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 September Contract (EC, ETF: (FXE)) Holding the 1.3425 bounce limit test Friday and Monday enabled a retest of last week’s low to hold and to form a bottom. Tuesday’s test began by gapping down, which also helps to expend more selling pressure without refueling.
Gold (COMEX:GCU14) Octover Contract (GC, ETF: (GLD)) Despite already having retraced 61.8% of the recovery up to test $1,296.00 resistance, and despite trying overnight to resume the rally, Tuesday only retraced the recent recovery further to its $1,281.00 origin at $1,283.30.
Silver September Contract (SI, ETF: (SLV)) The decline’s 20.30 target was exceeded Tuesday by a deep drop to fresh lows testing 19.85 support by a nickel. The level has potential to form a bottom, but probably not without holding as support through Wednesday, too.
30-year Treasury September Contract (US, ETF: (TLT)) Fresh highs depended upon NOT delaying the rally any further Tuesday, but the morning was already dipping to test 137-25 support. Russian troops amassing on the Ukraine border triggered a flight-to-safety that touched the recent 138-16 prior high. Having touched it, not closing above it would be another version of delaying the rally.
Crude Oil (NYMEX:CLU14) September Contract (CL, ETF: (USO)) Recovering from a dip back under 97.85 Tuesday would have signaled a new rally leg underway, but the dip back under 97.85 extended to retest the 37.10 target by a dime. That opportunity for a low was missed.
Natural Gas September Contract (NG, ETF: (UNG, UNL)) Perhaps the past couple of weeks of slowing momentum and failed/retraced drops has finally been enough accumulation to launch a recovery leg. Tuesday morning’s early probe above the 3.85 signal to fresh highs testing3.92, which was largely maintained.