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 got a bump from EAI dismissing the efficacy of releasing SPR (Strategic Petroleum Reserves). But only so much of a bump because the decision has yet to be made. And also because a buy signal lies just above.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Monday’s narrow ranging had not enhanced Friday’s recovery attempt. Tuesday’s drop helped, by leaving outstanding a gap back to Monday’s 81.70 close that can attract price higher for another recovery attempt.
Eurodollar Sep Contract (EC, ETF: (FXE)) Sellers gained no traction on Monday’s shallow dip, leaving room for noise up to 1.2570 which contained Tuesday’s high. There is also room down to 1.2425 before signaling a bigger downleg underway.
Gold Dec Contract (GC, ETF: (GLD)) Ranging since testing 1674.00-1677.00 persisted Tuesday. Price was a little weaker, but still has room down to 1656.50 before either completing a pullback to resume the rally up to 1700.00 and 1744.00, or else gaining traction to become a new downleg.
Silver Sep Contract (SI, ETF: (SLV)) Monday’s fresh high may become any Island reversal, since Tuesday’s open gapped down back under prior highs. Closing under 30.00-30.35 would signal a bigger correction underway. Otherwise, two consecutive higher closes above 31.00 would resume the rally, next targeting the 33.00 area.
30-year Treasury Sep Contract (US, ETF: (TLT)) Ongoing testing of 149-00 resistance extended higher Tuesday to 149-19. Opening under 148-30 would indicate the bounce had failed. Closing under 148-18 would signal momentum reversing down, potential to probe fresh lows.
Crude Oil Oct Contract (CL, ETF: (USO)) Monday’s fresh low was not confirmed by a second consecutive lower close Tuesday. Its recovery stopped just short of gaining traction above 97.00. Almost any higher Wednesday would be likely to trend sharply higher intraday.
Natural Gas Sep Contract (NG, ETF: (UNG, UNL)) Last week’s failed attempts to renew the decline was retried Monday, and then confirmed Tuesday. Now a third lower close is now all but required before a durable recovery can begin. That said, closing above 2.70 and 2.77 would signal momentum reversing up.
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