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))
Gapping up Friday above 1.3385 does mitigate Thursday’s failure to close above 1.3375. The steep surge through it helps to confirm, as does holding its ground through the Ukraine-Russia headlines. None of which equates to a buy signal which is the only element lacking from the bottom.
Gold Oct Contract (GC, ETF: (GLD))
Dropping back to 1304.00 overnight extended to 1296.00 Friday morning in reaction to econ reports. Ukraine-Russia headlines reversed the action back up to 1311.00. The close was attacking 1304.00 support, leaving no active signal.
Silver Sep Contract (SI, ETF: (SLV))
Having failed to recover 19.97, the pattern remained vulnerable to resuming the decline. Which it did to gap down sharply Friday to new lows. An intraday bounce was retraced entirely, but not until testing “higher prior lows.” Back above 19.85 would signal momentum reversing up, but the trend is otherwise down.
30-year Treasury Sep Contract (US, ETF: (TLT))
Potential for extending to fresh highs up to 140-20 were exceeded by more than 1 point to 141-21 during Friday morning’s Ukraine-Russia headlines. Its reaction down held 140-30 support. Back under 140-20 would now signal momentum reversing down.
Crude Oil Sep Contract (CL, ETF: (USO))
Weekend risk premium? Thursday’s low wasn’t touched Friday, which bounced more than $1 above my 96.30 bounce limit. That also retraced 61.8% of the drop from last week’s high. That’s still unlikely to reverse the trend up without first retesting Thursday’s low — not only since the calculable 95.00 target remains outstanding, but also because $2 breakouts below a consolidation tend not to produce an immediate bottom.
Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Despite the steep intraday bounce from greeting Thursday’s EIA report oversold and at support, not quite recovering 3.91 through the close failed to signal that momentum had reversed up. So, it extended down overnight to gap under Wednesday’s 3.82 low and trend down further post-open. There is no active signal.
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