Daily Spot… Yuan good devaluation deserves another.
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))
Reacting to Tuesday night”s Yuan sequel drove price sharply higher through Monday”s test of 1.1075 resistance and through 1.1120 resistance to test 1.1220. Closing above 1.1225 would target 1.1345, but a dip back to at least 1.1075 is likelier.
Gold Dec Contract (GC, ETF: (GLD))
Extending higher Tuesday night and Wednesday probed Monday night”s 1119.00 high and closed higher, targeting 1144.00 so long as pullbacks now hold 1112.00 as support.
Silver Sep Contract (SI, ETF: (SLV))
The rally resumed Wednesday by gapping up and extending to test 15.55. Now holding 15.25 would keep alive potential to 15.90.
30-year Treasury Sep Contract (US, ETF: (TLT))
Yuan”s devaluation triggered a new upleg overnight that peaked upon testing 160-20 resistance. It was retraced almost entirely before Wednesday”s open. But fresh highs back up to 159-28 still probed back into negative territory under 158-26.
Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging at or under Sunday night”s 43.50 gap down through Wednesday has converted 44.25 into a preliminary buy signal.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Wednesday”s open gapped up to the 2.88 buy signal and extended a nickel higher, presumably confirming 2.83”s recovery that signaled a new upleg is forming. Gapping up isn”t optimal at this stage, but gets a benefit of the doubt..
