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))
Relatively narrow ranging Monday kept the door open to retracing Friday’s reversal before any meaningful reversal would be credible.

Eurodollar Sep Contract (EC, ETF: (FXE))
Narrow ranging Monday could trigger no signal, but not extending Friday’s bounce suggests that it was only temporary, and its low remains likely to be retested.

Gold Aug Contract (GC, ETF: (GLD))
Overnight strength opened Monday above 1313.00 resistance, which was being tested as support through the close to keep buyers from gaining traction. The gap back to Thursday’s close was filled, neutralizing an attraction above that allows fresh lows targeting 1284.50 to resume.

Silver Sep Contract (SI, ETF: (SLV))
Gapping up Monday failed to hold 91.05 as support, suggesting the bounce was corrective, and that a retest of last week’s lows would soon be obvious.

30-year Treasury Sep Contract (US, ETF: (TLT))
Fresh highs Monday tested the 138-28 target to within 1 tick. Closing back under 138-10 would signal the rally had ended, and back under 137-28 would signal momentum reversing down.

Crude Oil Aug Contract (CL, ETF: (USO))
Thursday night’s attack on the bounce’s 104.05 target was retested intraday Monday, with fresh highs up to 104.75. Closing back under 103.70 would signal a retest of the bottom’s Island Reversal was in-play, targeting 98.40.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Monday’s gap down extended lower intraday. It was not “troughing,” (the opposite of “plateauing”), which last week’s break from a Falling Wedge all but requires before being able to reverse the trend back up.

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