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 Crude Oil’s reaction to retesting the rally’s target was somewhat muted, much more skeptical of being above to avoid escalating tension in the Middle East.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Monday’s open slid through 82.10 support to test 81.70. Closing back above 81.785 would signal the two-day drop had ended and that last week’s highs would soon be probed.

Eurodollar Sep Contract (EC, ETF: (FXE))
Gapping up to and through 1.3205 resistance Monday trended higher intraday. At least probing fresh highs intraday Tuesday is likely. In any case, the downleg will not resume without breaking back under 1.3205.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s narrow ranging consolidated Friday’s sudden reversal. The recovery should resume Tuesday so long as 1381.00 holds as support.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s gap down into the 23.55-23.75 range spent the entire day there, presumably consolidating Friday’s rally. The recovery should resume Tuesday without much further delay, and without closing back under 23.55.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s intraday dip back down to 129-04 support was being tested through the close. Monday’s open gapped up from its test but only ranged sideways between 129-14/130-01. Closing back under 129-04 would target fresh lows at 127-04.

Crude Oil Oct Contract (CL, ETF: (USO))
Friday’s retest of the rally’s 110.65 target was retraced immediately again, this time only back down to 109.25. Avoiding a second consecutive lower close Tuesday would be likelier to extend the rally.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Monday’s gap up to range up to 3.61 rejected Friday’s extended dip, needing a higher close Tuesday to signal the rally had resumed.

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