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))
Backing off to attack 1.0900 late Monday was too late to maintain the bearish scenario. It would still require Tuesday”s close to be under 1.0855. Tuesday”s open gapped down to test it, and just still overlapping it at the close would reinstate the bearish scenario — so long as 1.0900 were not recovered again.

Gold Jun Contract (GC, ETF: (GLD))
The 1213.00 and 1208.50 pullback limits were both tested Tuesday. Closing underboth on the same day would have been bearish, but not already closing back above both now requires closing above 1218.00 to signal that momentum is reversing back up.

Silver May Contract (SI, ETF: (SLV))
Room for a pullback down to 16.80-16.90 was probed fully overnight, and held intraday Tuesday. Closing back above 17.05 would signal the rally had resumed.

30-year Treasury Jun Contract (US, ETF: (TLT))
Narrow sideways ranging Tuesday avoided resuming the rally, which is in-line with the bigger distributive pattern, as an accumulative pattern would not remain under pressure within two days of a new high. But the pattern”s timing should now recognize the lack of recovery and extend down more aggressively.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday”s post-open surge probed above prior highs to attack 53.85. Holding 52.50 as support would be optimal for maintaining potential to 56.00.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Firming Monday night back to Thursday”s close didn”t qualify as filling its gap. Dipping back down before Tuesday”s open helped to restrain the optimism so that sellers could be marginalized. Actually filling the gap intraday without yet reversing down makes any fresh high Wednesday likely to extend higher intraday — and potentially to greet Thursday”s EIA report from a position of strength.

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))
Monday didn”t reject Friday”s spike up in reaction to the Employment Situation report. It eventually probed higher to test 1.0145. The probe above 1.0900 wasn”t rejected, so resuming the decline without first extending the rally substantially would all but require closing back under 1.0855 Tuesday.

Gold Jun Contract (GC, ETF: (GLD))
Sunday night”s rally already fulfilled the 1194.00 buy signal”s minimum objective by retesting last week”s overnight 1220.40 spike high. Holding 1213.00 support would maintain the rally”s momentum. Closing back under 1208.50 would signal momentum reversing down.

Silver May Contract (SI, ETF: (SLV))
Testing 17.20 Sunday night stopped short of touching last week”s overnight high before dipping back down for a gap up Monday to 17.05. A fresh high testing 17.30 was also retraced down to 17.05. The pullback can test 16.80-16.90 and still be likely to resume the rally.

30-year Treasury Jun Contract (US, ETF: (TLT))
Overnight highs up to 165-26 gapped up Monday and almost immediately began trending back down to fresh lows that tested 163-16.  Extending under 163-08 would next target 162-12 and then lower.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh recovery highs Sunday night attacked 51.00. Higher highs intraday Monday attacked 52.25, just short of the minimum objective of retesting the recent overnight highs up to 52.50.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Friday”s surge through the 2.64 buy signal was retraced entirely to that inflection point before Monday”s open. The session ranged sideways without extending the gap down or recovering it. Now a gap above is outstanding that can attract price higher for a more serious rally effort.

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”s bounce that attacked 1.0855 still had room to test 1.0900 just as a correction. Thursday took advantage of that room, now presumably ending its correction before resuming the decline to its 1.0700 target.

Gold Jun Contract (GC, ETF: (GLD))
Thursday morning”s dip wasn”t recovered entirely, so Wednesday”s breakout close wasn”t confirmed. That”s not bearish, but this early stage of the rally won”t tolerate much further delay in resuming.

Silver May Contract (SI, ETF: (SLV))
Filling the prior week”s gap Wednesday without closing above it had left the pattern vulnerable to a reaction down, which it did since Thursday”s open didn”t immediately extend higher. Another lower close would undermine the last pullback”s recovery.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday”s probe above 164-30/165-08 was tested as support Thursday, and then probed down to 164-16. Closing under 164-30/165-08 would start to signal the probe above prior highs was forming a Double Top likely to resolve down well under its interim low.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s narrow ranging around 48.75 was still being tested at the close, not high enough to confirm Wednesday”s breakout. Probing lower in reaction the Iran deal was recovered back above 49.25, suggesting the breakout would be extended. But the recovery attempt won”t tolerate much more delay in resuming.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report wasn”t being greeted from a position of strength, since Wednesday was a new low close. But as I described during Wednesday”s post-market Wrap, the new low close wasn”t necessarily a position of weakness, since it fulfilled the delayed requirement of a recent breakout. That did allow a favorable reaction to EIA Thursday morning, surging back above prior lows to 2.72, leaving no unfinished business below.

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”s bounce that attacked 1.0855 still had room to test 1.0900 just as a correction. Thursday took advantage of that room, now presumably ending its correction before resuming the decline to its 1.0700 target.

Gold Jun Contract (GC, ETF: (GLD))
Thursday morning”s dip wasn”t recovered entirely, so Wednesday”s breakout close wasn”t confirmed. That”s not bearish, but this early stage of the rally won”t tolerate much further delay in resuming.

Silver May Contract (SI, ETF: (SLV))
Filling the prior week”s gap Wednesday without closing above it had left the pattern vulnerable to a reaction down, which it did since Thursday”s open didn”t immediately extend higher. Another lower close would undermine the last pullback”s recovery.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday”s probe above 164-30/165-08 was tested as support Thursday, and then probed down to 164-16. Closing under 164-30/165-08 would start to signal the probe above prior highs was forming a Double Top likely to resolve down well under its interim low.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s narrow ranging around 48.75 was still being tested at the close, not high enough to confirm Wednesday”s breakout. Probing lower in reaction the Iran deal was recovered back above 49.25, suggesting the breakout would be extended. But the recovery attempt won”t tolerate much more delay in resuming.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report wasn”t being greeted from a position of strength, since Wednesday was a new low close. But as I described during Wednesday”s post-market Wrap, the new low close wasn”t necessarily a position of weakness, since it fulfilled the delayed requirement of a recent breakout. That did allow a favorable reaction to EIA Thursday morning, surging back above prior lows to 2.72, leaving no unfinished business below.

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 Wednesday delayed the pattern”s requirement for an eventual third lower close. Although 1.0855 wasn”t recovered, there is room up to 1.0900.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday”s rally probed above the 1194.00 buy signal to test 1208.00, next targeting a retest of last week”s highs above 1220.00.

Silver May Contract (SI, ETF: (SLV))
Having fulfilled its 16.45-16.60 pullback objective before Tuesday”s open, Wednesday rally isn”t yet reliable for extending higher without delay. Filling a gap without closing above it must be exceeded immediately Thursday to avoid a corrective dip.

30-year Treasury Jun Contract (US, ETF: (TLT))
Having failed for three consecutive days to break back under 163-08 support, there became much greater likelihood for a bigger bounce to stretch the rubber band first. Wednesday”s open tested its potential to 164-30/165-08, but then extended above prior highs to 166-11. Closing back under 164-30/165-08 would trigger a Double Top pointing down to fresh lows.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still not trending down overnight, Wednesday surged to a fresh high above the 48.75 buy signal, and through 49.55 to confirm a bounce underway targeting at least a retest of last week”s 51.45-52.50 highs.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Wednesday finally produced the pattern”s required third lower close. Closing back above 2.64 would signal the downside momentum had lapsed.