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))
Wednesday’s “inside day” held above the 1.0725 buy signal that was recovered Tuesday. But it does not confirm Tuesday’s recovery. Nevertheless, reinstating the 1.0550 target requires closing back under 1.0690.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Wednesday under the 1290.70 pullback limit extended down sharply to 1275.40, filling the gap back to last Thursday’s close. Reacting up from filling the gap doesn’t necessarily resume the rally, which already has tested and held its 1294.00 target — twice.

Silver May Contract (SI, ETF: (SLV))
Ranging exclusively in negative territory Wednesday was an “inside day,” holding above Tuesday’s dip to 18.05, but not recovering 18.30 to launch a fresh high.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Wednesday and trading weaker intraday was an “inside day.” The gap back to Wednesday’s close should be filled at some point, and any further reaction down before then would be likely to recover.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending down almost relentlessly Wednesday fulfilled the 50.65 target. Holding its test through Thursday’s close would still be vulnerable to extending down deeper. Trying to recover too quickly and aggressively Thursday would suggest that a deeper drop is being refueled.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Ranging choppily and relatively narrowly Wednesday above the 3.13 sell signal isn’t necessarily greeting Thursday’s EIA report from a position of strength. But an initially favorable knee-jerk reaction could still test 3.27 before resolving 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))
Friday morning’s spike up was already attacked Monday, but Tuesday’s open gapped above it to the 1.0725 bounce limit, and extended through it to test 1.0760. The 1.0550 target below is moot unless reinstated by gapping down Wednesday back under 1.0725.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday morning’s gap down initially extended to 1280.50, before reversing to rally sharply up to the 1294.00 target that had been tested already Sunday night and Monday morning. Its confirmed breakout would target 1311.00, and pullbacks must now hold 1290.70 as support.

Silver May Contract (SI, ETF: (SLV))
Gapping down to and through 18.30 Tuesday morning slid sharply before recovering into the close to at least attack 18.30. There is no bullish excuse to further delay its actual recovery, which should extend to fresh highs well above 18.55 resistance.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s retest of the 153-11 pullback limit had held, and was recovered entirely to Monday’s ~154-00 highs at Tuesday’s gap up, which extended sharply higher intraday to 155-04.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh pullback lows under the 52.70 sell signal were recovered temporarily Tuesday morning, but then returned to session lows, targeting 50.65.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Further weakness Monday night tested the 3.13 sell signal, which was retested again later Tuesday morning. Its break would be credible for extending down, and would invalidate any potential for a bigger corrective bounce to 3.27.

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))
Despite having retraced all of Friday morning’s surge to 1.0710 back down to its origin, Monday gapped up to attack Friday’s high. Tuesday must reject Monday’s rally to maintain the decline’s potential for 1.0550.

Gold Jun Contract (GC, ETF: (GLD))
Sunday night’s rally through 1297.00 was retraced entirely into Monday’s open. The morning’s highs at least made it back up to the rally’s 1294.00 target. There is no “unfinished business above,” but the rally’s momentum remains intact so long as 1290.50 now holds as support.

Silver May Contract (SI, ETF: (SLV))
Slightly higher highs overnight had disappeared by Monday’s open. The session developed exclusively within Friday’s range, not rejecting its probe above 18.30, making likely a stronger probe above 18.55.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing above Friday’s highs Sunday night was retraced before the open to spend Monday under Friday’s highs. The restrained optimism is potentially bullish from a contrarian perspective, and keeps alive the upside momentum. But it is still vulnerable to at least a corrective dip.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Since testing the rally’s 53.55 target, flat-to-lower ranging into and out of the weekend is threatening to trigger the 52.70 sell signal targeting 50.65. Sunday night’s lows were retested Monday, and any break would be credible for extending down.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Despite already having filled the gap back up to last Monday’s 3.19 close, potential for a bigger bounce to 3.27 had remained alive. Monday morning’s dip doesn’t invalidate that potential for a bigger bounce, but but threatens to trigger the 3.13 sell signal first.

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))
Spiking up after Wednesday’s close in reaction to unfavorable Dollar comments was unable to trend up Thursday, and only ranged around Tuesday’s prior highs. The decline remains vulnerable to resuming, targeting 1.0550.

Gold Jun Contract (GC, ETF: (GLD))
Sharply higher highs overnight came within $4 of the 1294.00 target, needing pullbacks to hold 1287.00 to maintain the upside momentum.

Silver May Contract (SI, ETF: (SLV))
Wednesday night’s rally fulfilled the minimum objective above 18.30 to probe the 18.55 prior high. Higher highs are likely so long as 18.30 holds as support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday and Wednesday’s refusal to react down from retesting the rally’s target had made fresh highs likely. Surging more than 1 point overnight to 154-10 and gapped up Thursday to entirely above all prior highs. Gapping down under prior highs could form an Island reversal that probes lower temporarily, but Thursday’s high would require retest at some point.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging since fulfilling the rally’s 53.55 target may be supported artificially by other commodities rallying. Regardless, back under 52.70 would target 50.65.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s bounce filled the gap back up to Monday’s 3.23 close, and could extend to 3.27 before reversing down, which would be triggered anyway under 3.13.

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 probe above Monday’s highs was already dismissed as unlikely to extend, let alone to prevent retesting Friday’s lows, or even resuming the decline to 1.0550. Wednesday’s weakness is in-line with the bearish scenario.

Gold Jun Contract (GC, ETF: (GLD))
Attacking 1282.00 overnight enabled gapping up Wednesday, but intraday action only ranged sideways between 1275.00-1279.00. It developed entirely in positive territory but without trending higher. Further upside potential to 1284.00 and 1294.00 requires pullbacks to hold 1272.00.

Silver May Contract (SI, ETF: (SLV))
Rallying to 18.30 Tuesday resolved by gapping up above 18.30 Wednesday, but then only hovering there intraday instead of extending or rejecting.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh highs overnight up to 153-09 were attacked throughout Wednesday, stopping pessimistically short within several ticks, forming a Rising Wedge. Closing negative suggests the wedge is breaking lower, but meanwhile any fresh high could almost literally explode higher in this pattern.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing the 53.55 target overnight by 20 cents ultimately held and reversed back down intraday to 53.00. Under 52.70 would target 50.65.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Touching the 3.13 sell signal at Wednesday’s open reacted up to the 3.19 buy signal, which would target 3.27 before capitulating.