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 gap down to a fresh low didn’t extend down intraday, and actually firmed back into Friday’s range. Trying but failing to extend the decline any lower Wednesday morning would be likely to end the session substantially higher.

Gold Oct Contract (GC, ETF: (GLD))
Tuesday’s gap down fulfilled the outstanding 1265.00 target, and continued testing it throughout the day’s narrow ranging there. That is not accumulation, so there is no buy signal. There is room for noise down to 1259.00 before suggesting the trend is extending instead of bottoming.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s fresh low held 19.10 support. Any lower would have room down to 18.85 before signaling a bigger downleg underway.

30-year Treasury Dec Contract (US, ETF: (TLT))
[Rolling coverage forward to Dec, which is at a 1-14 discount under Sep] Gapping down Tuesday confirmed that Friday’s test of the prior high was forming a more durable top. Closing under 139-14 suggests a new downleg is underway, so long as 139-24 isn’t recovered through the close. But a test of 139-24 can’t be ruled out prior to extending the decline.

Crude Oil Oct Contract (CL, ETF: (USO))
The reaction down from the 96.00 target extended through its 94.00 pullback target to test 92.90 intraday. That’s as much selling pressure as could be expended without signaling a new downleg underway. Closing back above 94.00 would signal that sellers gained no traction for the effort.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s reaction down from last week’s unstable bounce is the product of its excessive optimism. Now attacking 3.87 support and closing back above 3.94 can seal a bottom.

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