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))
Gapping down Wednesday to Tuesday’s 1.0920 open prevented forming an Island. Dipping into Monday’s range was recovered back up toward Tuesday’s above 1.0960.

Gold Jun Contract (GC, ETF: (GLD))
Remaining under pressure through Wednesday remained in proximity to the pullback’s 1261.00 area target. That was tested in reaction to tax reform headlines, which reacted up back above 1266.00.

Silver May Contract (SI, ETF: (SLV))
Trending down throughout Wednesday to a fresh pullback low then blipped-down on tax reform headlines, before firming.

30-year Treasury Jun Contract (US, ETF: (TLT))
Choppy ranging Wednesday didn’t didn’t reverse momentum up, suggesting the 151-22 pullback objective remains in-play so long as 153-12 isn’t recovered.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s reaction to EIA surged to a fresh recovery high at 50.20, which was consolidated into the close.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday just under the 3.21 “higher prior lows” sell signal extended higher to 3.28. At least an eventual third lower close remains outstanding, so the one-day reversal isn’t greeting Thursday’s EIA report 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))
Monday’s close under 1.0905 didn’t prevent Tuesday from probing above Sunday night’s 1.0918 highs to attack 1.0980. Closing back under 1.0925 would signal a reversal back under 1.0905 targeting 1.0860 in-play.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday’s probe under Sunday night and Monday’s lows tested 1263.00, leaving room down to 1261.00-1262.00 for a more thorough pullback to complete.

Silver May Contract (SI, ETF: (SLV))
Gapping down Tuesday probed fresh lows under 17.55, no longer testing the 17.90 pullback limit whose recovery would target at least 18.18.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s gap down back to Monday’s 152-26 open slid deeper to at least 152-08, instead of recovering 153-12 to signal that a recovery has begun. The pullback is now likely to first test 151-20.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially dipping to test the original 48.90 buy signal was recovered to probe back above 49.30, suggesting that a bottom is forming. A recovery would not delay chipping away at 50.60 resistance.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Remaining under pressure Tuesday only attacked and tested Monday’s lows, but didn’t close lower to fulfill the confirmed breakout’s requirement for at least one eventual lower close.

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 gap up in reaction to French elections immediately tested the 261.8% projection of last week’s Pivotal Correction pattern. Friday’s gap down had held 1.0725 to avoid triggering its reversal. But now any further upside depends upon closing above 1.0905 and any lower close would be free to retest at least last week’s “lower prior highs” as support.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down sharply Sunday night in reaction to French elections held 1266.00 and bounced to 1279.00 before Monday’s open. Another dip before the open also bounced, but no higher, and left potential for a fresh low to test “lower prior highs” at 1261.50 before launching a more substantial recovery.

Silver May Contract (SI, ETF: (SLV))
Gapping down sharply Sunday night nevertheless bounced back up to the 17.90 pullback limit that maintains potential for launching a new upleg, which would be triggered by closing above 18.05-18.10.

30-year Treasury Jun Contract (US, ETF: (TLT))
French election results triggered a flight from safety, and a 1-point drop at Sunday night’s open. The balance of the night fluctuated narrowly around the open, attracting no new strong-handed sponsorship. Monday’s intraday bounce recovered to test the rally’s 153-24 pullback limit. The gap back up to the 155-13 high close remains outstanding and likely to be filled.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fluctuating narrowly around Friday’s close Monday was also a test of the original buy signal’s 49.30 confirmation. Holding its test allows a corrective bounce to test “higher prior lows” at 50.55-50.65, which even the most bullish scenario would be unlikely to recover on a first attempt.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Jun which trades at an 8-9 cent premium over May…] Monday morning initially probed fresh lows down to 3.12 under Friday’s 3.19 close. Although not all maintained, the second consecutive lower close confirms Friday’s trigger of the much-tested 3.22 sell 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))
Filling the gap back down to Wednesday’s close didn’t prevent extending Thursday afternoon’s slide overnight. Gapping down Friday tested the 1.0725 buy signal that had been recovered Tuesday, and then ranged there choppily ahead of this weekend’s French election results.

Gold Jun Contract (GC, ETF: (GLD))
Firming Friday all but fulfilled the minimum likely objective at 1290.70, with potential also to fill the gap from testing the rally’s 1294.00 target before reversing down to and through 1274.00.

Silver May Contract (SI, ETF: (SLV))
Thursday’s test of 17.90 support was repeated Friday, and still being tested through the close, needing to recover 18.18 to launch another probe of fresh highs above 18.55.

30-year Treasury Jun Contract (US, ETF: (TLT))
Firming overnight and Friday morning to test at least 154-24 keeps alive the attraction to filling the gap back up to Tuesday’s close.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s consolidation of the 51.05 target that was met Wednesday was resolved down Friday morning to test 49.25, attacking the 48.90 buy signal that had originally triggered the rally to 53.55. The area is pivotal, and almost any strength maintained through Monday morning would target 51.05.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Greeting Friday at or above 3.13 initially continued the hovering there that had defined the week’s lows, but it broke lower into the afternoon. Unless 3.13 were recovered through Monday morning, the trend has now reversed down.

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))
Gapping up Thursday morning was too late to confirm Tuesday’s close above the 1.0725 buy signal. Regardless, it was retraced to fill the gap back down to Wednesday’s close. But it does create a three-day pattern whose fourth day is somewhat likely to probe fresh trend highs intraday, which would be very likely to then close negative.

Gold Jun Contract (GC, ETF: (GLD))
Thursday’s narrow ranging back at last Thursday’s 1278.00 “lower prior high” consolidated Wednesday’s steep drop under the 1290.70 pullback limit, which is likely to be retested so long as 1274.00 holds as support.

Silver May Contract (SI, ETF: (SLV))
Consolidating for two days under the 18.30 pullback limit broke lower Thursday to 17.90 support by a nickel. An Island-like pattern has been left outstanding at the recent high, which was itself the shallowest possible retest of the 18.55 prior high. Other than the recent sharp selling, actually reversing the trend down is the least likely resolution.

30-year Treasury Jun Contract (US, ETF: (TLT))
The gap back up to Tuesday’s 155-13 close was created by Wednesday’s gap down and is likely eventually to be filled. Thursday gapped down under Wednesday’s narrow range, and extended to within 1 tick of the 153-24 pullback limit that should launch the high’s retest and fill its gap.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward from May to Jun, which is trading at a 40-cent premium] Satisfying the pullback’s 51.05 target Wednesday down to 50.50 only ranged narrowly sideways Thursday.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up Thursday tested 3.21 before dipping back into negative territory at the 3.13 sell signal. Potential for a bigger corrective bounce to 3.27 remains alive, but breaking under 3.13 would still be entirely credible for launching a downleg.