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 rally seems to be resuming right on schedule. Settling higher through Wednesday’s EIA report should confirm fresh highs are in-play.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
The recovery didn’t hesitate before extending higher Tuesday, now creating a second gap outstanding below. The extra rally session also creates more room to absorb selling pressure without it gaining traction to become a new downleg.
Eurodollar Sep Contract (EC, ETF: (FXE))
Not resuming the rally without delay makes it likely to have ended. Tuesday’s drop to fresh lows suggests as much, but still doesn’t signal that momentum has actually reversed down. The next bounce should fail and become a new downleg.
Gold Oct Contract (GC, ETF: (GLD))
The 1330.50 pullback limit was probed deeply in Tuesday’s test of 1320.00. The rally’s momentum is in jeopardy if not resumed by Wednesday’s close.
Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s session barely budged as Monday’s surge was consolidated less than 20 cents under the 21.50 target.
30-year Treasury Sep Contract (US, ETF: (TLT))
Extending at all above Monday’s test of 135-00 would have signaled a much more substantial detour higher before probing fresh lows. Tuesday’s open gapped down sharply and tested 132-12. That leaves outstanding a gap up to Monday’s 134-04 close that can attract price back up after new lows fulfill 131-06.
Crude Oil Sep Contract (CL, ETF: (USO))
Fresh highs overnight up to 107.20 still pulled back for a little more consolidation through Tuesday morning. After that was fulfilled, the afternoon firmed back up above 106.50. The rally should resume without delay.
Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s dip held 3.26, and back above 3.36 would be credible for launching a new upleg.
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