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))
The 1.3425 bounce limit tested and held on Friday continued being tested and holding on Monday. A fresh high above 1.3450 would suggest a bigger bounce underway, but last week’s low should be tested first.

Gold Oct Contract (GC, ETF: (GLD))
Testing but not recovering 1296.00 resistance Friday reacted down Monday to test 1286.50. That’s a 61.8% retracement of the surge from Thursday’s test of the decline’s 1284.50 target down to 1280.50. A retest of 1284.50 should hold if a rally intends to begin without probing sharply lower lows first.

Silver Sep Contract (SI, ETF: (SLV))
Despite touching and holding its 20.30 target Friday, Monday’s session only extended the decline, testing 20.20. Bounces now have room up to 20.35 before even suggesting momentum may reverse up.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s dip to 138-00 support didn’t extend down before probing above Friday’s high to 138-16. And 138-00 wasn’t rejected at the close. But the potential for fresh highs above 139-06 depends mostly on next delaying the rally effort.

Crude Oil Sep Contract (CL, ETF: (USO))
The 97.85 bounce limit that held Friday was recovered Monday, up to the decline’s original 98.40 target. That suggests the decline’s momentum has lapsed. It’s not yet a buy signal, but closing higher Tuesday after an interim dip to 97.85 would be very bullish.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Another fresh low Monday was recovered back to the 3.85 resistance whose recovery would at least start to signal momentum reversing back up. The intraday price action is accumulative, but that’s irrelevant without actually triggering an upleg.

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