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 surge is confirming its rally has begun playing out, while Natty Gas probed fresh lows to fulfill the downleg’s objective.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Thursday’s probe above the rally’s 83.35 target did not extend. An immediate reversal down would be credible for gaining traction. Extending the rally would require two consecutive higher closes.

Eurodollar Sep Contract (EC, ETF: (FXE))
The decline’s 1.2955-1.3020 target continued to hold Thursday. Its reaction up was too ineffectual not to expect more basing before any rally could be credible.

Gold Aug Contract (GC, ETF: (GLD))
A bounce held 1237.00 resistance before extending to new lows under 1200.00 Thursday afternoon. If not absorbed without further delay, the next lower objective of 1190.00 would be in-play.

Silver Jul Contract (SI, ETF: (SLV))
Another bounce to 18.88 resistance was rejected Thursday by a drop back to the 18.35 low. Closing back above 19.00 would now suffice to signal momentum reversing up.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s probe back above 135-00 resistance had better luck than Wednesday, extending to fresh relative highs at 136-00. But the probe was relatively subdued, undermining its ability to avoid another downdraft.

Crude Oil Aug Contract (CL, ETF: (USO))
Wednesday’s brief dip to 93.70 had required extending up almost immediately Thursday to avoid a more bearish turn. The surge through 96.00 to 97.40 suggests the gap back to 98.45-99.00 is in-play.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday’s new low fully tested the outstanding 3.55-3.62 objective, which is capable of ending the decline. Closing back above 3.70 would trigger at least a steep short-squeeze.

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