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))
Resistance at 81.55 was attacked Tuesday, and exceeding it would next target 82.00-82.75.

Eurodollar Sep Contract (EC, ETF: (FXE))
Tuesday’s fresh lows tested nearby support at 1.3415, lowering the next major objective to 1.3320-1.3350 unless 1.3455 is recovered.

Gold Aug Contract (GC, ETF: (GLD))
Tuesday’s pre-open test of 1309.50 resistance reversed back down under 1304.00 to signal the decline had resumed, targeting 1284.50. Its bounce off of 1296.00 now requires 1304.00 to hold as resistance.

Silver Sep Contract (SI, ETF: (SLV))
Monday’s reaction down from the lower-end of 20.75-20.85 resistance was initially retraced to its upper-end before Tuesday’s open. That was rejected by a move back down to 20.55 support, whose break would confirm the decline has resumed.

30-year Treasury Sep Contract (US, ETF: (TLT))
Like the two recent gaps down from attacking 138-28 weren’t credible for extending down, neither was Tuesday’s gap up credible for extending higher. It stopped short of the minimum 139-06 resistance before reversing back under prior highs. And the dip stopped short of filling the gap back to Monday’s close. That optimism keeps alive the breakout’s momentum for Wednesday to extend the rally.

Crude Oil Sep Contract (CL, ETF: (USO))
Tuesday’s bounce had stopped short of turning positive, maintaining the decline’s momentum, which Tuesday’s open rewarded by gapping down to fresh lows. That didn’t extend down, but the balance of the session ranged sideways exclusively in negative territory, forming “ineffectual pessimism.” The Island Reversal’s retest targeting 98.40 remains in-play so long as 101.00 holds as resistance.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
The ongoing decline’s shallow pace didn’t prevent the low’s retest Tuesday. But a reaction up did attack the 3.85 buy signal. Its recovery Wednesday would trigger at least a corrective bounce underway.

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