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))
The 1.2955 buy signal / resistance continued to keep price ranging narrowly around it Monday morning, as Friday had initiated since its recovery.
Gold Oct Contract (GC, ETF: (GLD))
Fresh lows overnight down to 1226.00 were recovered to gap up and test the 1234.50 bounce limit at Monday’s open. It was probed up to 1239.00, albeit to range widely around 1234.50. The overnight low’s retest wouldn’t be likely so long as 1231.00 holds as support.
Silver Sep Contract (SI, ETF: (SLV))
Sunday night and Monday’s relatively narrow ranging consolidated under 18.85 resistance. Closing above it to signal a rally attempt would still need to recover 19.10 to confirm.
30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s open gapped up to undermine the decline’s momentum. The gap up was minimal, but in retrospect seems to have robbed the decline of its traction. There is no unfinished business below to prevent a rally from developing, triggered back above 136-27. Rallying Tuesday morning from whatever level would be likely to extend intraday in that direction.
Crude Oil Oct Contract (CL, ETF: (USO))
Overnight lows down to 90.63 fulfilled the requirement to retest the decline’s original 91.00 target, regardless of its reaction up to 93.00. I still have no lower calculable targets, but now recovering 92.50 would signal a rally leg underway.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Firming Sunday night was initially resisted by the 3.87 buy signal, which was then tested as support after probing above it. Its test as support launched a steep and substantial surge through 3.91. Having played out overnight, there is no attractive risk:reward setup for quickly getting involved in the pattern. In fact, post-open action only consolidated. But an intraday pullback to 3.83 might be compelling for long-entry.
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