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))
Having extended down considerably on two consecutive sell signals, testing 1.0820 support reacted up Wednesday on favorable Grexit rumors, holding the 1.0910 bounce limit, and maintaining the 1.0750 target.

Gold Jun Contract (GC, ETF: (GLD))
Only shallow weakness Tuesday night and Wednesday following Tuesday”s deep break to 1186.00, so the break wasn”t confirmed, but at least a probe of fresh low remains likely.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down at Wednesday”s open probed Tuesday”s low, but the session only ranged sideways narrowly instead of extending down another dime to 16.55 support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday”s flight-to-safety wasn”t needed Wednesday, allowing for at least partial retracement from 156-11 down to 155-11. But that was recovered almost entirely as stocks climbed even further, which undermines the decline from resuming soon.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down to fresh lows testing 57.45 at Wednesday”s open was recovered temporarily into positive territory, but only to reverse back down to the lows and still targeting 55.00.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Spiking up at Wednesday”s open tried to confirm that Tuesday”s late recovery had ultimately held the 2.86 pullback objective. But the session held within Tuesday”s range, needing to recover 2.91 for a recovery to be credible.

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))
Closing Friday under 1.1095 had triggered an even bigger distributive pattern. Extending down through the weekend and Tuesday morning is already fulfilling much of the 1.0750 target, having tested 1.0870. The decline remains intact so long as 1.0915 now holds as resistance.

Gold Jun Contract (GC, ETF: (GLD))
Chipping away at 1205.50-1208.00 support meanwhile held tests of 1213.00 resistance to avoid reversing momentum back up. Sliding sharply Monday night tested the next lower support at 1286.00. New lows at 1150.00-1154.00 are likely in-play.

Silver Jul Contract (SI, ETF: (SLV))
Having failed last week”s attempt to recover 16.24-16.35 resistance, resuming the decline Tuesday compensated for the delay. Testing lower prior highs down to 16.65 Tuesday should extend down into the 16.45 area, too, or lower.

30-year Treasury Jun Contract (US, ETF: (TLT))
The bounce to 154-04/154-16 resistance wasn”t extended before Tuesday”s open, but neither was it rejected. That was exploited Tuesday morning during a broad stock market sell-off, and instead extended the rally back up to 156-10. Back under 154-30 would resume the decline.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night”s dive from testing 59.75 had been retraced Monday, but never reversed. Monday”s night”s dip back down to the low had little chance to recover since a sell signal was already in-play. The drop extended down to test 57.70. Although unneeded at this stage, a lower close Wednesday would help to confirm the trend remains down, and likely targeting 55.00.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Jul, which is at a 3-cent premium over Jun] The next lower objective for a pullback was already met during Monday”s Globex at 2.85-2.87. But Tuesday”s open gapped down below it and probed lower. A bounce has room up to 2.90 before signaling that momentum is 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))
The required third lower close wasn”t delayed long by Friday”s gap up. It was rejected immediately by a plunge to fresh lows at 1.1005, which hovered at the lows through the noon hour. Closing under 1.1095 now triggers a larger pattern that points much lower if confirmed by a second consecutive lower close Monday. That confirmation isn”t assured, since Friday”s drop may have been exacerbated by the impending holiday weekend.

Gold Jun Contract (GC, ETF: (GLD))
Bouncing overnight to test 1213.00 resistance didn”t prevent retesting 1205.00 support intraday Friday. But still overlapping both instead of exceeding one of them prevented launching a trend in that direction.

Silver Jul Contract (SI, ETF: (SLV))
An overnight bounce attacked 17.35 whose recovery would signal 18.15 is in-play. Just closing above 17.25 would suggest the pullback had ended. Still testing 17.05 support did not preclude recovering either.

30-year Treasury Jun Contract (US, ETF: (TLT))
Extending Thursday”s rally overnight attacked 154-30 resistance, but reversed down through Friday”s open to test “lower prior highs” at 153-20. The detour makes the decline likely to resume aggressively if it is resuming at all.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight weakness enabled Friday”s open to the 59.75 sell signal. Probing under it quickly was only retraced for the balance of the session to range around 59.75 and avoid triggering the sell signal.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
.Despite having held Thursday”s gap up through the close, overnight weakness filled the gap back down to Wednesday”s 2.91 close and probed under its low to test 2.88. Any delay to recovering 2.97 would more likely extend the pullback to 2.82 before launching an upleg.

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))
Ranging narrowly Thursday essentially confirmed that Wednesday”s session did not fulfill the required third lower close outstanding. It also did not fulfill the required third lower close outstanding. Lower lows remain in-play..

Gold Jun Contract (GC, ETF: (GLD))
Flat-to-lower ranging Thursday continually overlapped 1205.00 whose break would signal momentum reversing down. Back above 1208.50 and 1213.00 would signal the pullback had ended, and targeting a retest of the recent 1232.00 high.

Silver Jul Contract (SI, ETF: (SLV))
Ranging narrowly between 17.00-17.25 avoided extending the decline or recovering it, still needing a break either way to signal the next leg.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday”s optimistic low  may require being retested, but Thursday”s bounce widened the gap well above the 153-02 bounce limit to test 154-16. A reaction down has room to 153-30 before suggesting momentum is reversing down.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Thursday and extending higher retraced 61.8% of the drop from recent highs back to 60.80. Another downleg targeting 55.00 would be triggered under 59.75. There is otherwise no bounce limit in-play.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up Thursday still reacted favorably to the EIA report. That reaction was retraced back to the open”s gap up, sapping momentum from the pattern. But an attraction back up to 3.08 remains intact.

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))
Further weakness Wednesday tested 1.1095 support down to 1.1066, reacting up on FOMC Minutes, but remaining in negative territory under 1.1160. Still overlapping Tuesday”s lows does make it difficult to fulfill the outstanding objective.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday”s plunge to test 1208.50 didn”t extend down Wednesday, so the break wasn”t confirmed. Closing back above 1213.00 would be target a retest of the rally”s 1232.00 target. Closing under 1205.00 would resume the drop, still needing confirmation.

Silver Jul Contract (SI, ETF: (SLV))
Firming slightly Wednesday was too shallow to reverse momentum back up, but it did avoid confirming Tuesday”s break. Closing back above 17.25 would target 18.15.

30-year Treasury Jun Contract (US, ETF: (TLT))
Initially dipping Wednesday to within 1 tick of Tuesday”s 151-28 low was recovered entirely to retest the decline”s 152-02 bounce limit. Having stopped optimistically short of actually touching the low before bouncing, lower lows remain likely.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up slightly didn”t extend higher Wednesday, even in reaction to the EIA report. A second consecutive lower close was avoided, so the likely pullback target of 55.00 isn”t necessarily in-play.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday stopped well short of filling the gap back to Tuesday”s gap up, before reversing into negative territory. Having that unfinished business above does reflect a modest position of strength in greeting Thursday”s EIA report.