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 Crude Oil’s reaction down Monday from attacking last week’s highs helps to confirm the rally is vulnerable to being blindsided by a deeper drop.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Monday’s narrow ranging offered no new information since Friday’s gap up tried signaling the recent pullback had ended.

Eurodollar Sep Contract (EC, ETF: (FXE)) Friday morning’s bounce did not extend any higher Monday. Not that sellers gained any traction as the session only ranged narrowly. There is room for noise between 1.2425-1.2570.

Gold Dec Contract (GC, ETF: (GLD)) Ranging around Thursday’s resistance persisted through Monday. There remains risk of a deeper pullback to 1656.50 before extending the rally to 1700.00 and 1744.00.

Silver Sep Contract (SI, ETF: (SLV)) Holding above the rally’s 30.00-30.35 target for two sessions allowed it to extend higher Monday up to 31.22. Fresh highs could test 31.30. But now any close back under 30.35 would signal momentum reversing down.

30-year Treasury Sep Contract (US, ETF: (TLT)) Friday’s test of 149-00 resistance was retraced back up to 149’02. The pattern still has no new levels or objectives.

Crude Oil Oct Contract (CL, ETF: (USO)) Hurricane Isaac fears encouraged Sunday night’s open to gap up and attack last week’s highs up to 97.72. Reality forced a reversal down to 94.41. Back above 97.00 could resume the rally, next targeting 98.85. Closing under 93.00 would confirm the rally had ended, targeting 90.75 and potentially 88.75.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL)) Absorbing each of last week’s brief dips matters not without unleashing that buying pressure back above 2.80-2.85. Monday’s open did not repeat any of last week’s recovery attempts, and the session drifted to fresh lows.

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