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))
Wednesday’s initial spike up filled the two gaps created by the range’s most recent dip. That’s a lot of energy to expend. Its reaction expended more, falling back into negative territory. Holding 1.3355 suggests Wednesday’s reaction down has corrected the past two sessions’ gains, and back above 1.3385 should launch an obvious rally leg.

Gold Oct Contract (GC, ETF: (GLD))
Retesting 1305.00-1306.00 before Wednesday’s open was recovered by a surge back up to 1313.00. Recovering 1313.00 on a closing basis signals the next rally leg has begun, so long as a temporary pullback then holds 1310.00.

Silver Sep Contract (SI, ETF: (SLV))
Bouncing from the pre-open test of 19.85 didn’t prevent reversing down to fresh lows Wednesday. Its reaction recovered 19.85, but the next trend should be obvious Thursday, or else the next trend is down.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s unremarkable intraday dip tried extending down Wednesday, but snapped back up to prevent the drop from gaining traction. Thursday’s 30-year auction probably won’t prevent a retest of the rally’s 139-25 target. Its recovery or rejection through the close would be likely to extend in that direction.

Crude Oil Sep Contract (CL, ETF: (USO))
Wednesday’s ranging back to the recent low has invalidated the potential inverted Head & Shoulders pattern that was forming. Not rallying strongly early Thursday would all but assure the next lower target at 95.00 is in-play.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Opening Wednesday under 3.97 extended down through 3.91 to test 3.85 support. Greeting Thursday’s EIA report from a pullback did enable a positive reaction last week, but fresh highs would have been preferable.

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