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 extended its pullback Monday instead of resuming its rally, which had resumed prematurely last week. That might have bought some time for a little more accumulation to extend the rally.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Having held 83.00 resistance into the weekend, the decline was vulnerable to extending. Monday’s fresh lows down to 82.15 must be rejected back above 83.00 Tuesday to avoid extending the decline.
Eurodollar Sep Contract (EC, ETF: (FXE))
Friday’s test of 1.3145 resistance jeopardized the decline’s resumption. Monday’s open had extended the bounce to fresh highs testing 1.3220. A second consecutive higher close Tuesday would confirm a bigger rally leg underway. Otherwise, the decline should resume with a vengeance sometime before Wednesday’s open.
Gold Aug Contract (GC, ETF: (GLD))
The window had all but closed for resuming the drop that began Wednesday with its Pivot Reversal, since Thursday’s test of 1285.00 resistance wasn’t rejected before Friday’s open. Sunday night’s surge and Monday’s extension tested 1335.00. Probing above 1335.00 Tuesday but holding it again as resistance would signal at least a corrective dip underway targeting 1321.00 or 1297.50.
Silver Sep Contract (SI, ETF: (SLV))
Gapping up through 20.00 allowed the session to extend higher, leaving at least two attractions outstanding below at 18.88 and new lows.
30-year Treasury Sep Contract (US, ETF: (TLT))
Despite extending Monday’s gap up above 135-16 higher intraday, it was retraced to test 135-16 into the afternoon. But filling the gap back down to 132-24 is still compromised if the drop isn’t resuming aggressively by mid-morning Tuesday.
Crude Oil Sep Contract (CL, ETF: (USO))
Failing to produce a second consecutive higher close Friday prevented entrenching the rally’s momentum. Monday’s dip back down to within a dime of the rally’s prior target of 106.15 basis Sep (106.35 basis Aug) must react back up above 107.70 Sep (108.00 Aug) to reinstate momentum to the next higher target at 110.50 (110.65-110.75).
Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s break under 3.73 was not timid. But it did leave outstanding the gap back up to Friday’s close that will need to be filled, and which should inhibit extending down meanwhile.
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