Daily Spot… Golden tickets, Oil slicks, and unbroken Bonds.
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.
Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Friday”s gap down from Thursday”s 1.1010 close stopped short of touching 1.0920 before bouncing back toward Thursday”s close. There”s no requirement to tick any higher before returning to the 1.0835-1.0855 lows.
Gold Aug Contract (GC, ETF: (GLD))
Another overnight plunge was able to fulfill the 1076.50 targeted retest of Sunday night”s 1080.00 low down to 1072.20. The open was already probing above 1076.50 and extended slightly higher intraday. Retesting the actual low isn”t required, but the 1090.00 bounce limit was probed after Friday”s close, potentially creating extra room to help absorb another sell-off.
Silver Sep Contract (SI, ETF: (SLV))
Overnight lows fulfilled the 14.40-14.45 target which was retested intraday Friday down to 14.33, and recovered back up to 14.40-14.45. A low could begin developing so long as Monday does not close lower.
30-year Treasury Sep Contract (US, ETF: (TLT))
Slicing through the gap at 154-00 Friday kept alive the upside momentum to continue higher overnight. Friday”s stock market decline encouraged a flight-to-quality that helped to push price higher to test 155-03, targeting 155-26 so long as 154-00 holds any test as support.
Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s test of the 48.25 target Thursday didn”t react up much overnight before Friday”s fresh low tested 47.75. Its reaction tried recovering 48.25. Closing back above 49.25 would signal the downleg was ending, if not also reversing up.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Thursday afternoon”s test of 2.83 extended lower overnight to also test 2.77, which lowers the buy signal to 2.83. The session essentially ranged narrowly sideways at or around 2.77.
