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 met its target Thursday. Was it just in time to join Gold in its recovery leg? Or will it attract buyers away from Gold?

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Thursday’s gap down extended lower through the morning to test 80.90, threatening critical support at 80.65.

Eurodollar Sep Contract (EC, ETF: (FXE))
Wednesday’s retest of last week’s high was extended aggressively Thursday, first by gapping up and then by trending higher to test 1.3400 through the morning. Unless rejected immediately Friday by gapping down back under 1.333, or at least by reversing down aggressively from a higher intraday high, the next higher objective of 1.3580 is in-play.

Gold Oct Contract (GC, ETF: (GLD))
Wednesday’s recovery from gapping down to fresh lows was just bullish enough to fulfill the pattern’s timing requirement. But a strong uptrending session could not be further delayed, and Thursday’s $30 rally qualified. A close above 1312.50 would confirm a new upleg is underway. Meanwhile, pullbacks must hold 1296.50.

Silver Sep Contract (SI, ETF: (SLV))
Thursday’s gap up from its recent basing probed through 20.00 resistance. Peaking at the recent 20.26 high reflects just enough healthy pessimism to that makes filling the outstanding gap at 20.50 likely, if not also trending another $1 through it to 21.50.

30-year Treasury Sep Contract (US, ETF: (TLT))
Fresh highs Thursday did not gain any new traction, but a close back under 133-10 is still needed to signal fresh lows in-play down to 131-06.

Crude Oil Sep Contract (CL, ETF: (USO))
The 103.55 target at last Wednesday’s opening gap down was met Thursday, along with probing under last Wednesday’s low. Closing back at or above 103.55 suggests that selling pressure had peaked, but a close above 104.25 is needed to begin signaling that momentum is reversing up.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
A negative knee-jerk reaction to Thursday’s EIA report found no sellers to extend down any further, since the extended downdraft had already expended so much selling pressure. It’s not a bottom, but does allow a reversal pattern to be credible.

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