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 up above Monday’s 1.0640 high initially extended higher to test 1.0665 but dipping back under Monday’s highs. The “ineffectual pessimism” does require resolving down immediately to confirm fresh lows at 1.0550 remain in-play.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Tuesday above Monday’s 1259.00 high extended to probe above Monday morning’s 1273.00 high to test 1276.00. The pattern doesn’t require any higher high, but the rally remains intact so long as 1272.00 holds as support.

Silver May Contract (SI, ETF: (SLV))
Rallying through Tuesday morning tested the 18.30 pullback limit that had broken sharply lower Friday afternoon. Pullbacks must now hold 18.06 to maintain the recovery potential.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up slightly Tuesday morning amid more geopolitical anxiousness extended sharply through the morning to test Friday’s 153-04 high. Back under 152-04 would suggest the topping pattern remains intact.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially dipping Tuesday morning to 52.70, OPEC headlilnes triggered a spike up during the noon hour to a fresh high attacking the 53.55 buy signal to within 20 cents. The pullback limit is now 52.00.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping down slightly Tuesday extended to within 1 cent of the 3.13 sell signal. Its break wouldn’t be very reliable without first bouncing, potentially back above 3.19 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))
Friday afternoon’s fresh lows made fresh lows likely Monday, too. They were probed only briefly before closing positive to suggest a near-term bottom is forming. Closing higher Tuesday could avoid extending down to 1.0550.

Gold Jun Contract (GC, ETF: (GLD))
Fresh lows Sunday night retested the original 1252.00 buy signal as support. Geopolitical unease triggered another surge attacking the 1262.00 resistance — which held — whose recovering would signal the rally had resumed.

Silver May Contract (SI, ETF: (SLV))
Friday’s plunge was extended a little deeper overnight, avoiding a second consecutive lower close while still testing 17.90 support. But the 18.20 inflection point must still be recovered to signal momentum is already reversing up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Testing and teasing the 151-12 sell signal Sunday night ultimately produced a shallow bounce Monday morning, probably enabled by a flight-to-safety among geopolitical unease. There is little reason to further delay a break lower.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Mid-East concerns enabled the rally to extend to within 40 cents of its minimum 53.55 target Monday. There is no pullback limit to keep the target in-play, but a pullback to 50.65 would be likely next if Tuesday were to probe any fresh high intraday and close negative.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Still no reliable pattern yet formed, as Monday morning weakened a little back into the recent range.

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))
After an ongoing delay and teasing of the pullback limit, breaking lower overnight extended down Friday to greet the weekend probing lower, now targeting 1.0550.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s post-close recovery above the 1252.50 buy signal and Thursday’s gap above it kept the pattern poised for a very favorable reaction to the overnight missile strikes. Surging into Friday’s open extended to test 1273.00, but that was retraced back down to Thursday’s 1256.00 “lower prior highs” as support. So, Monday’s confirmed buy signal still requires at least one more fresh high close. The pullback has room down to 1254.50 to maintain upside momentum, and now also a structural attraction above — Friday’s 1265.00 gap up down above all prior highs should be filled.

Silver May Contract (SI, ETF: (SLV))
Gapping up Friday probed above 18.30, which closing above would have confirmed a probe above 18.55 remains in-play. But reversing down closed back at or within Thursday’s range.

30-year Treasury Jun Contract (US, ETF: (TLT))
Global unease enabled an overnight rally to probe above prior highs up to 153-04. It was nevertheless rejected to close under 152-02, maintaining the topping pattern, which closing under 151-12 would signal is starting to rollover.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Did spiking up overnight to 52.95 on the missile strike overcome Thursday’s “ineffectual optimism”? It was retraced into Friday’s open, but closing above or below 52.40 would either clear the path to the 53.55 target, or else enable a pullback to 50.65.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of strength hasn’t been any more bullish than to prevent a deep reaction down. Friday’s intraday weakness was yet to shallow to signal momentum reversing 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))
Wednesday’s late blip-down to a fresh low didn’t quickly prove itself Thursday to have been a false break. The range’s lower-end was still tested, instead of at least probing back above 1.0725.

Gold Jun Contract (GC, ETF: (GLD))
Thursday morning retraced only some of Wednesday’s post-close surge back above 1252.00, the confirmed buy signal that had been broken intraday.

Silver May Contract (SI, ETF: (SLV))
Recovering after Wednesday’s close to probe back above 18.30 was retraced shallowly overnight, and Thursday hesitated in resuming the recovery.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s reaction to FOMC Minutes had surged back up to the rally’s original 152-02 target, but reacted down overnight. Initially firming Thursday morning also reacted down, attacking the 151-12 sell signal that had been thoroughly tested Wednesday. .

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Only a slightly lower low overnight tried to extend Wednesday’s negative reaction to the EIA report. Thursday’s open gapped up within Wednesday’s range, but rallied only to fill the gap back up to Wednesday’s open. That’s ineffectual optimism, and can’t afford to delay extending higher if a deeper corrective dip will be avoided.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength, already closing above prior highs. Fresh highs intraday rewarded that strength, but the pattern still isn’t tracking a template that can forecast the pattern’s resolution.

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))
Still fluctuating around the 1.0690 pullback limit had begun taking too long to rely on it holding, let alone launching a recovery. Hovering at the five-day range’s lower-end Wednesday is vulnerable to breaking lower.

Gold Jun Contract (GC, ETF: (GLD))
Despite Tuesday’s second consecutive higher close confirming Monday’s breakout above 1252.00, Wednesday’s open gapped down back under 1252.00 and probed lower to 1245.50. Closing lower Thursday would signal momentum reversing down, but the rally otherwise remains intact.

Silver May Contract (SI, ETF: (SLV))
Fluctuating around 18.30 Wednesday probed under Tuesday’s low, which had already filled the gap back down to Monday’s close. Rallying has no excuse not to be underway through Thursday morning.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down to the 151-12 sell signal initially extended to attack the previous 150-26 sell signal before bouncing to fill the gap back up to Tuesday’s 151-21 close. There is no unfinished business above to inhibit reversing down.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Wednesday extended the 48.50 buy signal to test 51.88, a little too aggressive at this stage to avoid reacting down on the morning’s EIA report. Filling the gap back down to Tuesday’s 51.03 close held, leaving outstanding the gap up to help resume the rally targeting 53.55.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s surge to fresh highs was so unnecessary that it could only mean higher highs would follow, which they did on Wednesday. It’s not a breakout and confirmation, but still a big enough departure from the distributive template that the pattern’s predictability is unreliable.