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))
Monday morning duplicated Friday’s bias by gapping down. A fresh low close is no longer required, but gapping down Monday was unable to attract counter-trend sponsorship. While that pessimism so early in the week suggests a bottom is nearing, Monday’s opening gap should still be retested from above first.

Gold Oct Contract (GC, ETF: (GLD))
Relatively flat price action Sunday night and Monday did not reject the decline or its likelihood for fresh lows testing 1265.00.

Silver Sep Contract (SI, ETF: (SLV))
Relatively narrow ranging maintained the lockstep trading with Gold, except for already testing last week’s prior low intraday Monday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Sunday night’s strength stopped pessimistically short of filling the gap back to 141-01, let alone testing it up to my 141-06 target. But the recovery of 140-16 remained intact.

Crude Oil Oct Contract (CL, ETF: (USO))
Another attack on 94.00 reacted down Monday, not yet triggering the buy signal that would initially target at least 96.00.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Sunday night’s strength retested 3.91 resistance before Monday’s open. Gapping up from support to resistance doesn’t often extend higher without further correction. But the action is in-line with bottoming, so long as optimism is meanwhile kept in-check.

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