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 Can Crude Oil extend its rally now that its minimum objective was met?

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Rejecting Tuesday’s gap up above the rally’s 83.33 target immediately at Wednesday’s open would form an Island Reversal, likely to extend down at least temporarily.

Eurodollar Sep Contract (EC, ETF: (FXE))
Monday’s biased-up inside day was likely to fail, which Tuesday’s drop back into the 1.2955-1.3020 target range fulfilled. Trending is now likely to resume, and the first break beyond 1.2955-1.3075 is likely to extend in that direction.

Gold Aug Contract (GC, ETF: (GLD))
Extending to 1267.00 was enough for a reaction down to test the 1240.00 pullback limit. Back above 1248.50 would put into play the 1271.50 target.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s dip extended further down to test 19.30, still requiring a recovery above 19.70 to trigger a rally.

30-year Treasury Sep Contract (US, ETF: (TLT))
Yet another day of consolidating narrowly above 135-00 and still no retest of recent lows. The extended narrowing range suggests the first trending attempt will be false, and reversed more substantially in the opposite direction.

Crude Oil Aug Contract (CL, ETF: (USO))
The rally extended to its minimum objective of filling the gap outstanding to the 98.45-99.00 gap, and through it to test 99.85. Potential for extending higher to 101.75 and 106.35 remains alive so long as pullbacks now hold 99.15 as support.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up to the 3.62 buy signal soon extended higher to test 3.66, still needing to recover 3.73 to signal a new rally leg underway.

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