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 Gold met its objective Friday. The objective had been created by patterns preceding July’s rally. The interim correction was very orderly, so there is potential for extending the upleg. But that will require a new signal.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Friday’s fresh low attacking 81.05 was recovered to attack 81.45 resistance, but no new signal can yet be calculated.

Eurodollar Sep Contract (EC, ETF: (FXE))
Thursday’s recovery back above 1.3333 initially extended Friday morning to test 1.3380, but reversed back down to test and range narrowly around 1.3333 through the afternoon. There is not yet a signal.

Gold Oct Contract (GC, ETF: (GLD))
The rally extended Friday to essentially fulfill its 1375.00 target. The rally now requires a higher close Monday to confirm its momentum remains intact, although there is room for a pullback to test 1355.50.

Silver Sep Contract (SI, ETF: (SLV))
Slightly higher highs attacked the 23.50 resistance to within only a dime Friday. A pullback limit can be identified now at 22.75.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s test of the 131-06 target was eventually probed Friday by sharply lower lows testing 130-16. The minimum requirement for signaling that momentum has reversed up is to close above 132-12.

Crude Oil Sep Contract (CL, ETF: (USO))
Friday morning’s probe above 108.15 was reversed into negative territory, but held the 106.50 pullback limit that maintains the 110.65 target.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Friday’s open gapped down slightly and ranged narrowly, supported by 3.36. The rally should resume in obvious fashion Monday morning if it is valid.

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