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 Could Natty Gas be any more obvious that it doesn’t intend to break through recent lows that have been tested, retested, and re-retested? Yes, by actually rallying. Not extending sharply higher Tuesday would be suspicious.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Overnight strength into Monday’s open nevertheless reversed to range narrowly sideways, still absorbing last week’s volatility.

Eurodollar Sep Contract (EC, ETF: (FXE))
Overnight weakness into Monday’s open nevertheless recovered to range narrowly sideways, still absorbing last week’s volatility.

Gold Aug Contract (GC, ETF: (GLD))
Last week’s gaps up were producing another gap up the following day, compensating for not extending higher intraday. But Monday’s immediate recovery from Friday’s depressed session barely registered any volatility intraday. None of which is a sell signal, and only further suggesting that the rally’s sponsorship is waning. A failed intraday probe of fresh highs may still be needed before another downleg can begin.

Silver Sep Contract (SI, ETF: (SLV))
Monday’s gap down extended momentarily to test 19.55 before recovering back into positive territory. But the recovery never converted into resuming the rally, which still undermines the rally’s momentum.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s initial weakness wasn’t insignificant, but recovering it back into positive territory (on the Retail Sales miss) wasn’t impressive, as the balance of the session ranged narrowly under 135-00 resistance.

Crude Oil Aug Contract (CL, ETF: (USO))
Sunday night’s attack on Friday’s low reacted back up Monday to retest the rally’s 106.35 target. The 103.30 pullback objective wasn’t touched, so rallying prematurely would not be as reliable, but could still extend to fresh highs targeting 110.65-110.75.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Yet another dip into the 3.55-3.60 support range held. And produced an obvious reaction back up. Monday’s support test was of a new character, both dipping and recovering sharply intraday — testing the 3.73 buy signal.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…