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 Only hours after recent support (and me) finally having had enough to make a break lower likely, an unlikely double-digit break lower plunged sharply. Then it recovered entirely on Friday’s jobs report. Could that have finally neutralized enough selling pressure for the rally to resume? Almost.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Friday’s break back under 82.10 suggests at least 81.65 will be tested before any credible bottom can form.

Eurodollar Sep Contract (EC, ETF: (FXE))
The reaction to Friday’s Employment Situation report bounced off of the 1.3225 pullback limit to retest the rally’s 1.3333 target.

Gold Oct Contract (GC, ETF: (GLD))
The corrective dip to 1297.50 developed entirely overnight in a plunge that extended down to 1283.00. Its Employment Situation report reaction spiked back up to probe 1312.50. It was still being tested, keeping alive potential for retesting at least 1297.50. Back above 1319.00-1320.00 would resume the rally.

Silver Sep Contract (SI, ETF: (SLV))
Friday’s spike up gained more than $1 to test 20.26. Its reaction down ranged narrowly under 20.00, but any renewed strength would be credible for resuming the rally.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s favorable reaction to the Employment Situation report helps to confirm the week’s lows did fulfill meaningful selling pressure. A retest of the lows down to 131-06 is probably needed eventually to form a durable bottom.

Crude Oil Sep Contract (CL, ETF: (USO))
Fresh highs attacking 109.00 Thursday night were rejected back down to 106.50, but not under 106.00-106.50 Friday which would have confirmed momentum was reversing down to 103.60.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Drifting to fresh lows into the weekend without accelerating the drop suggests that Monday may finally test “higher prior lows,” so that its reaction back down into the lower consolidation could form a bottom.

[/pay]

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