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))
Days of narrow ranging finally broke higher, needing the FOMC policy statement as a catalyst. Retesting prior highs at 1.1340-1.1350 can easily fulfill the outstanding third higher close requirement.

Gold Jun Contract (GC, ETF: (GLD))
Intraday pressure back down to 1175.00 support Wednesday was relieved by the FOMC news that triggered a surge back up to test 1188.00. Back under 1178.00 would accelerate the next downleg.

Silver Jul Contract (SI, ETF: (SLV))
The reaction up on Wednesday”s FOMC statement probed back into the 16.15-16.35 range to 16.25, which is still too shallow to signal a recovery underway..

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday”s inside day under 151.25 was still a little too optimistic for consolidating the rally. That vulnerability was exploited by Wednesday”s FOMC statement for a reaction down to within 2 ticks of 149-16 support, which recovered back above 151-00. The reaction isn”t deep enough and the recovery isn”t high enough to be assured that sellers are done.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing overnight well above 60.80 reacted down Wednesday under the 60.30 pullback limit, attacking 58.75. Recovering stopped a few dimes short of 60.30.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Probing fresh highs at 2.95 reacted down intraday Wednesday to close under prior highs. But not under a prior low, greeting Thursday”s EIA report from a position of strength. The rally is likely to extend so long as pullbacks now hold 2.83 as support.

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 only slightly Tuesday amid more progress toward Grexit continued to suggest that any detrimental effect was still not in-play near-term, and that the eventual third higher close remains intact.

Gold Jun Contract (GC, ETF: (GLD))
Dipping at Tuesday”s open allo the way down to 1175.50 helped to confirm somewhat that the bounce through Monday afternoon had expended any remaining buying pressure before finally resuming the decline next targeting 1158.50.

Silver Jul Contract (SI, ETF: (SLV))
After failing to maintain Monday”s probe back up into the 16.15-16.35 range, Tuesday”s open gapped down to attack recent lows, supported by 15.85-15.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
Bouncing overnight and testing 151-22 Tuesday morning was still likely only noise while consolidating or backing-and-filling before Wednesday or Thursday. Retracing most of the open”s rally back down to 150-15 helped to confirm, albeit still reflecting a little more optimism than would be optimal at this stage for a durable rally.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing 60.30 Monday night was already reacting down into Tuesday”s open, and essentially held 59.75 through the day.. Closing above 60.80 would signal another rally attempt underway.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Extending higher Tuesday would have confirmed Monday”s close reversed the multi-session pullback.But the inside day only avoided retracing under the 2.83 pullback limit, to keep alive the upward momentum.

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))
An eerily narrow range accompanied pessimistic stock market reactions to the weekend”s heightened risk of a Grexit. The bigger picture continues to suggest that at least one more higher close remains outstanding before a sell-off could be credible. Monday only firmed back toward recent highs around 1.1300, but an Ascending Triangle has formed.

Gold Jun Contract (GC, ETF: (GLD))
Sunday night”s fluctuation from positive territory into negative was recovered positive again Monday morning, nearly touching last week”s 1191.70 bounce limit high up to 1190.00. Closing back under 1183.50 would likely launch a new downleg.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up Monday extended higher briefly to probe back into the 16.15-16.35 resistance range, which again rejected price back down through the close, as a recovery is premature.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday reacted down sharply from only attacking 151-25 resistance to within 3 ticks. Nevertheless, Monday morning pierced 151-25 by 1 tick before reversing down under Friday”s reaction to 150-06. At least a session of backing-and-filling is now likely.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh pullback lows testing 58.75 Sunday night trended back up after Monday”s open, still needing to recover the 60.30 pullback limit that had failed to hold its test as support last week. Closing back above 60.80 would still be credible for launching an upleg.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Friday”s test of 2.74 support had reacted up sharply, only to probe a fresh session low at 2.72 support. Monday”s open gapped up to 2.80 resistance and extended sharply higher intraday to retest last week”s highs. Closing higher again Tuesday would confirm the rally had resumed.

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 Friday within Thursday”s range bounced back above Thursday”s highs to test the 1.1285 level whose recovery would trigger a fresh highs underway.

Gold Jun Contract (GC, ETF: (GLD))
Early weakness Friday attacked Thurdsay”s 1175.00 low and bounced back into the range. Momentum still hasn”t signaled its reversal down, targeting 1158.50. But the bounce has clearly lost its traction.

Silver Jul Contract (SI, ETF: (SLV))
Retesting Thursday”s 15.77 low Friday essentially held, but wasn”t clearly rejected. The pattern is vulnerable to extending, while another bounce into the 16.15-16.35 range first would suggest that fresh lows will recover.

30-year Treasury Jun Contract (US, ETF: (TLT))
The bounce extended higher Friday to 151-22 before dipping at least 1 point into the afternoon. Closing above 151-16 would now seal a bottom, confirmed above 151-26. Back under 149-22 would target a retest of the 148-18 area.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Friday and probing under the 60.30 pullback limit didn”t extend down intraday. But extending higher should be obvious soon after Monday”s open, if not already Sunday night, or else a deeper pullback would become much likelier.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
.Gapping down Friday to the upper-end of 2.74-2.77 support bounced back up to Wednesday”s 2.82 lows before reversing down to the lower-end of 2.74-2.77 support. Closing any lower would undermine the rally.

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 fresh high close was not above last week”s intraday high, disqualifying it from fulfilling the outstanding third higher close. Thursday”s open gapped down and extended lower. Back above 1.1285 would signal the rally had resumed.

Gold Jun Contract (GC, ETF: (GLD))
Testing 1185.30 at Wednesday”s close — instead of closing under it — made 1175.00 the new signal that momentum has reversed down. But Thursday”s plunge testing 1175.00 does at least confirm the recent bounce had failed. Closing under it would next target 1158.50.

Silver Jul Contract (SI, ETF: (SLV))
Thursday”s reaction down to a fresh low tried recovering to unchanged, but might not have prevented sellers from gaining traction. Nevertheless, there remains potential for bouncing back into the 16.15-16.35 range.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday”s reaction to 8:30”s econ reports surged to test 149-08 resistance. closing above it would signal a bigger rally underway. A pullback needed to hold 148-23 as support, which it did, before recovering to fresh session highs.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday”s surge above 60.80 didn”t resume Thursday morning, instead testing the 60.30 pullback limit which must hold through the close to maintain the rally”s momentum.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Greeting Thursday”s EIA report from a position of strength didn”t equate to resuming the rally, and there was no negative knee-jerk reaction to absorb. But the probe above 2.90 did react back down to test Wednesday”s 2.82 low. Regardless, Wednesday”s third higher close wasn”t rejected, so the trend remains intact.