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))
Monday’s narrow ranging around 80.25 has only formed an extended narrowing range — if that — which would suggest the first trending attempt will be false. But there is still no active signal.

Eurodollar Sep Contract (EC, ETF: (FXE))
Popping up Monday to attack the recent bounce’s peak didn’t make any more of a signal than there was when the bounce was fulfilling its target. This is still noise within the range, as suggested by the drop back to Friday’s close.

Gold Aug Contract (GC, ETF: (GLD))
Dropping overnight through 1332.50 extended down sharply under 1326.00 and even 1313.00 to confirm Thursday’s breakout wasn’t valid. A second consecutive lower close would confirm the trend had reversed down, but otherwise a bounce back to 1326.00 resistance is likely.

Silver Sep Contract (SI, ETF: (SLV))
The attraction below to 21.28 was extended considerably as Monday trended down to fresh relative lows at 21.90. A second consecutive lower close would signal the trend had reversed down, but otherwise a bounce to 21.28 is likely.

30-year Treasury Sep Contract (US, ETF: (TLT))
An actionable pattern may have formed since fulfilling the 137-22 target and immediately filling the gap back down to its 136-30 prior close. That gap was retested Monday, and extending down to close under 136-14 would trigger a new downleg targeting 134-22. There is no active buy signal.

Crude Oil Aug Contract (CL, ETF: (USO))
Probing fresh lows into Monday’s session extended down only slightly to attack 100.00. But the 101.25 bounce limit wasn’t recovered, so the decline’s momentum remains intact. That said, back above 100.88 would start to suggest the drop’s momentum has lost traction.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Friday’s dip back down to 4.15 support didn’t extend Monday, either, two days that would be most vulnerable to trending down if that were the market’s intent. Recovering above 4.21 would signal a new upleg underway.

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