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))
Firming overnight gapped up Monday and extended through the inverted Head & Shoulders 1.1320 neckline, attacking the 1.1345 resistance whose recoveries on a closing basis would confirm the trend has reversed up.

Gold Jun Contract (GC, ETF: (GLD))
Already testing the 1301.50 buy signal before Monday’s open, which gapped up and extended to attack 1308.00 before dipping back down to 1301.50 as support. No “unfinished business” would be left outstanding below if an upleg were to begin.

Silver May Contract (SI, ETF: (SLV))
Testing and retesting the 15.15 buy signal for a couple of days finally broke higher into Monday’s open, probing it by a dime and posturing to close above it where a new upleg would be launched.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s dip held a test of the 147-08 sell signal but only bounced up to 148-02 resistance. Monday held resistance, so closing back above it would now signal an upleg underway.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The weekend was entered and exited rallying to fresh highs attacking 64.45. This leg’s 65.00 and 67.00 targets of the bottom’s massive inverted Head & Shoulders reversal pattern remains intact so long as pullbacks now hold 62.90 as support.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Already rallying Sunday night tested 2.71 resistance Monday morning, which closing above would be bullish, but preferably after reacting down from it temporarily to 2.65.

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))
An inverted Head & Shoulders had formed fully by Thursday’s close, but Friday did not resolve the pattern — which can either trigger above 1.1322 or break lower to 1.1228 before launching a rally.

Gold Jun Contract (GC, ETF: (GLD))
Already probing back above Thursday’s close in the afternoon, Friday’s open was still probing its resistance but not extending.

Silver May Contract (SI, ETF: (SLV))
The 15.15 buy signal was being tested after Thursday’s close but still holding as resistance overnight, which persisted intraday.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s Employment Situation report was greeted from a position of weakness for still testing the 147-17 pullback limit. The initially negative knee-jerk reaction only blipped-down to test the 147-08 sell signal down to 147-01 before snapping back up above Thursday’s high. The original 148-02 buy bounce limit is being tested into the weekend.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing an additional dime under the 62.00 pullback limit overnight was recovered Friday to probe prior highs above 63.00. The sell signal can be raised Monday.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Already printing a fresh low overnight, Thursday’s dip to fresh lows wasn’t rejected to the point of forming a buy 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 Jun Contract (EC, ETF: (FXE, UUP))
Thursday’s reaction down from Wednesday’s test of the 1.1322 prior high continued forming a inverted Head & Shoulders. Maintaining its symmetry would require breaking higher into the weekend. Otherwise, fresh lows down to 1.1225 would be likely, and would be a likely spot to launch a recovery leg.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s narrow sideways ranging gapped down Thursday to 1291.30 and probed under it to test 1285.00. Recovering back up to 1291.30, having gapped down to it and not under it, allows a rally to begin without delay if triggered by Friday’s Employment Situation report.

Silver May Contract (SI, ETF: (SLV))
Thursday’s gap down through the 14.90-14.95 prior lows extended to 14.85 while retesting the open’s gap, and before reversing up sharply back above the prior lows. Closing negative kept alive enough pessimism that any knee-jerk favorable reaction to Friday’s Employment Situation report would be credible for triggering the 15.15 buy signal and extending higher into the weekend.

30-year Treasury Jun Contract (US, ETF: (TLT))
Although Wednesday’s test of the 147-17/147-25 pullback limit didn’t extend down Thursday, neither was it rejected, not even back above its 148-02 bounce limit. So, Friday’s Employment Situation report is being greeted from a position of weakness. A favorable knee-jerk reaction has room up to 148-16 before suggesting that a recovery has begun anyway.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s test of the 62.00 pullback limit was probed by another dime ahead of Thursday’s open, which bounced back up toward recent highs. Now closing under the pullback limit’s 61.90 retest would trigger at least a preliminary sell signal.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Neutralizing the attraction back down to Friday’s 2.66 close on Wednesday had avoided greeting Thursday’s EIA from a position of weakness, but a position of strength before or after the report had required closing above 2.72. The negative knee-jerk reaction probed fresh lows down to 2.63, which must be recovered into the weekend to even begin reversing momentum up.

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))
Tuesday’s 1.1255 fresh low had held its probe under prior lows, which overnight firming exploited in reaction to China trade headlines. Reacting up to the 1.1322 prior highs helps to form a bottoming pattern, and doesn’t yet qualify as a bottom, which requires closing above 1.1344.

Gold Jun Contract (GC, ETF: (GLD))
Still hovering at recent lows keeps intact the 1302.00 buy signal, but also keeps the pattern meanwhile vulnerable to extending down.

Silver May Contract (SI, ETF: (SLV))
Filling Thursday’s gap at Tuesday’s open was recovered overnight to test the 15.15 buy signal, which was tested intraday Wednesday, too, and continues to hold. Having tested it so thoroughly, any reaction down should be shallow and short-lived to avoid resuming the decline.

30-year Treasury Jun Contract (US, ETF: (TLT))
Not holding the 149-11 pullback limit had created potential down to 147-17/147-25, which was met overnight and continued being tested throughout Wednesday. Closing above 148-02 Thursday avoid greeting Friday’s Employment Report from a position of weakness. Closing above 148-16 would greet the report from a position of strength.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs attacking 63.00 overnight already were greeting Wednesday’s EIA report from a position of strength. But that didn’t prevent a negative reaction down, which spent the session testing its 62.00 pullback limit.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
The gap back down to Friday’s 2.66 close was filled Wednesday and held, to avoid greeting Thursday’s EIA report from a position of weakness. But also not from a position of strength, which had required closing above 2.72.

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))
Tuesday didn’t delay probing fresh lows under the 1.1278 target that was met Monday. The fresh low was shallow before bouncing to test Monday’s “higher prior lows” as resistance. The target’s slow approach, its immediate influence, and now its quick attraction from above, all suggest that optimism remains too high from a contrarian perspective for a bottom to be credible.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday’s retest of 1291.30 was its first intraday test, and needs to hold for a recovery above 1302.00 to signal the trend reversing back up. Closing any lower would instead suggest the pullback is extending.

Silver May Contract (SI, ETF: (SLV))
Gapping down Tuesday probed Thursday’s 14.95 low by a nickel before bouncing back into positive territory. Closing above 15.10 would signal momentum reversing up. Otherwise, closing under 14.95 would now signal a more substantial pullback underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Breaking under the 149-11 pullback limit Monday allowed room for extending down to 147-17/147-25, which narrow ranging overnight and Tuesday did not try to exploit. Completing the pullback Wednesday would be helpful to greeting Friday’s Employment Situation report from a position of strength.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already trending up into Tuesday’s open extended to fresh highs at 62.50. The rally remains intact so long as pullbacks now hold 61.70 as support. Closing under 60.50 would reverse the trend down. But Wednesday’s EIA report is being greeted from a position of strength, that might not react favorably initially, but should provide an anchor to recover a knee-jerk reaction down.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Trending back down Tuesday attacked Friday’s 2.66 low close, which should at least be filled, if not also probed before establishing a durable bottom. Otherwise, closing back above 2.75 would still get a benefit of the doubt for already reversing momentum back up.