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 back down Monday did not itself undo the bullish effort done by Friday’s gap up back above 1.3385, not until sliding under Thursday’s 1.3365 prior low close. It was still being tested into Monday’s close, so back above 1.3385 would still be capable of triggering a rally.

Gold Oct Contract (GC, ETF: (GLD))
Friday’s recovery from gapping down was retraced at Monday’s open, almost touching 1296.00 support. That doesn’t necessarily confirm the trend is down, but the pattern remains likelier to test 1284.50 again before recovering 1313.00.

Silver Sep Contract (SI, ETF: (SLV))
Slightly lower lows Sunday night weren’t repeated intraday Monday, nor must they be before launching a recovery. But not retesting the overnight low did open the door to recovering intraday, which was avoided, suggesting lower lows are likely.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s slide began at the open by gapping down to the 140-20 sell signal and then extended down to retest recent “lower prior highs” at 140-01. Back above 140-16 would likely fill the gap back to Friday’s close above 141-00, probably to form a more durable top.

Crude Oil Sep Contract (CL, ETF: (USO))
The “weekend premium” that extended Friday’s bounce was rejected by Monday’s gap down that slid through what was otherwise the pattern’s 96.30 bounce limit. The balance of the session ranged around it, still likely to probe fresh lows down to 95.00 before becoming able to rally.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Firming Monday to test 3.82 as resistance stopped 3 cents short of levels that would have signaled momentum reversing up. There is not currently an active signal.

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