A daily summary of high-profile members of several complexes.
Gold Aug Contract (GC, ETF: (GLD))
Bouncing overnight held 1245.50 resistance and reversed down through the morning to fill the gap back to 1238.40 gap down. It required being filled after testing “higher prior lows,” but inside day must await closing above night’s 1245.80 interim higher to signal momentum reversing up. Downside momentum otherwise remains intact.
Silver Sep Contract (SI, ETF: (SLV))
Firming night to attack 15.90 high was retraced entirely back down to low attacking 15.75. This is neither a buy signal or a sell signal, but neither does it establish that drop and optimistic low has yet attracted strong-handed buyers. Probing again above 15.90 would be credible for extending higher intraday, but the decline’s momentum otherwise remains intact.
30-year Treasury Sep Contract (US, ETF: (TLT))
Greeting the new week from the range’s 145-25 upper-end once again reversed back down to its 145-02 lower-end morning. But the lower-end was also probed down to 144-23, albeit only momentarily before recovering back into the range. Only closing under 144-23 would signal a new downtrend underway.
Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Gapping up to test 1.1770 resistance reacted down to 1.1750 support, which held and almost recovered 1.1770 again. Extending higher would next target filling last Monday’s gap open back up to the 1.1850 original corrective bounce target.
Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
confirmed breakout from 74.00 had bounced , but gapping down extended intraday to fresh lows testing 67.60. The pattern’s minimum eventual third lower close is now fulfilled. More lower closes are pssible, but the bounce limit is now 69.60.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Bouncing night to 2.77 was reversed to fresh lows morning at 2.73. A post-open bounce retraced the overnight highs. This stage of the decline cannot tolerate much if any delay to extending lower, to avoid at least a corrective bounce.