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 Natural Gas has been creeping upward, poised at resistance for Thursday’s EIA report to launch a new rally leg.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Ranging narrowly Wednesday produced an inside day that doesn’t yet signal trending, while making an attempt to extend down likely to recover and possibly reverse the trend back up.

Eurodollar Sep Contract (EC, ETF: (FXE))
The extended pullback did not react up Wednesday, and only ranged narrowly sideways. Still no signal until a rally effort fails.

Gold Oct Contract (GC, ETF: (GLD))
Tuesday’s dip was largely retraced Wednesday, at least to probe back above the 1330.50 pullback limit which had failed to hold Tuesday. Back above 1339.00 would signal the rally had resumed.

Silver Sep Contract (SI, ETF: (SLV))
Fresh highs Wednesday probed above the rally’s 21.50 target that had been fulfilled Tuesday, further testing “higher prior lows” above 21.80. There is room up to 22.00 before dipping back under 21.50 would signal momentum reversing down.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down so sharply Tuesday was a shock to the system that Wednesday’s sideways ranging spent time absorbing. The inside day did not reverse momentum, which should resume its decline without much further delay.

Crude Oil Sep Contract (CL, ETF: (USO))
Thursday’s firming back up through 106.50 to test 107.00 has little reason to further delay launching an obvious rally leg. Pullbacks meanwhile should recover aggressively from any probe under 106.00.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Price continued firming Wednesday, testing the 3.36 resistance whose recovery would launch a new upleg.

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