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.

Eurodollar Sep Contract (EC, ETF: (FXE))
Wednesday afternoon’s bounce had failed to reverse into positive territory, so its lows were retraced easily Thursday, but not extended as the balance of the session only ranged sideways.  The decline’s momentum has all but disappeared.

Gold Aug Contract (GC, ETF: (GLD))
Fresh lows touched the long outstanding 1284.50 target. Its reaction up was reversed to fresh lows attacking 1280.50. Back above 1287.50 would start to suggest another rally leg was underway.

Silver Sep Contract (SI, ETF: (SLV))
Holding up relatively well recently at 20.75-20.85 resistance didn’t immunize the pattern from eventually retesting its low, which it Thursday, still having near-term potential to 20.30.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s deep, steep break under the 138-11 pullback limit to 137-14 was extended just as deeply and as steeply Thursday to 136-14. Closing positive would have prevented confirming Wednesday’s breakout, and a 1-point bounce probed it up to 137-21. But a reaction down to 137-04 was at best still testing unchanged, and not clearly recovering it. Friday’s Employment Situation report must trigger a reaction above 137-21 to avoid extending the decline as steeply and as deeply.

Crude Oil Sep Contract (CL, ETF: (USO))
Fresh lows Thursday filled the gap back to the low’s Island Reversal, and extended to fresh lows that tested the long standing 98.40 target. There is potential for fresh lows at 97.10 so long as bounces now hold 99.15.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
The potential bottoming pattern initially reacted to Thursday’s EIA report with a surge to probe above 3.85 resistance, but a reaction down was still testing and overlapping it through the afternoon.

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