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))
Monday”s 1.1370 sell signal extended down sharply overnight. Last Monday”s 1.1135 prior low held its retest, but the break was confirmed so at least an eventual third lower close is now required. Closing under 1.1095 would trigger a bigger pattern”s break targeting 1.0900 and 1.0750.

Gold Jun Contract (GC, ETF: (GLD))
Monday night”s drop probed under the 1224.00 pullback limit and extended down sharply intraday to test 1208.50 down to 1205.00. Still overlapping 1208.50 at the close does offer one opportunity to recover, which would be to close Wednesday back above 1213.00 and not confirm Tuesday”s break. Otherwise, new lows under 1160.00 may be in-play.

Silver Jul Contract (SI, ETF: (SLV))
Monday”s close above prior highs was rejected by gapping down Tuesday under Monday”s range, and extending down to probe under 16.90. The timing of the aggressive move is a little surprising, but it still lacks confirmation of a second consecutive lower close.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday night”s bounce held the 154-12 bounce limit and extended down Tuesday morning to 151-28. Its reaction up probed the intraday 153-02 bounce limit up to 153-21. That was reversed back down to 152-18, whose break would confirm 150-25 remains in-play.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday”s gap down under 59.20 support all but ends the recent opportunity for the pullback limit”s retest to launch a more durable rally leg. There is only one opportunity to reject it immediately Wednesday. Confirming it would initially target 55.00.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday without any unfinished business above left the rally vulnerable to a post-open reversal from 3.19 into negative territory at 2.94. But the open”s  3.08 gap should be retested as resistance before a durable downleg can begin.

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 1.1328-1.1472 outside day that began by gapping down to the lower-end of Thursday”s 1.1348-1.1457 range was still considered bearish, since the close was still overlapping Thursday”s high. And still overlapping Thursday”s high meant that gapping down Monday doesn”t require filling the gap back to Friday”s high. In fact, Monday”s session trended down intraday, probing under Thursday and Friday”s ranges to test 1.1300. Almost any lower close Tuesday would confirm Monday”s reversal was extending.

Gold Jun Contract (GC, ETF: (GLD))
Sunday night”s high touched the 1232.00 target, but wasn”t touched intraday as Monday”s session fluctuated narrowly around last week”s 1227.70 high. There is no unfinished business above, but upward momentum remains intact so long as 1224.00 now holds as support.

Silver Jul Contract (SI, ETF: (SLV))
Monday”s opening surge to fresh highs testing 17.75 consolidated in positive territory throughout the day, closing above prior highs, keeping upward momentum intact.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday”s nearly 3-point rally to 155-20/155-27 didn”t comport to the template we were tracking, but Monday”s substantial retracement did. Stopping optimistically short at the upper-end of Thursday”s range now requires bounces to hold 154-08/154-12 to maintain Monday”s downward momentum. The 150-25 target remains intact, preferably confirmed by closing Tuesday under Thursday”s 152-12 low.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward from Jun to Jul, 1.65 premium] Suday”s initial firming tried again to rally out of the 60.30 pullback limit, but its surge to 61.70 was retraced to 59.85 — not quite reversing down, but requiring an almost immediate recovery above 60.75-61.00 to avoid a new downleg.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
No higher objectives are outstanding, but Monday”s narrow sideways ranging didn”t reject the uptrend”s 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))
Gapping down Friday to Thursday”s intraday low was recovered back into positive territory, probing above Thursday”s high. Closing under 1.1380 would start signaling momentum reversing down, but there is no other signal meanwhile.

Gold Jun Contract (GC, ETF: (GLD))
Trending down overnight to 1210.60 bottomed upon gapping down Friday, with its reaction soon filling the gap back up to Thursday”s 1224.80 close. The 1232.00 target remains intact.

Silver Jul Contract (SI, ETF: (SLV))
Overnight backing-and-filling to 17.25 support barely registered by Friday”s open, which further formed an Ascending Triangle while retesting Thursday”s highs.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday”s high didn”t hold. The 154-16 bounce limit didn”t hold. Wednesday”s test of the bounce limit up to 155-02 didn”t even hold. Friday”s open gapped up and ran intraday to attack 156-00, which was literally off of the chart for the pattern I was tracking. Nevertheless, potential to new lows remains intact because of the gap left outstanding back to Thursday”s close, and its eventual test will target 150”25. Meanwhile, closing under 154-30 would signal the bounce had failed, and above 156-04 would be bullish for extending higher.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Lower lows retested the 58.65 pullback limit Friday morning and reacted back up to test 59.30 resistance. That”s not bearish, and it”s potentially bullish to the degree that an opportunity to slide was avoided.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
No unfinished business above going into Friday”s session allowed early weakness, but it was recovered to fresh highs intraday above 3.03. Now the rally”s momentum remains intact so long as 3.91 holds 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 up Thursday through 1.1400 fulfilled the setup triggered by Wednesday”s opening surge.Reversing down extended into negative territory. Thursday”s gap up above all prior highs at 1.1413 does need to be retested before a credible downleg could begin.

Gold Jun Contract (GC, ETF: (GLD))
Firming prices into Thursday”s session were maintained to confirm Wednesday”s breakout, targeting 1232.00, and now requiring an eventual third higher close.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday”s rally extended higher Thursday to 17.60, confirming the breakout to now require at least an eventual third higher close, and still targeting a probe above 18.00.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday”s narrowly ranging session was optimal for a pattern that still needed to absorb the recent shock-to-the system — now including Wednesday”s intraday slide. The narrow range did hover optimistically above Tuesday”s prior lows, suggesting it will be probed. Avoiding an actual touch of 151-16, or else probing it down to 150-25, would still allow a bottom to form.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s deeper dip following Wednesday”s failure to confirm Tuesday”s rally does threaten to reverse down. Rallying again from 59.30 would be credible. Otherwise, closing back under 58.65 would start to signal momentum reversing down.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report was greeted from a position of strength. Its reaction up to fresh highs was maintained to fulfill the confirmed breakout”s requirement for at least a third higher close. The surge consolidated narrowly around 3.00 and formed an ascending triangle likely to break 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 Wednesday morning was already anticipated to be the only credible path higher, the objective being to retest the last rally leg”s 1.1380 target. It was tested at session highs, and a fresh high Thursday above 1.1400 would be vulnerable to reversing back down intraday.

Gold Jun Contract (GC, ETF: (GLD))
Despite Tuesday”s bounce holding 1194.50 resistance, An overnight rally surged through 1201.50 to begin signaling a bigger rally leg underway targeting 1232.00, and already testing 1218.00. A second consecutive higher close would confirm, but only closing back under 1208.50 would undermine the upward momentum. Closing under 1197.00 would signal new lows in the 1160”s in-play instead.

Silver Jul Contract (SI, ETF: (SLV))
Surging Wednesday through the 16.50-16.65 resistance range extended sharply higher intraday to attack 17.25, with potential to 18.05.

30-year Treasury Jun Contract (US, ETF: (TLT))
Rallying through Wednesday”s open exceeded the 154-16 likely bounce limit up to 155-04. But an intraday reaction down and extended to 152-11. The shock-to-the system that needed to be absorbed now has another shock needing absorption. A narrow intraday range is likely.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday”s bounce had signaled the pullback limit”s test held, which Wednesday”s extension higher tried to confirm. But retesting the original rally”s 62.75 target was reversed back into negative territory. Its recovery Thursday would target 70.00.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Tuesday”s extension was confirmed by Wednesday”s higher close. At least an eventual third higher close is now required.