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 Tuesday’s extended drop in Gold doubled down on Monday’s attack on Friday’s lows. Tuesday’s selling actually probed a fresh low. The next sizable leg should be obvious very soon.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Tuesday ranged around 81.65 support, suggesting that sellers aren’t gaining traction, but also that a bottom has not yet formed.

Eurodollar Sep Contract (EC, ETF: (FXE))
Tuesday’s bounce that only attacked 1.3333 confirms that recent highs will need a little more testing as resistance before a downleg can trigger.

Gold Oct Contract (GC, ETF: (GLD))
Monday’s drop extended down into and out of Tuesday’s open, probing under Monday morning’s 1282.30 low. Serving as a retest of the prior low could still form a durable bottom that launches a recovery, and that recovery would now be signaled as early as 1297.50. But there is also no further room to absorb selling pressure without it extending into a much deeper downleg.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday afternoon’s narrow ranging under 19.65 doesn’t so much undermine Monday having held it, since its probe did not trend down. But there should is no room for absorbing further selling pressure, so a recovery should be obvious soon after Wednesday’s open if a new downleg is to be avoided.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s pullback was neither recovered nor extended Tuesday, as a retest of last week’s lows down to 131-06 remains the likely next objective.

Crude Oil Sep Contract (CL, ETF: (USO))
Recovering Friday and Monday’s probes under 106.50 and 106.00 did not trigger upside momentum that could avoid extending the pullback. Tuesday’s fresh lows tested 104.85, natural support that fills the gap back to last Wednesday’s close. But the decline is targeting 93.55-93.60 so long as 106.00-106.50 is not recovered.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Ranging narrowly sideways at the lows does not necessarily mean the decline is losing momentum.

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