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))
Friday’s bounce back to 1.3425 resistance doesn’t reverse momentum up, but it does create room to absorb a retest of prior lows without extending the decline.

Gold Oct Contract (GC, ETF: (GLD))
Having fulfilled the long outstanding 1284.50 target, Friday’s rally stopped just short of recovering 1296.00 to signal a new rally underway.

Silver Sep Contract (SI, ETF: (SLV))
Friday morning’s fresh low fulfilled the long outstanding 20.30 target. Back above 20.55 resistance would signal the drop’s momentum had ended. Closing above 20.75-20.85 would signal a new rally leg underway.

30-year Treasury Sep Contract (US, ETF: (TLT))
A knee-jerk reaction down on the Employment Situation report was reversed up to fresh highs above 137-21 to test the 138-11 level that had been the prior rally’s pullback limit. Its resistance pushed back to 138-00, whose recover would confirm a retest of the highs — at least to 139-06 — is underway.

Crude Oil Sep Contract (CL, ETF: (USO))
Room for noise under the long outstanding 98.40 target was met and held at Friday’s ~97.10 low. Its bounce held 97.85 resistance, whose recovery would have started to signal the target had held. Not reacting up immediately now creates a higher bar — there is room simply to range back up to 99.15 without yet signaling the trend has reversed up.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping down Friday to 3.78 was recovered to test 3.85 resistance, only to close back at 3.78. Back above 3.85-3.88 would still launch a new upleg.

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