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))
Overnight strength produced a gap up Tuesday. There was no upside follow-through, but it avoided a second consecutive lower close that would have otherwise confirmed a breakout underway. It doesn’t prevent extending the decline, and it’s not a buy signal, but early strength would be credible for extending higher.

Gold Oct Contract (GC, ETF: (GLD))
Tuesday’s gap up through the 1222.80 buy signal to what was the decline’s original 1231.00 target held its test and reacted down to what was the decline’s ultimate 1220.30 target as support. Having cleared the way, a second consecutive higher close Wednesday is needed to confirm momentum reversing up.

Silver Sep Contract (SI, ETF: (SLV))
Overnight testing of the 17.92 buy signal had backed off before Tuesday’s open, and never retried intraday. But neither was it rejected, suggesting the pessimism was ineffectual and that the next rally effort would be credible.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s return to Sunday night’s 137-06 high confirmed Monday’s reaction down was ineffectual pessimism. Extending higher through the 137-10 objective confirmed the next higher objective at 138-02 was likely to be met, too.

Crude Oil Nov Contract (CL, ETF: (USO))
Gapping up Tuesday and firming to test 92.00 resistance now allows closing above 92.50 to trigger a retest of 94.05 and potentially 95.15.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap up above Monday’s gap up served by proxy as if Monday had formed a Pivot Reversal. But the proxy was retraced, and soon extended back down to Monday’s low. A recovery must reject the retest of 3.83 without delay to avoid gaining traction for a deeper dip.

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