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))
Gapping up Tuesday.and ranging sideways avoided confirming Monday”s break. It also corrected the dip from last week”s target. If Wednesday doesn”t accelerate Tuesday”s recovery attempt, then it”s probably because the decline has resumed

Gold Jun Contract (GC, ETF: (GLD))
A pre-open spike up from testing 1182.70 tested the range”s 1194.50 upper-end, which held as resistance Tuesday. It also created a new sell signal at 1187.00, whose break would be confirmed under 1182.70.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday”s bounce extended throughout 16.50-16.65 resistance, stopping just short of even beginning to signal that momentum was reversing up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday night”s retest of last week”s 153-00 low extended down to 151-16. RSIs diverged positively on its retest down to 151-04, launching a 3-point rally. RSIs diverged negatively while RSIs tested and retested 154-04 resistance. A pullback holding 153-08 could resume the rally, but it wouldn”t be very credible so quickly at this stage of the pattern.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
.Two days of testing the 58.65 pullback limit tried resolving up Tuesday morning, testing 60.65. Closing higher Wednesday would confirm a new rally leg underway with potential to 70.00.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday”s dip to 2.80 avoided dipping any lower into a pullback, and resolved by gapping up Tuesday and extending to fresh highs at 2.93. Closing above 2.95 would confirm the 3.06 prior high”s test is in-play. Back under 2.85 would offer one last chance for a pullback targeting 2.63-2.67.

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 reaction down from last week”s 1.1380 target was extended Sunday night. Gapping down Monday to 1.1150 ranged sideways intraday, and closing lower Tuesday would confirm a new downleg in-play — if not also that the last upleg”s bubble was popping.

Gold Jun Contract (GC, ETF: (GLD))
Choppy action initially held 1182.70 Sunday night, but Monday morning probed sharply lower intraday. It was recovered through the close, but not above 1187.00, so the greater vulnerability remains resuming the decline targeting fresh lows under 1170.00 down to 1150.00-1154.00.

Silver Jul Contract (SI, ETF: (SLV))
16.15 support wasn”t very threatened intraday Monday, and held through the close. It can still be probed by a dime before suggesting that a new downleg may be underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Having gotten ahead of itself by bouncing so much so quickly from testing 153-10, there was likelihood for a pullback to at least 154-30. Monday probed it much more deeply to attack 154-00. Not recovering 154-30 Tuesday would make 153-10”s retest likely.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite last week”s pullback to the 58.65 limit ending in a Pivot Reversal, the setup did not immediately launch a rally Monday. The pullback limit did persist, but a temporary intraday dip probe under it can”t be discounted.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Abbreviating the corrective dip under 2.76 Friday in order to extend higher was then extended even higher to gap up Sunday night at 2.91. But Monday morning only ranged narrowly around Friday”s close, before dipping further into the afternoon — still vulnerable to correcting back down to 2.63-2.67.

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 pullback from testing 1.1380 extended down into Friday”s open, testing 1.1225-1.280 support down to 1.1185. Sellers didn”t gain traction from gapping down and ranging exclusively in negative territory without also breaking under a prior low. A fresh low Monday would be bearish, but there is otherwise potential back up to 1.1315.

Gold Jun Contract (GC, ETF: (GLD))
Bouncing Friday to attack 1194.50 was reversed to range choppily around 1187.00. Its break would be confirmed under 1182.70 as targeting new lows.

Silver Jul Contract (SI, ETF: (SLV))
Friday”s blip-up above 16.50 in reaction to the Employment Situation report was reversed back down initially, but the balance of the session ranged around it without signaling a resolution either way.

30-year Treasury Jun Contract (US, ETF: (TLT))
Extending the recovery from Wednesday night”s test of 153-10 up to 156-03 had become a little extended into Friday”s Employment Situation report. Its knee-jerk reaction settled around 157-00 for the balance of the day. The bounce may extend to 157-16 without reversing the trend up, and while being vulnerable to retesting 154-02.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The pullback from testing 62.45 extended a little deeper Friday morning to 58.25. Much of a bullish “pivot reversal” setup formed — gapping up in a downtrend and closing positive with an interim intraday dip to fresh trend lows. Back above 60.15 would resume the rally to at least retest 62.45.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday”s shallow pullback was reversed by gapping up to fresh highs Friday, with potential for extending to 3.00, so long as 2.80 support isn”t revisited.

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 two attacks on the rally”s 1.1380 target were nevertheless probed overnight before reversing to gap down Thursday morning. Two consecutive closes under 1.1315 would start to deflate the bubble that formed during the past week. The bubble can otherwise further inflate to 1.1545.

Gold Jun Contract (GC, ETF: (GLD))
After holding the 1194.50 bounce limit, an aggressive drop overnight through 1187.00 to 1178.00 helped to compensate for Wednesday”s attacks on it that had held. New lows remain in-play so long as bounces now hold 1182.70.

Silver Jul Contract (SI, ETF: (SLV))
The open”s gap down to 16.15 support reacted up to 16.50 resistance. Each held, with no new signal being generated.

30-year Treasury Jun Contract (US, ETF: (TLT))
Room for noise under the 154-02 target at 153-10 was tested overnight down to 153-10, and reacted up sharply before the open to gap up and extend intraday to 156-00.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The pullback from having met the 62.45 target extended overnight and Thursday morning down to 58.49. Back above 59.35 would stop the reversal down, which otherwise has no objective, just as there is no outstanding target above.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Although Thursday”s EIA report wasn”t being greeted from a position of weakness, the pattern was still more vulnerable to a corrective dip than to extending the rally. Its 2.63-2.67 pullback potential was hardly attacked by Thursday”s 2071.00 low.

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 rally”s 1.1380 was tested at least to within 3 pips Wednesday afternoon. The next higher significant targets would be 1.1545 and 1.1700. Pullbacks meanwhile have room down to 1.1225-1.1280 without yet reversing momentum down.

Gold Jun Contract (GC, ETF: (GLD))
An overnight dip back to an 1187.00 handle was recovered entirely Wednesday morning, but that was soon retraced. At least the 1194.50 bounce limit held, but 1187.00 was broken to reinstate the decline.

Silver Jul Contract (SI, ETF: (SLV))
Narrow sideways ranging Wednesday held the 16.50-16.65 range instead of trending, seemingly waiting out Gold completing its pattern.

30-year Treasury Jun Contract (US, ETF: (TLT))
Sharply lower lows Wednesday attacked the next lower target at 154-02 to within 1 tick. Perhaps that would suffice, but the reaction was muted and almost irrelevant, so a lower low at 153-10 is now possible. Back above 154-26 would start to suggest a bottom is forming.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing and rejecting both the 61.75. and 62.50 targets almost simultaneously — on the same day, anyway — creates heavy resistance. Not that it won”t be retested, but its retest is likely to hold. Closing any higher would get every benefit of the doubt for extending higher. But the near-term likelihood is a corrective dip.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
.Wednesday”s shallow reaction down was recovered entirely to retest Tuesday”s high. But the rally didn”t extend. Thursday”s EIA report is being greeted from a position of strength for being in an uptrend. But it is vulnerable to an initially negative knee-jerk reaction down since the 2.80 target has been met and held, the confirmed breakout”s minimum third higher close was fulfilled already, and there hasn”t been a deep correction.