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 target was met overnight and held a test as resistance intraday Wednesday. But not reacting down by Friday morning could extend the rally well into next week.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Wednesday’s ranging around 83.33 failed to confirm Tuesday’s close above it as a breakout. That is not a sell signal, but it undermines the rally’s momentum.
Eurodollar Sep Contract (EC, ETF: (FXE))
Despite probing lower overnight, Wednesday’s intraday low held the lower-end of the decline’s 1.2955-1.3020 target. That is the range for noise around recent lows, an inflection point of sorts. Not already rallying by week’s end would be likely to already have extended down sharply.
Gold Aug Contract (GC, ETF: (GLD))
Tuesday’s dip to the 1240.00 pullback limit recovered back to 1248.00, probably unable to tolerate much delay in extending to the 1271.50 corrective bounce target if the bounce hasn’t ended already.
Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s strength only consolidated under 20.00 resistance, forming a Complex Ascending Triangle. Its probe of fresh highs — presumably accompanying Gold’s own fresh high described above — would be likely to react down sharply
30-year Treasury Sep Contract (US, ETF: (TLT))
The extended narrowing range above 135-00 extended a little further Wednesday ahead of Friday’s Employment Situation report. If anything, it firmed slightly, making the likelier scenario to react down sharply first. Regardless, the pattern’s first trending attempt is likely to be false, and reversed more substantially in the opposite direction.
Crude Oil Aug Contract (CL, ETF: (USO))
Egypt’s approaching deadline drove price higher to test its 101.75 target up to 102.18 Tuesday night. Its reaction down to 100.50 Wednesday didn’t recover enough to signal the 106.35 target is also in-play, but neither was the rally’s momentum rejected. Pullbacks have room down to 99.55.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Wednesday’s EIA report (released one day early due to this week’s holiday) was absorbed to close back above 3.62, maintaining potential for extending to 3.73 whose recovery would target 4.10.
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