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 intraday weakness Monday was less severe than its overnight weakness ahead of Friday’s open. Could it have fulfilled enough selling pressure to let a new upleg begin?

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Monday’s narrowly ranging inside day keeps the bounce off last week’s lows from gaining momentum. But a new downleg cannot begin without closing under 81.65, which should be tested intraday.

Eurodollar Sep Contract (EC, ETF: (FXE))
Monday’s reaction down from having retested the rally’s 1.3333 target was too shallow to indicate trending was underway. The inside day is not predictive, but does suggest the recent highs will be retested.

Gold Oct Contract (GC, ETF: (GLD))
Monday’s retracement of Friday’s recovery did react up from probing under 1300.00. Almost any delay in resuming the rally would suggest a bigger downleg forming.

Silver Sep Contract (SI, ETF: (SLV))
Gapping down Monday held 19.65 support, and recovering back above 20.00 Tuesday would still be credible for launching a new upleg targeting 21.50.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s rally had stopped short of gaining traction, but Monday’s reaction down was more drifting than trending. There is no active pattern other than the potential for retestinglastw eek’s low down to 131-06.

Crude Oil Sep Contract (CL, ETF: (USO))
Sunday night’s test of 106.00 was recovered just as was Friday’s test of 106.50. A deeper pullback targeting 103.55 isn’t necessarily in-play, but that’s still the likelier scenario.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
The week began as last week had ended, drifting down to new lows. There is no active pattern, still needing a retest of “higher prior lows” at 3.55-3.60 to signal the drop may even be ending.

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