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 Mar Contract (EC, ETF: (FXE, UUP))
Gapping up Tuesday to probe above Friday”s ~1.0650 highs has room up to 1.0845-1.0855 so long as 1.0615 now holds as support.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down sharply Tuesday was recovered enough to fill the gap back to Monday”s close, but that was retraced to close back under 1194.50 support. Or, at least, still testing its support. Early strength Wednesday would be credible for extending higher. There is otherwise potential down to 1181.50.

Silver May Contract (SI, ETF: (SLV))
Tuesday”s probe under 16.02-16.10 support was recovered through the close. Back above 16.45=16.60 would signal momentum reversing up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up sharply to 163-29 Tuesday proved that Monday”s opening sellers were impatient and weak-handed. Extending higher proved that Friday”s 61.8% resistance required a retest. Extending intraday to 165-26 probed the last three surge peaks without closing above any of them.. But reacting back down to 1640-08 support stopped just short of proving that buyers were absorbed so the decline could resume. Back under 164-04 would now be the nearest sell signal.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh recovery highs attacked 53.75. Stopping pessimistically short of touching last week”s ~54.00 high is potentially bullish from a contrarian perspective.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday didn”t extend more than a penny above Monday”s 2.54 high, ranging narrowly sideways around it through the afternoon without creating any new signals.

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 Mar Contract (EC, ETF: (FXE, UUP))
Sunday night”s probe under the 1.0585 support didn”t recover before Monday”s open. Its bounce filled the gap back to Friday”s 1.0611 close, neutralizing the attraction above. Nothing inhibits extending down, but another bounce has room to 1.0650 before signaling momentum may be reversing up.

Gold Jun Contract (GC, ETF: (GLD))
Friday”s recovery of 1205.00 and test of 1208.50 was retraced Monday to test 1196.00. Not resuming the rally Tuesday would undermine whether the pullback had bottomed, or was even only a pullback.

Silver May Contract (SI, ETF: (SLV))
Perhaps this isn”t quite the albatross around Gold”s neck, but it didn”t even rally Sunday night while Gold was making an effort. Closing above 16.60 would signal the trend reversing up, but any shallower bounces would remain vulnerable to extending down.

30-year Treasury Jun Contract (US, ETF: (TLT))
It was premature for Monday to already probe lower after Friday”s 61.8% retracement of the Wednesday-Thursday drop .So, already probing lower to 162-28 Monday morning was soon recovered to range narrowly around unchanged. Back above 163-26 would undermine the decline”s momentum.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night”s rally to 53.10 allowed room to absorb a dip Monday that fluctuated narrowly around unchanged. The 51.45 support held, so extending higher immediately remains possible.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Last week”s confirmed breakout requires no lower close, but that didn”t stop Sunday night and Monday from probing lower. The session containing a new low can”t trigger a buy signal, but closing higher Tuesday could start to form another bounce.

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 Mar Contract (EC, ETF: (FXE, UUP))
The decline extended Thursday night and fulfilled the likely objective at 1.0585. A bounce there Friday morning was retraced entirely back to its lows. There is no unfinished business below, but there is also no upside momentum.

Gold Jun Contract (GC, ETF: (GLD))
Rallying Thursday night from the original 1994.00 buy signal greeted Friday”s open by gapping up to the next buy signal at 1205.00. That extended higher intraday to probe its 1208.50-1213.00 confirmation range.

Silver May Contract (SI, ETF: (SLV))
Thursday night”s rally greeted Friday”s open already back within the 16.45-16.60 range whose support had failed to hold earlier in the week. Probing above the range”s upper-end momentarily was reversed to probe back under its lower-end, missing a chance to signal that momentum was reversing up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday night”s rally recovered that afternoon”s negative reaction to the monthly 30-year auction. That represented a 61.8% retracement of the cumulative drop from Wednesday”s high, and its resistance pushed back, stopping optimistically short of filling the gap back down to Thursday”s close — and optimism is potentially bearish from a contrarian perspective.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A fresh low Friday before rallying would have been optimal to finishing out a bottom. At least Friday open did blip-down to 50.08 attacked Thursday”s low before reacting back up. Perhaps it was the usual pre-weekend geopolitical risk premium that enabled the balance of the session to firm back up to Thursday”s high. Regardless of why, a second, less fungible requirement seemed to be fulfilled by ranging around 51.45 — not to become too optimistic before the weekend.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
A second consecutive lower close Friday confirms Thursday”s break under prior lows as now requiring at least an eventual third lower close.

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 Mar Contract (EC, ETF: (FXE, UUP))
Wednesday night”s slide into Thursday”s gap down tested uptrending support at 1.0750. It wasn”t acknowledged as price slid lower to 1.0650, fulfilling the minimum third lower close outstanding from the confirmed breakout coming out of March. Having refueled sellers with the high”s retest, extending lower to 1.0590 before bouncing would not be surprising.

Gold Jun Contract (GC, ETF: (GLD))
The pullback extended lower Wednesday night and Thursday morning, testing the original 1194.00 buy signal, which was still being tested through the afternoon. There is no bullish excuse for further delaying the rally”s resumption, which should be aggressive, and triggered as low as 1205.00.

Silver May Contract (SI, ETF: (SLV))
Wednesday”s drop under the original 16.45-16.60 pullback limit wasn”t rejected immediately Thursday, and instead probed lower, potentially targeting 16.05.

30-year Treasury Jun Contract (US, ETF: (TLT))
Any rejection of Wednesday”s return to 164-30 resistance had to be done aggressively if it were to be credible. Thursday”s dip back to the 163-18 low — and then through it after a disappointing 30-year auction — did extend down at a steeper pace that easily qualifies the characterization. The bearish pattern remains on-track.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday”s drop may be likely to recover and resume the rally, but it was too sizable to try recovering too quickly. In fact, Wednesday night”s bounce to 51.90 fell back to 50.60, as did a slightly higher high to 52.05 intraday. It”s still premature to resume rallying, but a slightly lower low Friday morning could be compelling for long-entry before the weekend”s geopolitical risk premium is added.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report wasn”t being greeted from a position of strength, but it wasn”t necessarily weakness. In either case, the reaction did probe fresh lows, and close lower. There is no active signal.

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 Mar Contract (EC, ETF: (FXE, UUP))
Gapping up slightly Wednesday was unable to recover above . keeping alive Tuesday”s reversal which extended down to 1.0770.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday”s dip into the 1208.50-1213.00 pullback limit wasn”t recovered Wednesday, and instead extended down to attack 1200.50 and 1197.00. Back above 1208.50-1213.00 would now signal the rally had resumed, but there is otherwise no active signal.

Silver May Contract (SI, ETF: (SLV))
Tuesday”s test of its 16.80-16.90 pullback target extended to its previous pullback limit of 16.45. Closing down there without having first triggered a buy signal does make it easier again to launch a rally leg, but closing above 16.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
A slightly higher high at Wednesday”s open up to 165- was retraced sharply back down to 163-21, almost low enough and for almost long enough to extend down by proxy. But a recovery in reaction to the FOMC Minutes retested 164-28. That”s still resistance, and holding ti through the close does keep alive potential for launching the next downleg.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Higher inventories pushed price down Wednesday under 50.50 from Tuesday piercing of 54.00 pushed. Recovering back above 51.45 without delay Thursday is the minimum to reistate the bullish scenario.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Dipping again Wednesday at least avoided gaining downside traction. But not closing above 2.72 prevents greeting Thursday”s EIA report from a position of strength. Support hasn”t broken, so a knee-jerk reaction down would be.likely to recover.