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 Wednesday’s FOMC Minutes greeted several patterns already in reaction mode. Bonds were probing support, Crude Oil was probing resistance, and Natural Gas was retracing the prior day’s surge. When the dust settled, all but the long bond was behaving

Eurodollar Sep Contract (EC, ETF: (FXE))
Wednesday’s gap down held to confirm Tuesday’s breakout. At least a third lower close is required at some future point, not necessarily immediately, and not necessarily just one. But a lower close is likelier sooner rather than later so long as bounces now hold 1.3310 as resistance.

Gold Oct Contract (GC, ETF: (GLD))
Fresh lows down to 1292.00 Wednesday started chipping away at 1296.00 support, which had held optimistically Tuesday. The FOMC Minutes reaction triggered a post-close dive to 1288.70 Lower lows down to 1284.50 remain in-play.

Silver Sep Contract (SI, ETF: (SLV))
Having extended down already unilaterally Tuesday, Wednesday’s bounce suggested the Precious Metals complex may be trying to coordinate a low. Reacting down to the FOMC Minutes did not produce a fresh low.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday morning was piercing under the 139-24 support that had held Tuesday. into and out of the FOMC Minutes release. A second consecutive lower close Thursday would confirm a new downleg underway. Otherwise, recovering 140-02 would target 141-02 and potentially 141-14.

Crude Oil Sep Contract (CL, ETF: (USO))
Despite Tuesday’s test of the longstanding 95.00 target actually being exceeded slightly intraday, its test did satisfy a lot of selling pressure. The 95.50 bounce limit was tested overnight, and the 96.30 reversal signal was being tested ahead of the close. However, Oct expiration is the new front month, and it remained under pressure at the 95.00 target’s 92.90 equivalent — back above 94.00 would start to signal momentum reversing up.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up had extended all the way to 3.91 resistance. A pullback to at least test 3.83 support was able to probe lower Wednesday down to 3.79 and to close while testing 3.83.

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