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 bounce above 80.25 resistance to 80.45 barely touched higher prior lows before forming an Ascending Triangle. The shallow depth reflects pessimism that is bullish from a contrarian perspective, and the pattern reflects accumulation that is likely to break higher. A second consecutive higher would signal a new rally leg is underway.

Eurodollar Sep Contract (EC, ETF: (FXE))
Broke to fresh lows and prior support at 1.3560, with room down to 1.3550 before signaling a durable downleg underway. Otherwise, closing back above 1.3585 would target new relative highs, and probably quickly.

Gold Aug Contract (GC, ETF: (GLD))
Tuesday morning’s bounce barely probed 1313.00 resistance before reversing to new lows at 1292.50. At least 1284.00should be tested, too, especially so long as 1306.50 isn’t recovered.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s very shallow bounce held 21.05 resistance and reversed down to fresh lows testing 20.75. A lower low would target 20.55, and and then much lower if not rejected and recovered.

30-year Treasury Sep Contract (US, ETF: (TLT))
The 136-16 pullback objective was attacked to within 1 tick before bouncing back into positive territory. Potential to 137-08 was exceeded but not maintained, and the pattern was left again with no active actionable parameter.

Crude Oil Aug Contract (CL, ETF: (USO))
Another shallow overnight bounce resolved down to fresh lows. The 98.40 target was attacked to 99.01 before bouncing. The target remains intact so long as bounces now hold 100.00 as resistance. Back above 101.25 would signal momentum reversing up.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
More narrow ranging at or under the 4.15 targeted support has been under it than at it. But the price action remains contained within a Falling Wedge that defines the past several sessions, and back above the pattern’s downtrending resistance would be bullish.

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