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.

Today’s Highlight Limited internet access on Tuesday is limiting the amount of content I’m able to provide below. Everything is in context of the ongoing analysis, and the daily recordings, but ask any questions to this post’s thread in the blog.

Eurodollar Sep Contract (EC, ETF: (FXE))
The gap back down to Thursday’s close was filled by Tuesday’s gap down. Last week’s lows held their retest as support. All of the elements of a bottoming pattern are complete, and lacking only the trigger of a breakout. Until then, the pattern is still vulnerable to extending down, instead. Regardless, the pattern should resolve Wednesday or by Thursday’s open.

Gold Oct Contract (GC, ETF: (GLD))
Fresh highs attacking 1320.00 into Tuesday morning were retraced to retest 1310.00 support, which still needs to hold — preferably while also testing 1313.00 — to maintain the near-term potential for launching an extended upleg. Having retested support from a fresh high, there is no bullish reason to further delay launching an obvious upleg.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s retracement back to the 19.85 area was trying to recover 20.00 to maintain the bottoming potential. But that wasn’t the second consecutive higher close that would have confirmed Monday’s surge.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s ranging was relatively narrow and not predictive. No relevant support or resistance was tested intraday.

Crude Oil Sep Contract (CL, ETF: (USO))
Tuesday night’s dip was a result of having held resistance during both prior sessions’ bounces. Extending higher did create extra room to absorb selling without it doing too much damage to the chart. But 95.00 may be inescapable if Wednesday’s close hasn’t recovered 98.40.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Sunday night’s probe above 4.00 was duplicated Monday night, and then repeated after a pre-open dip. Its reaction down was still testing 3.97, and there is no bullish reason to further delay launching a new upleg if the pattern intends to resolve up.

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