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 Wednesday around Tuesday’s lows hovered at the lower-end of the recent two-week range, and still above the pullback’s potential to 1.0865. Closing back above 1.0920 would target filling the gap back to last Friday’s 1.1010 close if not also retesting the rally’s 1.0525 target.

Gold Jun Contract (GC, ETF: (GLD))
Bouncing overnight touched the ~1226.00 lower-end of the recent consolidation, and reacted down Wednesday toward Tuesday’s lows. The 1206.00-1211.00 target area remains in-play.

Silver Jul Contract (SI, ETF: (SLV))
Rallying overnight back into the recent range prevented confirming Tuesday’s breakout from its recent range. The range’s resistance did hold, so the decline’s 15.95 target area remains in-play.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up slightly Wednesday had just begun testing “higher prior lows” at 151-10 before its reaction filled the gap back down to Tuesday’s 150-24 close. Closing above Wednesday’s high would launch a rally having potential to 152-18.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap up spiked higher in reaction to reporting the biggest inventory draw since last year. the 47.65 target was met, and could be extended to 48.45 so long as 47.20 holds as support.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Tuesday’s rally extended by gapping up into Wednesday’s open to test 3.27 resistance, then spiked up to fresh highs at 3.35. Unfinished business below, or not, The next higher target is 3.42-3.45 so long as 3.27 isn’t broken through Thursday’s close. And this does suggest that Thursday’s EIA report is being greeted from a position of strength.

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))
Tuesday’s lower lows approached the pullback’s potential to 1.0865. Almost any initial strength Wednesday would be likelier to fill the gap back up to Friday’s close.

Gold Jun Contract (GC, ETF: (GLD))
Fresh lows overnight resumed the decline Tuesday, still targeting fresh lows at 1206.00-1211.00.

Silver Jul Contract (SI, ETF: (SLV))
Breaking lower overnight gapped down Tuesday to resume the decline that is still targeting 15.95.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s close was still overlapping prior intraday lows to confirm that sellers aren’t strong-handed, but not that buyers aren’t patient and awaiting the next lower objective at 150-22 before recovering. Fresh lows overnight did extend down to 150-19. So, closing above 150-22 Tuesday and not confirming with a second consecutive lower close Wednesday would be in-line with a bottom beginning to form.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight strength had attacked Sunday night’s ~47.00 high before Tuesday’s open. Intraday action only ranged narrowly sideways ahead of the post-close API report, and Wednesday morning’s EIA.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Firming overnight continued to reflect optimism, probably ineffectual, although it was relatively large up to 3.24. Back above 3.27 would undermine the outstanding objective of probing under 3.11.

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))
Blipping-up momentarily Sunday night in reaction to the French election both pierced the outstanding 1.1025 objective, and then reversed down sharply from it. The decline extended through Monday morning to 1.0937, leaving a gap back up to Friday’s close.

Gold Jun Contract (GC, ETF: (GLD))
Bouncing to the 1228.00-1236.00 range’s upper-end Sunday night was resolved by dipping to its lower-end Monday morning. Already too much time has elapsed without actually rejecting the range’s test, that lower lows targeting 1206.00-1211.00 is likely.

Silver Jul Contract (SI, ETF: (SLV))
Very narrow ranging both Sunday night and Monday morning offered no new information. Except that not rejecting current lows still keeps alive the 15.95 target area.

30-year Treasury Jun Contract (US, ETF: (TLT))
Surging pre-open had stopped 5 ticks short of the 152-18 buy signal. The gap up reversed down immediately to fresh lows that attacked 151-00 at the morning’s low. Having originated from above a violated bounce limit, and gapping down, this fresh low’s origin suggests it will be retraced. But that might not prevent first testing potential to 150-22.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Piercing Friday’s high Sunday night by attacking 47.00 was retraced to gap down slightly Monday. A morning bounce into positive territory was reversed to pierce under the open’s gap down. It’s not a Pivot Reversal because it’s not appearing in an ongoing uptrend. And the morning’s low ultimately held. So a bigger bounce should be obvious with little or no delay to avoid fresh lows.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday gapped down 9 cents to last week’s 3.16-3.17 lows and extended several more cents to reject Friday’s bounce. Bouncing back to the open was the only reason Monday didn’t offer new confirmation that a new relative low close under 3.11 remains in-play.

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))
Continued optimism for the France’s establishment candidate winning this weekend’s vote greeted Friday probing fresh highs to attack the 1.1025 objective where there is greater vulnerability to reversing down.

Gold Jun Contract (GC, ETF: (GLD))
Bouncing overnight to the 1228.00-1236.00 range’s upper-end had begun already resolving down before Friday’s open, which quickly returned to the range’s lower-end. Not immediately rejecting the range’s test makes the next lower objective likely in-play at 1206.00-1211.00.

Silver Jul Contract (SI, ETF: (SLV))
Narrow ranging overnight was resolve back down Friday to attack Thursday’s lows to within 2 cents, keeping alive the downside momentum still targeting 15.95.

30-year Treasury Jun Contract (US, ETF: (TLT))
Initially spiking up Friday to what had been the decline’s 152-08 bounce limit was reversed back down to continue fluctuating around the decline’s 151-20 target.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Closing Thursday at the intraday plunge’s lows which is also 45.40 support nevertheless launched another plunge overnight to 43.75, not attributed to any fundamental reason. The plunge was recovered entirely, and then probed above 46.17. Closing above it would trigger a corrective bounce targeting “higher prior lows” at 47.65.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Friday gapped up to and through the ongoing 3.21 sell signal and extended back into the week’s range at 3.27. Unfinished business below remains outstanding at 3.11, but there’s no bearish reason to close any higher.

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))
Thursday finally resolved the pattern’s likely probe higher, with potential for extending to 1.1025 before being able to reverse down.

Gold Jun Contract (GC, ETF: (GLD))
Having missed the potential for bouncing from 1245.00, Wednesday night slid to test the upper-end of 1228.00-1236. Extending sharply lower through Thursday morning tested the range’s lower-end to 1225.70. The range must be recovered through two consecutive closes before suggesting a bottom is forming. Otherwise, the next lower objective is 1206.00-1211.00.

Silver Jul Contract (SI, ETF: (SLV))
The Up/Down-crash’s resolution down under 16.80 extended down sharply Thursday morning to test 16.20, targeting 15.95. Bounces meanwhile should peak before testing “higher prior lows” at 16.50.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Thursday to what had been the decline’s 152-08 bounce limit extended to probe the decline’s 150-20 target down to 151-11. Still testing the decline’s original target or bouncing off of it would form a bottom upon closing above 152-18. Otherwise, the next lower objective is 150-22.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Breaking sharply lower Thursday to fresh trend lows at 45.40 created potential for a reversal setup that would trigger by closing at least back above 45.60 and preferably also above 46.15. A corrective bounce would target 47.65.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of weakness. Its knee-jerk reaction was muted, but price weakened intraday back to Tuesday’s lows, keeping in-play the attraction to fresh lows under 3.11.