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 The Natural Gas rally effort started the week with a try, try again attitude. A second consecutive higher close Tuesday is all but mandatory to the effort, and to avoid resuming the decline.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Monday’s narrowly ranging inside day serves the same purpose as Wednesday’s similar setup, which is to attract the next trending attempt back to and through it in the opposite direction. Probing a fresh low and reacting up would essentially signal a new upleg underway.

Eurodollar Sep Contract (EC, ETF: (FXE))
Monday’s narrowly ranging inside day serves the same purpose as Wednesday’s similar setup, which is to attract the next trending attempt back to and through it in the opposite direction. Probing a fresh high and reacting down would essentially signal a new downleg underway.

Gold Oct Contract (GC, ETF: (GLD))
Probing a fresh high overnight up to 1382.40 was unable to extend beyond the leg’s 1375.00 target, as the balance of the session probed back under it down to 1362.20.

Silver Sep Contract (SI, ETF: (SLV))
Monday’s narrow ranging continued consolidating the recent surge, with room for extending further intraday just slightly higher at 24.00.

30-year Treasury Sep Contract (US, ETF: (TLT))
Another fresh low Monday at 130-05 suggests that the decline’s 131-06 target is extending, next targeting 129-10 or 128-14.

Crude Oil Oct Contract (CL, ETF: (USO))
[Rolling coverage forward from Sep to Oct, trading at a 25-cent discount] Already having tested 106.25 support, the rally could not afford another entire day’s delay to resuming. But 106.25 was tested anyway throughout the day, which all but requires Tuesday’s open to be in rally mode if its 110.50 target remained intact.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Monday’s gap up didn’t extend higher intraday past 3.50, but did maintain its recovery above prior highs to give last week’s 3.36 buy signal another chance at launching a new rally leg. At least 3.57 is currently targeted, with potential to 3.70.

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