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 Germany’s ESM ruling helped the Euro… to avoid a down day. Not that the alternative was bullish, either. But the effect among Precious Metals suggests that their recent trending is about to end.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Although Wednesday’s open gapped down to extend the trend, the session only ranged narrowly sideways. The pattern tends to appear when trending is nearing its end.
Eurodollar Sep Contract (EC, ETF: (FXE)) Although Wednesday’s open gapped up to extend the trend, the session only ranged narrowly sideways. The pattern tends to appear when trending is nearing its end.
Gold Dec Contract (GC, ETF: (GLD)) Wednesday’s fresh high did not reach 1760.00-1770.00 before reversing down to close negative. So, despite otherwise tracking the topping pattern, there remains potential for probing a fresh high.
Silver Sep Contract (SI, ETF: (SLV)) The 32.95 pullback limit was held through Wednesday’s close, although first it was probed sharply down to 32.50. The rally’s potential to 35.40 remains intact so long as 32.95 holds any test as support.
30-year Treasury Dec Contract (US, ETF: (TLT)) Despite Tuesday’s sideways ranging, which undermined the drop’s momentum, Wednesday gapped down to fresh lows. The overall direction is certainly within the context of a much bigger, bearish pattern. But the origin of Wednesday’s drop and the gap left outstanding to Tuesday’s close makes the pattern only more vulnerable to a corrective bounce.
Crude Oil Oct Contract (CL, ETF: (USO)) Tuesday’s testing of 97.00 was not breakout quality. So, despite trying to extend higher Wednesday, the session weakened to close lower.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL)) The recovery extended for a third consecutive session to come within 1 cent of its 3.08 target. Closing above it Thursday would extend the pattern’s target to 3.20.
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