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))
A blip-down overnight was already recovered into Wednesday’s open to help the Falling Knife pattern morph into a dead cat bounce. Potential to 1.3240-1.325-0.

Gold Oct Contract (GC, ETF: (GLD))
Overnight weakness testing 1281.00 was recovered before Wednesday’s open, but only to firm intraday slightly above the 1284.50 sell signal that must be broken through the close.

Silver Sep Contract (SI, ETF: (SLV))
Fresh lows overnight filled the gap back to Monday’s 19.35 close that Tuesday’s reaction down stopped optimistically short of doing. That is potentially bearish from a contrarian perspective — and not much less so for having been filled only overnight, since Wednesday didn’t exploit it with a bigger bounce.

30-year Treasury Sep Contract (US, ETF: (TLT))
Retesting the filled gap back to 141-01 reacted back down to 140-16 support again. That test finally recovered to fresh highs that came 2 ticks short of testing the 141-06 target.

Crude Oil Oct Contract (CL, ETF: (USO))
More testing of 94.00 still failed to gain traction and extend higher, which would put into play a test of at least 96.00.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward from Sep to Oct] Wednesday’s opening gap up rejected Tuesday’s last-minute spike down to 3.93, and extended to probe a fresh high above 4.01, but still reversed to retest Tuesday’s close back down to 3.92. Recovering back up to 4.01 greets Thursday’s EIA report a little too optimistically to be confident in a positive reaction.

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