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))
Except for a momentary fresh low, Friday’s range at trend lows persisted Monday morning… and Monday afternoon, too. The latter is interesting, because the holding pattern was free to resolve after noon. This delay suggests the next trending attempt will be false. Or, at least, its burden of proof will be more significant.
Gold Oct Contract (GC, ETF: (GLD))
A fresh low Sunday night wasn’t t revisited intraday, but neither was it rejected by an intraday rally. Now closing only above 1222.80 would signal momentum reversing up.
Silver Sep Contract (SI, ETF: (SLV))
Post-open new lows were well above the overnight lows, but still negative. That underpferformance vs. Gold is an interesting turn that puts the two markets back in sync, so that a rally would be that much more credible for both, triggered back above 17.92.
30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s bounce extended higher Sunday night to attack its 137-10 objective. The consolidation that contains it was barely pierced intraday, and held. The reaction hovered in positive territory, reflecting “ineffectual pessimism” that suggests a more successful effort to extend higher will follow.
Crude Oil Nov Contract (CL, ETF: (USO))
Already having missed the optimal window for ending the pullback attacking 93.00, Sunday night resumed the pullback that extended Monday to 90.41. There is no active buy signal.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping up Monday didn’t prevent an intraday dip to test 3.83 that neutralized the pullback target’s attraction. The close had recovered back into positive territory — not above the morning’s high, which would have formed a “Pivot Reversal,” but any initial strength Tuesday would be credible for extending higher.
[/pay]
Share your questions and comments on this post in the blog, or in the chartroom…