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))
Wednesday’s dead-cat bounce was retraced entirely Thursday, but then extended to fresh lows Friday at 1.3145. This is problematic to a recovery, since Monday morning tends to duplicate Friday’s bias. So, rallying Monday would be that much more bullish, but would need to be maintained through the Monday holiday US.

Gold Oct Contract (GC, ETF: (GLD))
Fresh reaction lows overnight held 1284.50 as support, but Friday’s bounce to 1292.50 also reversed back down to test 1287.00 support. No new signal was triggered either way, but the recent bounce wasn’t confirmed, either.

Silver Sep Contract (SI, ETF: (SLV))
Friday’s ranging didn’t recover the 19.60 sell signal that had been triggered already, and maintained its dip back down to 19.40.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s retest of prior highs continued consolidating above 141-14 support into the weekend, neither breaking lower to signal a reversal underway, nor extending higher to confirm a breakout.

Crude Oil Oct Contract (CL, ETF: (USO))
More fresh highs Friday probed 95.00 to confirm the recovery underway. Its minimum 96.00 target as only a corrective bounce is being attacked to within a quarter, where there is potential for a corrective dip to 94.00 before extending the recovery to higher high.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Wednesday’s choppiness and conflicting signals continued to restrain trending Friday, suggesting at least a momentary dip would be needed before any new trending could be credible.

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