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 Gold’s big reversal confirmed that Monday’s bounce was only a correction, and that a retest of the lows is in-play.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Friday’s 83.60 high was eventually probed Tuesday, but it held as resistance through the close to prevent buyers from gaining new traction. Its immediate recovery Wednesday would resume the rally next targeting 83.75. There is otherwise room down to 83.50 before buyers lose traction.
Eurodollar Sep Contract (EC, ETF: (FXE)) Monday’s corrective bounce resolved down Tuesday by gapping back to Friday’s 1.2281 low close. A brief bounce resolved down in new lows at 1.2246. Failing to hold 1.2250 as support would signal the drop was extending down, next targeting 1.1255 and potentially 1.8160. But a rally cannot be signaled until recovering 1.2313.
Gold Aug Contract (GC, ETF: (GLD)) Monday’s corrective bounce extended even higher Tuesday to 1602.00. But the intraday reversal broke back under the 1584.00 sell signal to resume the decline, already testing 1564.00. A test of at least 1555.00 is in-play now so long as bounces were to hold 1580.00 as resistance
Silver Sep Contract (SI, ETF: (SLV)) Monday’s bounce to attack its 27.50 buy signal got no higher Tuesday as its reaction down probed under Friday’s 26.92 low.
30-year Treasury Sep Contract (US, ETF: (TLT)) Tuesday’s extension of the rally to 150-31 was oddly subdued considering its customary destination as a “flight-to-safety” and the stock market’s steep intraday reversal to probe fresh lows. But the rally’s momentum remains intact so long as pullbacks hold 150-06 as support.
Crude Oil Aug Contract (CL, ETF: (USO)) Monday’s test of its 86.50 bounce limit to within 2 cents reacted down to fresh lows Tuesday under 84.00. Back above 85.50 would now signal the rally having resumed. There is otherwise room down to 82.05 before signaling a retest of 78.25.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL)) Tuesday’s open back at 2.83 negated Monday’s recovery above it. A deeper pullback ended the day testing 2.76, so an almost immediate recovery back above 2.83 may be the only way to avoid a much deeper decline.
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