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.
Today’s Highlight I published a blog post Thursday morning that further detailed the Crude Oil and Gold targets being met. It is linked here.
Eurodollar Sep Contract (EC, ETF: (FXE))
Overnight strength had extended already to attack 1.2955 resistance, but never probed it intraday. That would trigger a buy signal targeting 1.3000 and potentially 1.3140. Closing back under 1.2880 would resume the decline.
Gold Oct Contract (GC, ETF: (GLD))
Wednesday’s post-close bounce was no more bullish than Tuesday’s, and less so, as its resolution probed sharply lower fresh lows. The 1243.00 target was probed down to 1235.30, and then retested by its reaction up. The balance of the session’s range narrowed into a Symmetrical Triangle whose first break lower would target 1231.00, but breaking higher first would likely fail from 1244.00.
Silver Sep Contract (SI, ETF: (SLV))
Thursday’s open gapped down to and through 18.85 and extended down to attack 18.55. Closing back above 19.10 is the minimum requirement to suggest that an upleg might be forming.
30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s open did what Wednesday’s open was already positioned for, gapping up from the new low close. Tuesday’s “higher prior lows” at 137-21 held as resistance as the balance of the session dipped back down to test Wednesday’s 137-06 close. That neutralizes any attraction below while chipping away at resistance above, but it does not form a buy signal.
Crude Oil Oct Contract (CL, ETF: (USO))
The pattern’s 91.00 target was met before the open and probed. No lower calculable target for this leg resulted in a reversal well back into positive territory testing 93.00. That’s unlikely to extend immediately, but closing above 91.60 has all but assured the next dip down will further form a more durable bottoming pattern.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s open was already spiking down to 3.87 support before reacting to the EIA report by tumbling to 3.83. The 3.79 gap was not filled, despite hovering optimistically above it through the balance of the session. Closing back above 3.91 Friday would be compelling for long-entry, but a bottom is otherwise premature.
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