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))
Calculable resistance and the previous downtrending support (now resistance) of the massive Falling Wedge coincided at 1.1235. Both were probed Tuesday morning, as 1.1280 “higher prior lows” were attacked up to 1.1275. Closing above 1.1235 would create a position of strength to enable backing-and-filling to help form a bottom, so long as the lows are not retested.

Gold Jun Contract (GC, ETF: (GLD))
Overnight strength continued the pattern — or, lack thereof — for stringing together two consecutive similar sessions that would signal trending. Gapping up was retraced immediately to fill the gap back down to Monday’s close, which held as price fluctuated sideways in positive territory. A second consecutive higher close is still needed to signal Monday’s break did not gain traction.

Silver Jul Contract (SI, ETF: (SLV))
Despite bouncing overnight from Monday’s drop, Tuesday’s choppy open dipped to 14.85. And despite the dip, positive territory was recovered up to 15.00. All of which helps to suggest Monday’s drop won’t extend, but a higher close is still needed.

30-year Treasury Jun Contract (US, ETF: (TLT))
Closing under 147-04 and testing 146-30 Monday extended down only to 146-24 before bouncing up to 147-18. Wednesday’s FOMC isn’t being greeted from a position of strength or weakness.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already testing the 64.35 buy signal before Tuesday’s open was suspicious, and its resistance did launch a reaction down that filled the gap back to Monday’s close down to 63.30. The buy signal is free to trigger cleanly, but post-close API and Wednesday morning’s EIA are not being greeted from a position of strength.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s intraday recovery firmed a little further overnight to pierce Friday’s 2.60 high by a penny, but Tuesday’s open slid to test 2.57. No buy signal is being confirmed, but the restrained optimism is potentially bullish from a contrarian perspective.

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))
Lackluster Sunday night and Monday morning eventually firmed to probe above Friday’s highs to attack 1.1235, which must be recovered before confirming the decline’s momentum has lapsed and the trend may be reversing up.

Gold Jun Contract (GC, ETF: (GLD))
Blipping-up from Monday’s gap down didn’t prevent resuming Sunday night’s slide from Friday’s 1288.50 close. Monday morning’s test and retest of 1280.00 held above the 1277.50 buy signal that had triggered last week, but rallying into Tuesday’s close is the minimum bullish requirement.

Silver Jul Contract (SI, ETF: (SLV))
[Rolling coverage forward from to Jul which trades at a 7-cent premium to May]… Overnight weakness attacking the 14.95 buy signal (basis Jul, 14.88 basis May) collapsed through the open to attack 14.90. While the gap now outstanding from Friday’s 15.09 close doesn’t require being filled, it is still a near-term attraction so long as any lower low intraday Tuesday is recovered to close positive.

30-year Treasury Jun Contract (US, ETF: (TLT))
Extending the bounce Friday to test “higher prior lows” and to fill an outstanding gap allowed raising the sell signal to 147-04 with a close under 146-30 being a confirmation. Both were tested Monday, and extending any lower would signal the 145-24 target remains in-play.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s 62.28 low was attacked to within 20 cents Sunday night but not so much Monday morning. No second consecutive lower close avoids confirming the trend has reversed down, and keeps alive the likelihood for fresh highs targeting 67.00 which would be triggered back above 64.35.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Friday’s 2.61 close had triggered the 2.54 buy signal, which was attacked as support Monday down to 2.55. Almost all of which was recovered throughout the afternoon. A second consecutive higher close would have confirmed the recovery already underway, but closing above 2.61 Tuesday would be almost as reliably bullish.

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 knee-jerk reaction to GDP blipped-down to a fresh low attacking 1.1155 before snapping back up to Thursday’s 1.1200 high, and then higher. The bounce still has room up to 1.1235 before signaling a recovery underway. No unfinished business remains outstanding below.

Gold Jun Contract (GC, ETF: (GLD))
Blipping-down to 1276.00 in reaction to Friday’s GDP snapped back up through Thursday’s 1285.00 high to attack 1291.00, the highest level in 2 weeks and essentially confirming that a bottom is forming.

Silver May Contract (SI, ETF: (SLV))
14.88 held as support through Friday’s GDP reaction that snapped back up to attack the highest levels in 2 weeks above 15.00. As with Friday, any early strength coming out of the weekend would be credible for extending intraday.

30-year Treasury Jun Contract (US, ETF: (TLT))
Only touching the 146-30 sell signal during Friday’s GDP reaction was deep enough to snap back up to fresh recovery highs, testing “higher prior lows and filling a 2-week old gap at 147-22. The gap-fill held, and back under 147-06 would now suffice to signal one more low underway targeting 145-24.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s late break under the 65.55 pullback limit proved prescient as Friday gapped down to the 64.35 sell signal and extended to attack 62.25 before noon. A second consecutive lower close Monday would confirm, but the reversal is premature, so recovering 64.10 prior highs is likelier.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward from May which trades at a 4-cent premium to May]… Thursday’s recovery to the 2.54 buy signal extended higher immediately to 2.60, now requiring a second consecutive higher close Monday to confirm a bottom has formed.

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 confirmed Tuesday’s breakout, at least an eventual third lower close is now required before any recovery can be credible for extending. Already probing fresh lows before Thursday’s open, its gap down only recovered to fill the gap back up to Wednesday’s close, already fulfilling the objective. But the trend remains down so long as 1.1235 holds bounces.

Gold Jun Contract (GC, ETF: (GLD))
Extending higher Thursday to attack 1285.00 was retraced almost entirely back down to the 1278.50 buy signal that was still being tested at Wednesday’s close. Closing above Thursday’s high Friday would seal a bottom.

Silver May Contract (SI, ETF: (SLV))
Gapping down Thursday back under the 14.88 buy signal was recovered to attack 15.00 but settled back at 14.88. A second consecutive higher close would have been bullish, but would still be credible Friday.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s probe above 147-04 didn’t extend higher before dipping back down to attack the 146-30 sell signal. Which didn’t trigger. But any lower low would still be credible for extending down into the weekend.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing the 65.55 pullback limit overnight had bounced to attack 66.30. But it was all retraced to end back down at the pullback limit, with a confirmed breakout still requiring at least an eventual higher close — but no assurance of avoiding a deeper pullback first.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to from May to Jun TOMORROW]… Wednesday’s pattern avoided greeting Thursday’s EIA from a position of weakness. And its reaction was up, testing the 2.50 buy signal by 2 cents. The signal held, but a second consecutive higher close on Friday would signal a recovery underway.

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))
Extending to fresh lows Wednesday has done more than break under downtrending support that I’ve outlined in the daily videos. Wednesday’s fresh low close has confirmed Tuesday’s breakout from the multi-session range that was formed by the two prior days. At least an eventual third lower close is required before a recovery can be credible.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s rally probed the 1277.50 buy signal well into last week’s narrow range. A second consecutive higher close Thursday would confirm, and also likely recover last week’s range to seal a bottom.

Silver May Contract (SI, ETF: (SLV))
Rallying out of Wednesday’s open probed the 14.88 buy signal, stopping pessimistically short of filling the gap back up to Monday’s 14.98 close. A second consecutive higher close on Thursday would confirm.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up Wednesday to 147-00 extended to 147-13, needing to close back under 146-30 to resume the decline still targeting 145-24. Closing above 147-04 would suggest a bigger detour first, probably to 148-00.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s dip only attacked the 65.50 pullback limit, which would likely hold a test since Monday’s confirmed breakout still requires at least an eventual third higher close — and probably a test of the 67.15 upper-end of the room for noise.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s fresh low fulfilled the requirement for it, which was triggered by having entered the weekend at a new trend extreme. Gapping up slightly Wednesday was retraced to fill the gap back down to Tuesday’s close. Once again, Thursday’s EIA avoids being greeted from a position of weakness, but still not from a position of strength.