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’s pullback is attacking its target. And its target is almost the maximum allowable pullback while still being able to recover back to recent highs.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Tuesday’s test of 81.65 support was extended Wednesday on the way to new lows for the move testing 81.30. There is still room to 80.65 before signaling a bigger drop underway — which would likely be very aggressive.

Eurodollar Sep Contract (EC, ETF: (FXE))
The rally’s 1.3333 target was probed Wednesday, holding prior highs. There is no new setup in-play.

Gold Oct Contract (GC, ETF: (GLD))
Reversing up from fresh lows overnight back into positive territory intraday qualifies as bullish activity, which the pattern required for Wednesday. But that must be exploited Thursday morning to signal momentum reversing up.

Silver Sep Contract (SI, ETF: (SLV))
Gapping down sharply Wednesday was recovered to fill the gap back up to Tuesday’s close. If the hesitation there — instead of probing higher — were pessimism, then extending any higher early Thursday should extend higher sharply.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s probe above Tuesday’s range exceeded Friday’s 133-25 high, jeopardizing the 131-06 target. Closing back under 133-10 Thursday’s would reinstate it.

Crude Oil Sep Contract (CL, ETF: (USO))
Wednesday extended the slide instead of bouncing from Tuesday’s filled gap. The 103.55 target remains intact.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping down Wednesday may have discounted a negative EIA report due Thursday, but that wouldn’t make a positive reaction any likelier to extend higher without first forming an accumulation pattern at the low.

[/pay]

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