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 night’s probe Monday afternoon’s low remained under pressure somewhat at Tuesday’s open. It reacted back up to attack Monday’s 1.2955 highs, which allows a recovery attempt to gain traction so long as 1.2900 now holds as support.

Gold Oct Contract (GC, ETF: (GLD))
Bouncing off of 1253.30 held 1259.00 resistance before reversing down to new lows testing 1248.00. Closing back above 1250.50 undermined the drop’s momentum, but potential for extending down to 1243.00 remains alive since 1253.50 wasn’t recovered.

Silver Sep Contract (SI, ETF: (SLV))
Fresh lows narrowly avoided testing 18.85 support, but failed to recover 19.10, which suggests the drop’s momentum remains intact.

30-year Treasury Dec Contract (US, ETF: (TLT))
Several consecutive wide-ranging sessions have made it difficult to extend down. Fresh lows overnight at 137-14 forced Tuesday’s open to gap down, but not to extend lower. The balance of the session ranged sideways back to 138-00, filling the gap back to Monday’s close there but neither improving nor reversing down. Now a bounce has potential to 138-16 — if not already likely to test it — before signaling a much bigger corrective bounce underway targeting 138-24.

Crude Oil Oct Contract (CL, ETF: (USO))
Bouncing overnight to attack 94.00 resistance was reversed intraday back down to 92.50, ending the day with a test of the 92.65 bounce limit and still targeting 91.00.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping up to and through 3.91 extended to test 4.01 at Tuesday’s high. The gap left outstanding down to 3.87 Is likely to be filled, but not soon if Wednesday were to extend the rally.

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