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 FOMC both inhibited price action, and then exacerbated it. Ultimately, many prices abruptly got in-line with their patterns. Most notable were Gold, Currencies and the long-bond. But not Crude Oil, which has to raise questions whether the pattern is on-track.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Wednesday’s pre-FOMC probing of prior lows still hadn’t gained traction before suddenly reversing up sharply from 80.65 through the 81.00 buy signal to 81.65, above the past week’s highs.

Eurodollar Sep Contract (EC, ETF: (FXE))
Tuesday’s probe above 1.3333 to 1.3400 was rejected abruptly on Wednesday’s FOMC news back down under the past week’s lows to 1.3270, reversing the trend down.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s gap up tested 1373.00 through the close, before the FOMC news triggered a plunge back under the the 1368.50 bounce limit to new lows under the 1351.00 target, and under 1340.00. The drop targeting new lows under 1290.00 remains in-play so long as 1354.00 isn’t recovered through Thursday’s close — which is a very real possibility, having overshot the target only after regular trading hours.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s flat narrow ranging plunged to fresh lows testing 21.20 after the FOMC news. Its new low close makes an immediate bottom unlikely.

30-year Treasury Sep Contract (US, ETF: (TLT))
The 138-30 61.8% retracement of last week’s corrective bounce from 137-25 was retested Wednesday by a 1-point dip ahead of the FOMC news, which triggered the drop’s extension back through last week’s lows to test 137-16. I’s vulnerable to extending lower Thursday to 136-20.

Crude Oil Aug Contract (CL, ETF: (USO))
Firming into Wednesday’s open tested 99.20. Extending almost any higher would next target 101.25 and then potentially 106.50, so long as 97.50 holds any test as support.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Wednesday’s gap up to Tuesday’s 3.95 high was not rejected, and closing above 4.00 would next target 4.15.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…