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 Volatile stock market action was ignored by mostly narrow ranging among Currencies and Metals.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Another day, another narrow range around prior lows. Still no greater likelihood of extending lower.
Eurodollar Sep Contract (EC, ETF: (FXE)) Like the Dollar, Wednesday’s action in the Euro only ranged narrowly around its prior highs. Still no greater likelihood of extending higher.
Gold Dec Contract (GC, ETF: (GLD)) Tuesday’s test of the 1700.00 target was consolidated Wednesday. The shallow ranging suggests that optimism is extreme, and a fresh high would be vulnerable to whipsawing down.
Silver Sep Contract (SI, ETF: (SLV)) Flat-to-higher firming Wednesday further consolidated recent gains, still targeting 33.00 so long as 31.80 and 31.30 were to hold any test as support.
30-year Treasury Dec Contract (US, ETF: (TLT)) Despite having held its test of 151-22 resistance Tuesday (150-26 basis Sep), Wednesday’s shallow reaction down underscores there not being an attractive risk:reward setup. However, now closing under 150-18 would trigger a corrective dip targeting 149-22.
Crude Oil Oct Contract (CL, ETF: (USO)) Tuesday’s impatient selling pressure extended lower Wednesday morning, but recovered positive territory into the noon hour. At least Tuesday afternoon’s lows held as support to suggest that sellers had lost momentum. Closing above at least 96.15 would start to signal momentum having reversed back up.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL)) The recent bounce could have extended through its 2.89 target that was met Tuesday had the narrow consolidation resolved up immediately. But Wednesday’s open gapped down under 2.82 support. The rally can resume to 3.08 so long as 2.76 now holds as support.
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