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))
Ongoing narrow ranging at 1.2955 had pretty much ruined its relevance as a signal. It was probed Tuesday by a surge to 1.3005, with upside potential to 1.3020 before confirming a new rally underway.

Gold Oct Contract (GC, ETF: (GLD))
Fresh highs overnight testing the 1244.00 area gained no more traction than did Sunday night’s dip to 1226.00. But returning intraday to 1232.00 was apparently too deep too soon, and snapped back up to test the 1242.00 area. The nesxt probe above 1241.50 would be likely to extend higher in a trend reversal. But back under 1234.50 again would target a retest of 1226.00

Silver Sep Contract (SI, ETF: (SLV))
Fresh highs overnight reversed down hard upon testing the 18.85 resistance. Any subsequent probe above it should gain traction and extend beyond 19.10, whose recovery through the close would signal the trend had reversed up.

30-year Treasury Dec Contract (US, ETF: (TLT))
Rallying into Tuesday came within 3 ticks of the 136-27 resistance whose recovery would trigger a bigger rally leg underway. The reaction down consolidated around 136-00, presumably having chipped away at resistance ahead of Wednesday’s FOMC policyt statement.

Crude Oil Oct Contract (CL, ETF: (USO))
Monday’s test of 92.50 extended higher Tuesday to attack 95.00. There being no unfinished business below — the 91.00 target was tested and retested before Monday’s close above the 92.50 reversal signal — any pullback would be required to recover for an eventual third higher close.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Pre-open dipping down to 3.87 recovered through the open back into positive territory and higher, testing 4.00.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…