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 Were Tuesday’s moves undone Wednesday, or were they reset? Any price action Thursday that resembles Tuesday’s Gold surge or Crude Oil rally would be credible for extending higher. But Tuesday’s rallies were all but required after Sunday night’s drops — they aren’t required now.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Wednesday’s dip back down to 82.10 stopped short of reversing momentum down. Closing back above 82.50 would resume the rally.
Eurodollar Sep Contract (EC, ETF: (FXE))
Reacting up Wednesday from Tuesday’s fresh low held the 1.3220 bounce limit. Back under 1.3175 would resume the decline.
Gold Dec Contract (GC, ETF: (GLD))
Despite Tuesday’s recovery back above 1410.00, the 1405.50 pullback limit soon gave way on the way back down to Wednesday’s 1384.60 low. There is not currently a sell signal, and room up to 1405.50 before signaling a new rally leg underway.
Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s open gapped down back under Friday afternoon’s 23.75 high, leaving in between Tuesday’s Island up to 24.50. The reversal is stunning, but back above 23.75 would target a fresh high above 24.50.
30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s drop had retraced somewhat into the close, and Wednesday’s selling pressure stopped short of probing fresh lows. But a return to prior lows still gets every benefit of the doubt for being underway.
Crude Oil Dec Contract (CL, ETF: (USO))
Tuesday’s recovery up to the 108.75 buy signal was retraced Wednesday down to 106.75. Closing back above 108.15 would now signal the rally targeting 110.65 has resumed.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Wednesday’s narrow ranging did not extend Tuesday’s breakout, so it did not confirm Tuesday’s breakout. But neither did it reject Tuesday’s breakout, leaving upside momentum intact going into Thursday’s EIA report.
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