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 Wednesday extended only back up to last Thursday and Friday’s highs, within the range of the 4-day setup that is still targeting 1.1245. But the pattern won’t easily tolerate more bouncing prior to resuming the decline.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s gap up threw yet another curve at the ongoing widely fluctuating range. But holding 1282.70 as resistance and closing back under 1271.50 would maintain the 1241.00 target below.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up Wednesday to 17.50 resistance and testing its prior high at 17.60 was nevertheless retraced down to 17.30, whose break would reinstate the decline targeting 16.75.

30-year Treasury Jun Contract (US, ETF: (TLT))
Filling the gap back to Friday’s 165-27 open did not react down Tuesday, maintaining the 166-30 objective above. Wednesday’s fresh highs testing 166-21 got closer to its objective, whose test should also visit 167-26.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having re-set the pattern with Monday night’s fresh lows at 43.03 and recovering quickly Tuesday to 44.50 resistance, Wednesday’s gap up to and through the 44.75 buy signal was able to attack recent highs at 46.25.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Wednesday’s open dipped initially to touch Monday’s 2.11 “lower prior highs,” and reacted up above Tuesday’s interim high to 2.18. The two consecutively higher closes above 2.14 are greeting Thursday’s EIA report from a position of strength that has no bullish excuse not to react aggressively.

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 fourth day of a 4-day setup, didn’t reject the ongoing decline, suggesting that Thursday’s sell signal remains intact and targeting the low’s gap outstanding at 1.1245.

Gold Jun Contract (GC, ETF: (GLD))
Probing fresh lows Tuesday didn’t extended down much, but the narrow ranging shouldn’t be confused with stability or even a rejection of the decline next targeting 1241.00.

Silver Jul Contract (SI, ETF: (SLV))
Fresh lows were avoided Tuesday, but Monday’s decline was not at all rejected, so the decline targeting 16.75 remains in-play.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s 165-27 opening gap up was neutralized at Tuesday’s high. Its test didn’t reverse momentum down, but fresh highs should not be further delayed to maintain this leg’s potential to 166-30 and 167-26.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A fresh low under 43.25 had become likely, if not a requirement, and it was produced Monday night down to 43.03. Tuesday’s intraday rally tested 44.50 resistance, in proximity to trigger the 44.75 buy signal, too.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up through 2.14 Tuesday only tested the 2.16 prior high, and still must close above it to confirm a new upleg is underway.

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))
Narrow ranging Monday while commodities crumbled might suggest stability, but it is more likely anxiousness that should compensate for the delay by extending sharply to its 1.1245 target when its trending resumes. And that trending is likely to be down, having triggered its 1.1485 sell signal Thursday, despite not confirming it Friday.

Gold Jun Contract (GC, ETF: (GLD))
Despite Friday having exploited the pullback’s second chance at triggering a reversal above 1282.70 — and that reversal having extended sharply higher intraday — China warning against a near-term recovery sent commodities sharply lower overnight. Opening Monday at the 1271.00 area prior lows was extended lower intraday, allowing the reaction to extend to 1241.00 before being able to launch another recovery attempt.

Silver Jul Contract (SI, ETF: (SLV))
Struggling to maintain its intraday recovery above 17.50 Friday was unable to absorb Sunday night commodity crash in reaction to China’s warning. Already testing 17.00, the pullback has little chance of avoiding lower lows at 16.75.

30-year Treasury Jun Contract (US, ETF: (TLT))
Regardless of how much intraday gain had been retraced, closing Friday above 165-00 kept alive the rally’s momentum. Firming Monday instead of surging again does suggest that optimism is restrained, which is potentially bullish from a contrarian perspective for extending the rally to 166-30 and 167-26.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing the 45.75 buy signal by 20 cents Sunday night didn’t assure closing above it Monday, especially when the morning started reversing back down to attack recent lows around 43.25. The path back up has come to require testing a fresh low, which must hold 42.50 to avoid already reversing the trend down.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
If Friday’s dip to 2.05 will suffice as retesting last Monday’s 2.03 close, then its reaction shouldn’t delay recovering 2.14 to launch the next upleg. Monday’s narrow ranging didn’t even threaten it, so any further delay would all but require testing 2.03.

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 Friday in reaction the morning’s payrolls number held a test of the 1.1485 sell signal that had triggered Thursday. A second consecutive lower close would be that much more bearish, than just to confirm Thursday’s breakout.

Gold Jun Contract (GC, ETF: (GLD))
Second time was a charm for triggering the 1282.70 buy signal that was reinstated since fresh lows were probed after Wednesday’s gap up had failed. Fresh highs targeting 1313.50 remain in-play.

Silver Jul Contract (SI, ETF: (SLV))
Friday’s reaction to the morning’s payrolls report was a test of 17.50 resistance, whose recovery through the close would suggest the pullback had ended — although closing above 17.60 would be optimal for reinstating the 18.80 target.

30-year Treasury Jun Contract (US, ETF: (TLT))
The knee-jerk reaction to Friday’s payrolls report spiked up to 166-16 before reacting back down to 165-00 support. Holding it would maintain this leg’s potential for filling the gap back up to 166-30 and extending to 167-26.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Early weakness reacted up temporarily through the 44.75 buy signal to 44.35, before dipping back under the signal. At least a deeper pullback was avoided. But triggering the buy signal would help to maintain the near-term potential for producing the required new high close.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday’s negative reaction to the morning’s EIA report did fill one outstanding gap below at 2.07, and Friday’s early follow-through attacked the 2.03 gap’s bar down to within 1 penny. Back above 2.14 would now signal momentum reversing up.

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))
Holding the 1.1485 sell signal’s test Wednesday could have been exploited by retesting the 1.1600 target, but Thursday’s open gapped down and extended under 1.1415 support.

Gold Jun Contract (GC, ETF: (GLD))
Closing back above 1282.70 Wednesday would have signaled momentum reversing up, but Thursday’s gap up above it still needed to extend higher through the close. Instead, it was retraced to probe under Wednesday’s low attacking 1270.00. Not immediately recovering 1282.70 could extend down to 1260.00.

Silver Jul Contract (SI, ETF: (SLV))
Gapping back up above the 17.50 pullback limit Thursday was not maintained after having failed to hold it Wednesday. It was reversed deeply enough only to fill the gap back to Wednesday’s close, which held, undermining the attempt to extend down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s choppy ranging had avoided rejecting Tuesday’s gap up and post-open surge, essentially reconfirming the 165-06 target remained in-play. Thursday resumed the rally and fulfilled the target. The recovery could extend, so long as 164-28 holds as support instead of its break signaling momentum reversing down.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Thursday well above the 44.50-44.75 resistance that had held Wednesday would have been credible for extending higher and fulfilling the outstanding requirement for at least one more higher close. But post-open action slid back down to 44.00, filling the gap back to Wednesday’s late surge.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up Thursday only made even likelier a knee-jerk reaction down after the morning’s EIA report So far, only the gap back down to Tuesday’s close has been retraced, but at least a test of 2.03 remains likely.