Daily Spot

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Tuesday’s opening dip tried to recover, but failed. There is no reason to further delay extending the decline.

Eurodollar Sep Contract (EC, ETF: (FXE))
Gapping up from Monday’s dip to 1.3580-1.3600 support didn’t extend higher intraday before dipping back down toward support. But the support test bounced. Optimal confirmation of the bottom forming would now be to launch the recovery without further hesitation Wednesday.

Gold Aug Contract (GC, ETF: (GLD))
Tuesday’s gap up quickly expended available buying pressure as the open evolved into another narrow sideways range that dipped back under the 1319.70 prior high. A failed Ascending Triangle may be forming, and failing to hold 1313.00 support could extend down sharply.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up from the recent two-day consolidation did not extend higher intraday. But where ranging narrowly the past two days was still bullish representation of the bids underlying the market, Tuesday’s quick blip confirms optimism is already extreme. That is not yet a sell signal.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s late dip was rejected by Tuesday’s gap up, which extended higher intraday to 136-06 and toward the outstanding 136-18 attraction in-play.

Crude Oil Aug Contract (CL, ETF: (USO))
Sideways ranging Tuesday tested 106.00 support, and left outstanding potential to retest Sunday night’s 107.37 high.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up extended to fill the gap back to Friday’s close. Now, dipping to test Monday’s range under 4.49 and closing back above Friday’s 4.52 low would form a bottom.

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