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 Gold rallied sharply Sunday night, but really not at all after Monday’s open. Despite the degree of the overnight rally and not yet rejecting it, it’s difficult to give its sponsorship much credibility for more than a corrective bounce.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Monday’s “inside day” trended with too shallow of a slope — if it trended intraday, at all — for there to be any new bias.

Eurodollar Sep Contract (EC, ETF: (FXE))
Monday’s gap up extended too slightly for its sponsorship to be considered strong-handed.

Gold Aug Contract (GC, ETF: (GLD))
Sunday night’s probe above the 1226.50 bounce limit extended to 1237.50 after Monday’s open. Its intraday dip to 1229.00 was recovered entirely, but only to range around the opening gap’s print. Closing any higher would suggest at least a bigger bounce underway targeting 1250.00. Otherwise, back under 1226.50 would resume the decline.

Silver Sep Contract (SI, ETF: (SLV))
Although Monday’s open gapped up above 18.88 resistance that had restrained Friday’s ranging, the balance of the session only ranged narrowly, its lower-end supported by 19.00. But that wasn’t enough to invalidate Friday’s break, which remains intact, albeit targeting only 18.50-18.55.

30-year Treasury Sep Contract (US, ETF: (TLT))
Sunday night’s gap up nonetheless reversed down to probe under the 132-16 target that was met Friday. The new trend low was recovered to close well into positive territory testing 133-16, forming a bullish Pivot Reversal, and above 132-26/133-00 to suggest the drop had ended. Not extending higher immediately Tuesday would next target 128-10/128-14 below.

Crude Oil Aug Contract (CL, ETF: (USO))
Sunday night’s rally to fresh highs attacking 104.00 was reversed in time to gap down Monday, but the balance of the session only fluctuated narrowly around unchanged. The rally’s momentum is in jeopardy since there was no second consecutive higher close.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Last week’s trapped shorts were squeezed at Monday’s opening gap up from 3.55-3.60 to test 3.73 resistance. A second consecutive higher close Tuesday would confirm 3.96 and 4.10 in-play.

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