Daily Spot

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 Jun Contract (EC, ETF: (FXE, UUP))
Ranging narrowly around 1.1235 resistance overnight dipping Tuesday. But having completed a pullback that held 1.1200, the pattern remains vulnerable to almost literally exploding higher.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday’s gap down came from a position of strength, since Monday’s post-open dip to 1278.00 had recovered into positive territory. Tuesday’s recovery probed above Monday’s highs, attacking Sunday night’s 1287.00 highs with no excuse not to trend higher.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s gap down to 14.81 and its immediate reversal up stopped short of filling the gap back to Monday’s 14.94 close, which was similar to Monday’s gap down. Both sessions were also inside days, biased-upward, which tends to resolve bearishly if not rejected by gapping up sharply.

30-year Treasury Jun Contract (US, ETF: (TLT))
Falling stocks once again triggered a flight-to-safety that gapped up to the recent intraday range’s upper-end at 148-06 and then extended to test the 148-24 recent overnight high as stocks fell further. Back under 147-24 and 147-14 would signal the trend reversing down, which should then develop aggressively.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s recovery reacted by trending down overnight to gap down Tuesday, and then dip deeper. Closing above 61.50 would suggest the dip had been absorbed, but under 60.50 would signal a new downleg underway. Wednesday’s EIA report is not being greeted from a position of strength.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up slightly Tuesday and flat-to-higher ranging still stopped short of recovering the 2.56 buy signal, but at least creates potential to avoid greeting Thursday’s EIA report from a position of weakness.

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 Jun Contract (EC, ETF: (FXE, UUP))
Sunday night’s stock market volatility and even Crude Oil volatility was ignored as Friday’s bounce simply maintained 1.1235 resistance. Its break should have little difficulty exceeding 1.1250 if the bottoming is valid.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up and probing Friday’s high Sunday night up to 1287.50 struggled to maintain and ultimately reversed back into negative territory at 1278.00, but still recovered into positive territory above 1281.50.

Silver Jul Contract (SI, ETF: (SLV))
Barely blipping-up Sunday night to 15.00 reacted down into negative territory at 14.77, but recovered the 14.82 buy signal. Any recovery at all is problematic with a fresh low close outstanding under 14.55.

30-year Treasury Jun Contract (US, ETF: (TLT))
Stock market collapse triggered a flight-to-safety and a gap up to 148-06 within prior price action. Probing higher to 148-24 was reversed back down to 147-21, which should break along with 147-14 to signal the bounce was only a detour and that 145-24 remains in-play.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Economic weakness anticipated by escalating the China trade war had triggered a gap down Sunday night under Thursday’s 60.95 low to 60.05. Perhaps the other news of US battleship assets being moved closer to Iran helped price recover back to unchanged at 62.00, and then into positive territory at 62.75 and easily positioned to trigger the 63.25 buy signal Tuesday if a bottom has formed.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Narrow unchanged ranging around 2.56 Sunday night suddenly broke lower Monday to test 2.51, still having room down to 2.49 before suggesting the recent rally is just being corrected but reversed.

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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 Jun Contract (EC, ETF: (FXE, UUP))
The pullback had a little extra room down to 1.1200 and it was probed before Friday’s open down to 1.1175. But the morning recovered it and continued firming back into positive territory at downtrending resistance at 1.1235. Not resuming the pullback will allow a bottoming pattern to form.

Gold Jun Contract (GC, ETF: (GLD))
Thursday’s plunge from a multi-session range had held prior lows, recovering an intraday probe of fresh lows testing 1267.50 to help trap shorts, but not decisively recovering 1271.50. Rallying in reaction to the Employment Situation report extended sharply higher to fill the gap back up to Wednesday’s 1284.00 close. A second consecutive higher close on Monday could seal a bottom.

Silver Jul Contract (SI, ETF: (SLV))
Two consecutive sharply lower drops down to 14.56, confirming Wednesday’s breakout from a multi-session range, didn’t prevent Friday’s Employment Situation reaction from surging back into that broken range up to 15.00. The original 14.88 buy signal and adjusted 14.81 buy signal were recovered, so a second consecutive higher close Monday must be avoided to resume the requirement for at least an eventual fresh low close.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s knee-jerk reaction to the Employment Situation report touched 146-21 and bounced back up to “higher prior lows” at 147-21. But greeting the report from a position of weakness suggests the bounce will be rejected back under the 147-04 sell signal to resume the next downleg targeting 145-24.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-higher ranging Friday up to 62.50 remained under the 63.25 buy signal, which must still trigger to reinstate the 67.00 target.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Firming overnight to further test 2.61 was retraced by Friday’s open by a dip testing 2.55 support. The pullback is still likely to resolve up and trigger another buy signal.

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 Jun Contract (EC, ETF: (FXE, UUP))
The backing-and-filling stage had begun almost immediately Wednesday upon testing 1.1300 resistance, reversing down to 1.1240 support at the pattern’s lower-end. It extended deeper Thursday, still having room a little lower to 1.1205.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s outperformance compensated for its delay in also sliding, by gapping down to two-week old lows and probing fresh lows attacking 1267.00. The fresh low’s recovery to close back above 1271.50 is essentially the bullish scenario described during the pre-open Market Tour. It wasn’t recovered, but still being overlapped into the close.

Silver Jul Contract (SI, ETF: (SLV))
Thursday’s gap down under Wednesday’s low — regardless of how substantial either session dipped, let alone both — confirmed Wednesday’s breakout from the two prior days’ multi-session range. No buy signal or recovery will be credible until at least one more lower close is produced.

30-year Treasury Jun Contract (US, ETF: (TLT))
Already dipping back down Wednesday to Friday’s highs that had held a test of “higher prior lows” and the gap-fill above, Thursday slid deeper to test the 147-04 sell signal. The original 146-30 sell signal was also being tested, again, which is the last opportunity to break lower.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s dip had allowed lowering the buy signal to 63.75, but dipping overnight back down to Wednesday’s 62.75 low gapped won and slid to fresh lows at 60.95. The buy signal is lowered again to 63.10.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA from a position of strength for the first time in months didn’t prevent sliding at the open from 2.61 to back under the prior highs that Wednesday’s close had broken. Which the EIA reaction extended down to Tuesday’s lows at 2.56 before recovering to attack 2.61.

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 Jun Contract (EC, ETF: (FXE, UUP))
Wednesday continued extending higher, probing the 1.1280 “higher prior low” to test the Falling Wedge’s downtrending resistance at 1.1300 up to 1.1310. Backing-and-filling would be normal in the process of forming a more durable bottom. The FOMC reaction started the process, collapsing back down to the Wedge’s 1.1240 lower-end.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Wednesday between Monday’s close and Tuesday’s gap up remained within Tuesday’s range throughout Wednesday. Spiking up after the close in reaction to the FOMC policy statement attacked the week’s highs up to 1289.00. Reaction to the Fed Chair’s Q&A collapsed back down to and through session lows to test 1280.00.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday gapped back down to and through Tuesday’s 14.83 low, extending to fresh lows at 14.70, before the FOMC policy statement reaction bounced back up to 13.82. That was still under the morning’s lows and Tuesday’s low. Reaction to Powell’s Q&A fell back to 14.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
“Higher prior lows” at 147-22 and the 147-24 gap fill that were tested Friday were retested at Wednesday’s open and probed up to 148-11 ahead of the afternoon’s FOMC events. Holding up through the Policy Statement was retraced during the Q&A, allowing the sell signal to be raised to 147-04.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s reaction down from its open’s premature test of the 64.35 buy signal was extended down Wednesday to 62.75, allowing the buy signal to be lowered to 63.75,which was attacked into Wednesday’s close.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Flat-to-lower overnight ranging was recovered in time to gap up Wednesday to and then through Friday and Tuesday’s 2.60-2.61 highs, extending a couple of cents higher to greet Thursday’s EIA from a position of strength.