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 Currencies extended their retracements of last week’s trending Thursday, to make-it or break-it levels. Any lower in the Euro, for example, would signal a much larger dip underway.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Thursday’s gap up extended higher to test 82.80, whose recovery would likely be irreversible before retesting last week’s 83.60 high. Pullbacks must hold 82.65 to maintain the rally’s momentum.
Eurodollar Sep Contract (EC, ETF: (FXE)) Closing Thursday under 1.2300 may have seemed out of range, but Wednesday’s pattern suggested it would at least be tested. In fact, it was probed throughout the day. The decline’s momentum remains intact so long as 1.2320 now holds as resistance.
Gold Dec Contract (GC, ETF: (GLD)) Thursday’s firming stopped short of fresh highs, let alone touching 1627.50 whose recovery would trigger a new upleg.
Silver Sep Contract (SI, ETF: (SLV)) Thursday’s narrow ranging undermined Wednesday’s recovery from gapping down. Its recovery had stopped short of gaining traction anyway. But now a rally is less likely, or less likely to gain any traction.
30-year Treasury Sep Contract (US, ETF: (TLT)) Fresh lows Thursday came within 2 ticks of the 147-08 target before reacting up sharply back above 148-06, still closing negative on the day. The negative close suggests Thursday’s low will be retested, while the steep reaction up suggests that sellers are losing momentum.
Crude Oil Sep Contract (CL, ETF: (USO)) Wednesday’s pullback persisted through Thursday, but more as a function of time and less as a deeper retracement. Having held 92.65, the rally is free to resume to its 96.15/98.85 targets.
Natural Gas Sep Contract (NG, ETF: (UNG, UNL)) A small gap down under 3.00 Thursday was recovered by the morning’s EIA report, which triggered a spike up to 3.12. A late-afternoon plunge fell back under 3.00, and back under the 2.98 buy signal whose recovery would have targeted at least a retest the recent rally’s 3.26 target.
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