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 post-open pop came too late to gain traction. But it still suggests that pent-up buying pressure is beginning to boil over.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Tuesday’s bounce was too shallow to reverse momentum up above 83.15, although the :lower prior highs” that were  tested Monday were reinforced as support.

Eurodollar Jun Contract (EC, ETF: (FXE))
Tuesday’s narrow hovering under the rally’s 1.3110 target suggested that at least a momentary fresh high is needed to create a slingshot effect that can reverse down.

Gold Aug Contract (GC, ETF: (GLD))
All of Monday’s rally was retraced Tuesday back down to under 1390.00. The close narrowly avoided recovering 1398.50 so there remains potential for another drop Wednesday to resume the decline.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s gap down to and through the 22.35 sell signal did a more thorough job of filling the gap back to 22.22 that was rejected too impatiently Monday for its bottom to be durable. But the balance of the session only hovered there optimistically, suggesting the drop would resume and extend.

30-year Treasury Sep Contract (US, ETF: (TLT))
Narrow sideways ranging around 1405-00 (basis Sep, 141-06 basis Jun) avoided breaking lower, which continues to allow a bottoming pattern to form.

Crude Oil Jul Contract (CL, ETF: (USO))
Didn’t rally immediately Tuesday, and only after initially dipping was there a rally to fresh highs attacking 94.50. Having originated too late, it was retraced back under prior highs down to 92.75. Nevertheless, the same setup applies to Wednesday, with any immediate rally being credible for extending to 96.00 and probably then on to 98.10.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Tuesday’s sideways ranging offered no new information, although surging early through 4.01 would be credible for extending higher to at least test the 4.11 buy signal.

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