2.95. A second consecutive higher close would confirm, and there is otherwise room for a dip down to 2.83.
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