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))
Tuesday’s 1.3165 low is a 161.8% extension from the previous consolidation that produced the current downleg. Closing back above 1.3205 would reverse it, or else the next lower objectives are 1.3125 and 1.3065.
Gold Oct Contract (GC, ETF: (GLD))
Gapping up sharply Tuesday to attack 1292.00 was not an appropriate start to a sustained rally. Especially when lower targets are outstanding. The balance of the session reversed back down to test the 1284.50 sell signal, which held through the close. Any lower would launch a new downleg targeting 1265.00, which remains likely so long as 1296.00 isn’t recovered first.
Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s gap up to fresh highs at 19.66 then reversed back down intraday to attack Monday’s 19.33 close. Twice. Stopping optimistically short of filling the gap is bearish from a contrarian perspective, making fresh lows likely.
30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight action finally filled the gap outstanding above at 141-01. The balance of the session drifted back down to test 140-16, instead of extending higher to complete the bounce target of 141-06.
Crude Oil Oct Contract (CL, ETF: (USO))
Tuesday’s early surge through 94.00 reversed down to fill the gap back to Monday’s 93.35 close, neutralizing its attraction below. The session closed with a test of 93.50 resistance. Tempering the open’s enthusiasm and the closing tempered enthusiasm are potentially bullish from a contrarian perspective. Perhaps Wednesday’s EIA report will be the catalyst for launching a rally, which should be steep to the point of spiking up if valid.
Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Easy does it… Gradually firming further Tuesday closed above 3.91 while testing 3.95 resistance. The gap back down to Friday’s 3.78-3.83 remains unfilled, which could still be inhibit the recovery ahead of Thursday’s EIA report.
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