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 FOMC reaction probed above Tuesday’s test of 1.1345 resistance before reversing down more substantially, filling the nearest gap, and likely targeting fresh lows.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Wednesday to and through 1248.00 probed above 1251.00 intraday. A knee-jerk reaction to FOMC touched what had been the 1241.00 bounce limit. Back under 1241.00 would reinstate the decline targeting 1222.00.

Silver May Contract (SI, ETF: (SLV))
Gapping up Wednesday was retraced to fill the gap back down to Tuesday’s close. Bouncing again was retraced in reaction to the FOMC news. Any new rally effort would be credible for resuming the rally.

30-year Treasury Jun Contract (US, ETF: (TLT))
Despite being an appropriate area for a low, Wednesday’s gap up was the wrong tactic for launching a durable recovery. The FOMC reaction’s blip-up touched the 162-14 buy signal and held it, still needing to fill the gap back down to Tuesday’s 161-04 close.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing fresh highs overnight was reversed down on Wednesday’s morning’s EIA report, but only to fill the gap back to Tuesday’s close. The afternoon was recovered entirely and probed fresh highs. The sell signal has been raised to 43.90.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Holding Tuesday’s test of 2.14 “lower prior highs” is free to launch a recovery, but Wednesday’s open did not start it. There was no second consecutive lower close to confirm Tuesday’s breakout.

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 Tuesday wasn’t any more credible for avoiding a retest of Friday’s low close, but testing 1.1345 was needed before reacting back down intraday, and then only to attack Tuesday’s post-open lowss.

Gold Jun Contract (GC, ETF: (GLD))
Despite having held the 1241.00 bounce limit Monday, gapping back down Tuesday to the 1234.50 sell signal was recovered to probe retest 1241.00. Breaking back under 1234.50 would still target a test of 1222.00.

Silver May Contract (SI, ETF: (SLV))
Monday’s narrow ranging persisted into Tuesday, which isn’t bearish, but does suggest the rally targeting 18.80 might need a blip-down before suddenly snapping higher.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh lows Tuesday morning tested 161-00, which now allows a close above 162-12 to launch an upleg.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Tuesday from triggering the 43.10 buy signal Monday and extending higher intraday to probe above 44.00 avoided a second consecutive lower close that would have confirmed the sell signal. But a gap was left outstanding at Monday’s close, undermining any rally effort.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping down again Tuesday tested “lower prior highs” at 2.14. A second consecutive lower close Wednesday would require an eventual third lower close. So resuming the rally to 2.34-2.40 must be obvious by the afternoon — especially to greet 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 morning was only contained within Friday’s range, but it did duplicate Friday’s downtrending. A gap is no left outstanding back to Friday’s close, further suggesting that Monday’s bounce is only temporary.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Monday is not an appropriate way to end the last week’s plunge, let alone after stopping optimistically short of fulfilling unfinished business just below at 1222.00. Holding 1241.50 as resistance and reversing back under 1234.50 should resume the decline.

Silver May Contract (SI, ETF: (SLV))
Monday’s firm open didn’t extend higher, which at least avoids confirming last week’s plunge, but still needs to restart the rally.

30-year Treasury Jun Contract (US, ETF: (TLT))
An eventual third lower close had been put into play by Tuesday’s confirmed breakout, which could be fulfilled Monday after the open’s probe of fresh lows remained in negative territory through the noon hour.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night flirted with the 43.10 sell signal but recovered enough to open Monday flat. An intraday retest of overnight lows could still trigger the sell signal.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Fresh highs attacked 2.18 at Sunday’s open but reversed to open Monday flat-to-lower, trending down even deeper intraday to 2.03. Back above 2.08 would resume the rally, targeting 2.20-2.25.

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’s slide finally produced a fresh low close that fulfills the unfinished business of the recent confirmed breakout. Monday mornings tend to duplicate Fridays in currencies, so lower lows are likely. Closing under 1.1170 would signal a much deeper decline underway.

Gold Jun Contract (GC, ETF: (GLD))
Sliding through the 1248.00 sell signal Friday morning probed under 1230.00, presumably on the way to fulfilling the 1222.00 objective below. It remains in-play so long as 1234.50 is not recovered.

Silver May Contract (SI, ETF: (SLV))
Choppy ranging Friday consolidated Thursday’s steep intraday reversal back to Tuesday’s 16.88 lows, while ignoring Gold’s plunge, presumably preparing to resume its rally targeting 18.80.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat narrow ranging Friday avoided producing the eventual third lower close that has become required by Wednesday’s confirmed breakout. Bounces should meanwhile hold any test of 163-12.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s high had probed recent highs, and closed slightly higher. Probing Wednesday’s high Friday without closing above it suggests that topping has begun — but not yet sealed. Waning upside momentum was indicated separately by Friday’s session “ineffectual optimism” that gapped up and spent the entire session in positive territory without maintaining the probe above Wednesday’s prior high. Closing above 43.55 keeps alive potential for resolving up, and under 43.10 would start to siganla break lower is underway.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s relatively muted reaction to the day’s EIA report was resolved up to fresh highs Friday, targeting 2.20-2.25.

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 peaked upon filling the gap back to the high’s last close at 1.1415. This was above Wednesday’s high that had held a test of “higher prior lows,” and closing any higher would have put into play new highs. But Mario Draghi had the mic. And without much further delay, the gap up was retraced into negative territory under 1.1310. No buy signal would be credible before probing fresh lows.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up sharply to fresh highs was soon reversed even more sharply to probe back under Wednesday’s lows. Closing under 1248.00 would trigger a downleg targeting 1222.00 that could launch the pattern’s most substantial rally, yet.

Silver May Contract (SI, ETF: (SLV))
Thursday’s gap up to much higher fresh highs was nevertheless reversed back down sharply into negative territory. This doesn’t affect the confirmed breakout that still requires at least one eventual higher close.

30-year Treasury Jun Contract (US, ETF: (TLT))
Failing to hold the 164-12 pullback limit’s retest Wednesday broke sharply lower, and extended even deeper Thursday morning. The second consecutive lower close now requires an eventual third lower close. Bounces should meanwhile hold 163-12 if tested.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Closing Wednesday above last week’s highs could be confirmed by Thursday closing higher, but trending back down under prior highs misses that opportunity. Almost any initial weakness Friday would be credible for extending down intraday.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength, being a pullback in an uptrend of higher highs and higher lows. But that didn’t ensure any meaningful reaction, as the session ranged only narrowly.