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 gap up to chip away further at resistance was constructive to forming a bottom. Immediately attempting to fill the gap back to Thursday’s close would be even more constructive. Gapping down Monday even left outstanding an attraction above back to Friday’s close.

Gold Oct Contract (GC, ETF: (GLD))
Holding or still testing 1310.00-1313.00 Friday suggested the pullback was only temporary. Dipping deeper Monday narrowly avoided 1305.00 support and recovered to test 1310.00 resistance. So, the door remains open to resolving up sharply without delay to avoid reversing the trend back down.

Silver Sep Contract (SI, ETF: (SLV))
Monday’s bounce back above 20.00 helps to confirm the test of 19.85-19.97 support has held. But a second consecutive higher close Tuesday is needed to reverse the trend up.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s dip to support reacted up Monday, but no new traction was gained either way beyond 139-12/139-25.

Crude Oil Sep Contract (CL, ETF: (USO))
Extending higher Monday without delay to test 98.35-98.40 resistance was a good second step at forming a bottom, by confirming Friday’s first step which was to rally without delay. But like Friday’s shallow rally, Monday’s bounce also peaked upon touching resistance. Fresh lows can’t yet be discounted.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping up Sunday night to probe above 4.00 and ranging exclusively above prior highs wasn’t sufficient to prove the rally was resuming, or to avoid an intraday dip to 3.92. But its support held, and almost any early strength Tuesday would be credible for extending higher intraday.

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