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))
Fresh highs Tuesday night at 1.1388 were only attacked Wednesday morning, but last week”s highs were clearly pierced, in position to fulfill the eventual third higher close that remains outstandingg.

Gold Jun Contract (GC, ETF: (GLD))
Holding the 1175.00 bounce limit Tuesday didn”t prevent gapping up Wednesday to the next higher bounce limit at 1191.70. This one is more critical to hold, as closing any higher would take the 1158.50 objective out of range. Back under 1185.30 would signal that the bounce had ended.

Silver Jul Contract (SI, ETF: (SLV))
Rallying only enough Wednesday morning to pierce the lower-end of the 16.15-16.35 target range. That was retraced to unchanged around 15.95, still leaving no new signal.

30-year Treasury Jun Contract (US, ETF: (TLT))
Attacking the next lower objective at 148-08/148-10 to within 1 tick Tuesday was only one reason why a bottom had not formed. Wednesday”s gap under it tested the next lower support at 147-18. Back above 148-11 would target 149-08 without yet reversing the trend up. The 30-year auction is on Thursday, and the 10-year went off well on Wednesday.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday”s gap up above Friday”s high had invalidated the 58.75 sell signal. Extending higher overnight gapped up sharply Wednesday to test 61.80. Its reaction tested 60.80 as support, whose recovery signals 63.15 in-play, so long as pullbacks then hold 60.30.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Probing higher overnight to 2.92 gapped up Wednesday, dipped a dime to probe negative territory, then recovered back toward the highs. Ending the day with a third higher close fulfills the minimum requirement and leaves no unfinished business above. But greeting Thursday”s EIA report after three consecutive higher closes is a position of strength. Leaving that minimum requirement outstanding would have been a slightly better position of strength, having that attraction above.

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))
Having retraced Friday”s plunge entirely Monday, Tuesday was more free to back-and-fill before extending higher. The morning”s dip was recovered to attack 1.1300 as had Monday”s session.

Gold Jun Contract (GC, ETF: (GLD))
Despite having held the test of 1175.00 resistance Monday, higher highs overnight tested 1183.50 resistance. Tuesday”s intraday action slid back to 1175.00 support.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday”s session remained under pressure despite Gold”s strength. Bouncing back into the decline”s 16.15-16.35 target area is still possible.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh lows Tuesday attacked 148-10 support to within 1 tick before bouncing back to the decline”s original 149-08 target.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite gapping down Monday back under the 58.75 sell signal, thereby rejecting Friday”s late surge that had recovered it, higher highs overnight extended Tuesday above Friday”s late high to test 60.30 resistance. This is not at all in-line with reinstating the sell signal. Closing above 60.80 would start to signal a bigger rally underway.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Triggering the 2.67 buy signal Monday didn”t delay extending to the 2.83 target Tuesday morning. The second consecutive higher close confirmed the breakout, so that an eventual third higher close is now in-play.

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))
Favorably resolving Friday”s consolidation of the morning”s plunge was likely to almost literally explode higher. Monday”s open did gap up to 1.1175, and the session extended sharply higher to attack 1.1300, more than fully retracing Friday”s plunge. At least an eventual higher close above 1.1320 remains outstanding.

Gold Jun Contract (GC, ETF: (GLD))
Bouncing overnight and into Monday”s open 1175.00 resistance. It was neither extended nor rejected intraday, keeping alive the decline”s minimum 1158.50 target.

Silver Jul Contract (SI, ETF: (SLV))
Very shallow strength early Monday was retraced to a fresh low as the session was spent ranging narrowly sideways under the decline”s 16.15-16.35 target.

30-year Treasury Jun Contract (US, ETF: (TLT))
Having retested the decline”s 148-25 target Friday, without closing lower, the pattern remains conflicted by the downtrend being satisfied, but no accumulation yet indicated.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday”s late surge back above the 58.75 sell signal was rejected by Monday”s gap down back to 58.75. But the balance of the morning only ranged narrowly around 58.75 before extending down under 58.00 to reinstate the signal”s momentum.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Gapping up Monday to the 2.67 buy signal left no unfinished business below because Friday”s narrow ranging had not created any new low which might otherwise require being retested. Closing above 2.67 would still need a second consecutive higher close to confirm a rally leg has launched, and all prior to closing back under 2.64.

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))
Thursday”s flat close around 1.1250 did not fulfill the required eventual third higher close that was put into play by the prior two sessions. That unfinished business outstanding did not prevent plunging to 1.1050 in reaction to Friday”s Employment Situation report. This is where the eventual third higher close requirement can be most relevant, by knowing Friday”s reaction down is likely only temporary. Back above 1.1210 would signal the rally having resumed. Extending first under 1.1070 would undermine the near-term recovery potential.

Gold Jun Contract (GC, ETF: (GLD))
Another drop to fresh lows at 1162.00 keeps alive at least the 1158.50 target, if not also the low 1150”s. Being a new trend extreme on a Friday, rallying immediately Monday would likely fail. By the same token, extending down immediately to fulfill the target could be very durable.

Silver Jul Contract (SI, ETF: (SLV))
Probing under the 16.35 target area”s lower-end Friday, after having held its test Thursday, does put into play a retest of prior lows under 15.25. Closing above 16.35 Monday would invalidate the Friday”s break.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday”s reaction to the Employment Situation report triggered a plunge that quickly fulfilled the likely retest of Wednesday”s 149-09 low. The spike down to 149-00 was recovered to 15-20, but the afternoon drifted back down toward Wednesday”s low.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending Thursday”s 58.75 sell signal into fresh lows overnight testing 56.85 was retraced on bullish OPEC news. Heightened prospects of a rate hike inhibited much more than just ranging narrowly around unchanged.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Friday”s ineffectual pessimism is more bullish than bearish. Gapping down and spending the entire session in negative territory could have extended down into per-weekend illiquidity. not trending down is not a buy signal, but it does make any initial strength Monday credible for extending higher.

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))
Surging pre-open led to Thursday gapping up. It was retraced back to unchanged for a lengthy consolidation. that tried bouncing back to the open. If maintained, that would qualify for fulfilling the pattern”s required eventual third higher close.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday”s break lower to 1180.00 extended Thursday to test 1172.50, next targeting 1158.50.

Silver Jul Contract (SI, ETF: (SLV))
Fresh lows Thursday tested the entire 16.15-16.35 target area. Breaking lower would target new lows under 15.60, but there is no requirement to break lower.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday”s reaction up from attacking the 149-08 target extended higher Thursday to 151-16. That”s probably too much optimism ahead of Friday”s Employment Situation report, and the low is vulnerable to being retested. But there is no attractive risk:reward setup in-play, especially ahead of Friday”s report.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite having originated from above 60.80, the pullback that closed under 60.30 Wednesday wasn”t rejected at Thursday”s open, which extended lower instead. The 58.75 sell signal was tested to under 57.95. A second consecutive lower close would confirm a retest of the prior lows is in-play.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Probing fresh lows in reaction to Thursday”s EIA report was recovered back above last Friday”s lows, but not necessarily through the close. The price action remains in-line with the bottoming pattern we”ve been tracking. Closing above 2.67 would put into play 2.83.