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’s second consecutive gap up formed a second consecutive session whose close essentially equated to its open. No net intraday improvement undermines the rally’s momentum, reflecting weak-handed impatient buyers sponsoring a temporary bounce.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Monday’s shallow inside day was incapable of reversing momentum down. The trend extended up Tuesday to fresh highs attacking 85.00, next targeting 86.10 so long as pullbacks now hold 84.15 as support.
Eurodollar Sep Contract (EC, ETF: (FXE))
Monday’s shallow inside day was incapable of reversing momentum up. The trend extended down Tuesday to fresh lows attacking 1.2740-1.2750, next targeting 1.2575 so long as pullbacks now hold 1.2875 as resistance.
Gold Aug Contract (GC, ETF: (GLD))
Potential for a bigger bounce targeting 1250.00 was quickly fulfilled overnight, and Tuesday’s session ranged choppily around it. The gap back to Friday’s close was filled, and the rubber band has been stretched tighter without buyers yet gaining any traction for their effort.
Silver Sep Contract (SI, ETF: (SLV))
Ranging Tuesday above 19.00 was similar to an “inside day” that should still resolve down to test 18.50-18.55.
30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s recovery from fresh lows had extended higher intraday, and only narrowly Tuesday around unchanged. Not immediately extending higher undermines whether momentum has actually reversed up. Not immediately extending above 133-28 Wednesday — and preferably also above 134-06 — would suggest a corrective bounce was ending, resuming the decline, next targeting 128-10/128-14.
Crude Oil Aug Contract (CL, ETF: (USO))
Monday’s threat to the rally’s momentum was no difference Tuesday, which again pierced a fresh high. But Tuesday ended in rally mode, instead of only printing highs overnight. The pattern cannot tolerate much if any retracement, and should extend up aggressive — probably spiking — if the rally’s momentum remains intact.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap under 3.72 extended down another dime to nearly fill the gap back to Friday’s close. Coming only optimistically close doesn’t equate to filling the gap. Recovering from a slightly lower low Wednesday would be bullish.
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