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.
Today’s Highlight edit
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Friday’s fresh high at 81.20 now leave room for dipping back down to 80.95 without yet signaling the rally may be ending.
Eurodollar Sep Contract (EC, ETF: (FXE))
Thursday’s narrow consolidation resolved down sharply by gapping open Friday to fresh lows. Trending into the weekend is often either duplicated the following morning, or reversed entirely. So, not extending down Monday could mark the beginning of a bottoming pattern. A bounce has room up to 1.3455 before suggesting momentum may be reversing up.
Gold Aug Contract (GC, ETF: (GLD))
The 1296.00 bounce limit initially held Friday morning’s bounce, but it was eventually probed up to 1304.00. That had been support whose repeated testing forecast the sharp break lower. Having retested it, back under 1296.00 would now signal the decline extending. There is otherwise room up to 1313.00 before signaling a new upleg underway — which now would be viable since producing the outstanding lower close, regardless of not yet testing 1284.50.
Silver Sep Contract (SI, ETF: (SLV))
Friday’s bounce tested the decline’s 20.55 limit, suggesting it will also test 21.00.
30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s gap down was inappropriate for reversing the trend down, which was confirmed by Friday’s bounce back to within ticks of the 103-28 highs. A fresh high would still be appropriate before a durable downleg could be triggered back under 138-10 and 137-28.
Crude Oil Sep Contract (CL, ETF: (USO))
The reaction down from 103.35 had extended down overnight to 101.00, but a knee-jerk reaction to news triggered a spike up into positive territory. Settling back into negative territory undermined the recovery attempt, although earlier lows remained untouched — perhaps due to the weekend’s impending illiquidity. If the downward momentum remains intact, then the week’s open should compensate for the delay by resuming the decline immediately.
Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Friday’s pullback consolidated under its 3.80 limit, and optimistically just above Thursday’s 3.75 low. The setup doesn’t improve the potential for a bottom, so recovering from a new low and reversing back above 3.80 may be the only credible bottoming pattern to monitor.
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