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 Has the Euro finally launched a new downleg? Without confirming Thursday’s drop on Friday, a much bigger rally could soon be underway.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
81.45‘s recovery  Wednesday was extended sharply higher Thursday. A second consecutive higher close Friday — preferably above 82.10 — would confirm a new rally leg is underway.

Eurodollar Sep Contract (EC, ETF: (FXE))
Testing and retesting of 1.3333 finally gave way to sharply lower lows Thursday. The delay requires a second consecutive lower close Friday to confirm that a new downleg is actually underway, preferably under 1.3220.

Gold Oct Contract (GC, ETF: (GLD))
Wednesday’s failure to confirm Tuesday’s breakout enabled a deeper pullback Thursday that held its 1405.50 pullback limit. A retest of Wednesday’s 1428.30 opening gap is now likely.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s key reversal wasted no time filling both outstanding gaps below down to 23.80. A retest of Wednesday’s 24.93 opening print is now likely.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s initial follow-through from Wednesday’s drop back to 132-10 held a test of 131-30 instead of closing under it to confirm momentum had reversed down.

Crude Oil Oct Contract (CL, ETF: (USO))
The shock to the system of having probed the 110.65 target temporarily up to 112.25 was still being absorbed Thursday. There is no new signal.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s early strength to test 3.65 ultimately created extra room to absorb a negative knee-jerk reaction to the EIA report down to 3.51. The recent range held its probe from above, and recovered into the close above 3.57. The rally can now extend so long as 3.54 holds as support.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…