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))
The consolidation already had extended long enough to resolve in one direction or the other — presumably down, and steeply — but it persisted anyway into the afternoon.
Eurodollar Sep Contract (EC, ETF: (FXE))
Another dip to 1.3600 support started the day Thursday, and that extended to test 1.3580, too. That’s at least one day past the optimal point for already trending up sharply. Squeezing higher into the weekend would still be plausible, but I would not be long in or under 1.3580-1.3600.
Gold Aug Contract (GC, ETF: (GLD))
Despite not extending higher convincingly Tuesday or Wednesday, a downleg would be avoided so long as 1313.00 were held as support. Thursday’s dip tested it, and held. An intraday dip under it would be more likely to snap back to fresh highs, and less likely to suddenly extend into a new downleg.
Silver Jul Contract (SI, ETF: (SLV))
Not extending Wednesday’s fresh high wasn’t necessarily bearish, but there was still no attraction outstanding above. Thursday’s dip back into the range suggests that higher highs depend upon probing the range’s lower-end. Regardless, there is no active signal.
30-year Treasury Sep Contract (US, ETF: (TLT))
Holding 136-18‘s target as resistance Wednesday still qualified as a breakout above a multi-session range. A second consecutive higher close Thursday would confirm, targeting at least 137-22 so long as 136-18 continues holding as support.
Crude Oil Aug Contract (CL, ETF: (USO))
Ongoing ranging around 106.00 had twice visited 107.50 above. Thursday’s dip visited 105.00. Still, 106.00 attracted price back into the range, where there remains no signal.
Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Wednesday’s dip was too shallow and its recovery too late for either to be considered overwhelmingly pessimistic. A positive reaction to Thursday’s EIA report would have been credible for extending higher anyway, but there was none. Instead, the optimal setup developed by probing under Monday’s lows. That would have been constructive to a bottom before the report. In the report’s wake, the reaction requires all the more that last Friday’s 4.51 low be recovered before triggering any bullish scenario.
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