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))
Ranging narrowly Monday within Friday’s range didn’t change the pattern, except to confirm that at least an immediate reversal attempt would be likely to recover enough for a retest of Fri-Mon’s highs before being able to reverse down durably.

Eurodollar Sep Contract (EC, ETF: (FXE))
Monday’s open didn’t gap down, but Friday’s narrow ranging was duplicated as the decline avoided extending, making an immediate recovery attempt unlikely to succeed.

Gold Aug Contract (GC, ETF: (GLD))
Still ranging around 1304.00 Monday probably won’t delay either extending up through 1313.00 for a substantial rally, or else the more likely retest of last week’s lows down to 1384.50.

Silver Sep Contract (SI, ETF: (SLV))
I adjusted the corrective bounce’s target down to 20.75, which held Monday morning to make the retest of last week’s lows likely to begin without further delay.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s gap down wasn’t any more appropriate for launching a downleg than was a similar attempt from the same area last week. At least an intraday probe of fresh highs above 138-28 remains likely.

Crude Oil Sep Contract (CL, ETF: (USO))
Fresh lows Monday down to 100.90 fulfilled Friday afternoon’s pattern, but the drop didn’t extend. A bounce attacked Friday’s ~102.10 close and threatened to turn positive. The retest of the low’s Island Reversal should resume without further delay Tuesday to avoid a much bigger bounce first.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Gapping to test 3.85 resistance didn’t prevent an intraday dip to fresh lows testing 3.74 support. Any upside potential begins by recovering 3.80 on a closing basis, or else the trend remains down.

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