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))
Holding the 1.3425 bounce limit test Friday and Monday enabled a retest of last week’s low to hold and to form a bottom. Tuesday’s test began by gapping down, which also helps to expend more selling pressure without refueling.

Gold Oct Contract (GC, ETF: (GLD))
Despite already having retraced 61.8% of the recovery up to test 1296.00 resistance, and despite trying overnight to resume the rally, Tuesday only retraced the recent recovery further to its 1281.00 origin at 1283.30.

Silver Sep Contract (SI, ETF: (SLV))
The decline’s 20.30 target was exceeded Tuesday by a deep drop to fresh lows testing 19.85 support by a nickel. The level has potential to form a bottom, but probably not without holding as support through Wednesday, too.

30-year Treasury Sep Contract (US, ETF: (TLT))
Fresh highs depended upon NOT delaying the rally any further Tuesday, but the morning was already dipping to test 137-25 support. Russian troops amassing on the Ukraine border triggered a flight-to-safety that touched the recent 138-16 prior high. Having touched it, not closing above it would be another version of delaying the rally.

Crude Oil Sep Contract (CL, ETF: (USO))
Recovering from a dip back under 97.85 Tuesday would have signaled a new rally leg underway, but the dip back under 97.85 extended to retest the 97.10 target by a dime. That opportunity for a low was missed.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Perhaps the past couple of weeks of slowing momentum and failed/retraced drops has finally been enough accumulation to launch a recovery leg. Tuesday morning’s early probe above the 3.85 signal to fresh highs testing 3.92, which was largely maintained.

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