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))
Surging at Thursday’s open wasn’t capable of extending because a bottom had not formed. But retracing Thursday’s opening surge to test the prior two-day range as support does form a bottom. Now closing above 1.1977-1.2025 would signal that momentum is reversing up.

Gold Jun Contract (GC, ETF: (GLD))
Still not resuming the decline remained vulnerable to a bigger detour. Thursday’s open gapped up through the 1316.00 bounce limit and extended higher to test 1323.00. A pullback held 1316.00 and recovered back to 1323.00. It’s still likely only a detour, but a detour targeting a test of its 1329.00 bounce limit.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday had outperformed by probing fresh highs up to 16.65. Thursday gapped up to Wednesday’s high to attack 16.80, which the balance of the session hovered under. Any higher would target a test of 16.95.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s gap down under the 142-07 sell signal had not extended intraday, remaining vulnerable to at least a corrective bounce. Thursday’s 30-year auction went off without difficulty, but a bounce held tests of 142-07. A fresh low on Friday would be credible for extending down into and out of the weekend. Otherwise, Thursday’s failure to confirm Wednesday’s breakout leaves open open potential to trigger the 143-19 buy signal.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging narrowly at the recovery highs Thursday allows the pullback limit to be raised to 70.25, while the 74.10 target remains intact.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength, but that didn’t prevent surging back up to attack last Tuesday’s 2.82 highs. A second consecutive higher close on Friday would get every benefit of the doubt for launching a new upleg. Otherwise, Thursday’s surge should be retraced quickly to confirm downside momentum remains intact.

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 night’s fresh trend low was only slightly lower, and it wasn’t repeated intraday. But only Tuesday’s highs were attacked Wednesday, without recovering to signal momentum reversing up. Regardless, a more credible bottom would first recover an intraday test of Tuesday night’s 1.1855 low.

Gold Jun Contract (GC, ETF: (GLD))
Still fluctuating Wednesday is not necessarily bullish while continuing to hold the 1316.00 bounce limit. But the ongoing fluctuation is also further delaying a resolution down, for which there’s no bullish reason to further delay.

Silver Jul Contract (SI, ETF: (SLV))
Fresh recovery highs were probed Wednesday but not maintained, keeping alive the recent bounce as being only a temporary correction, still likely to resolve down and resume the decline.

30-year Treasury Jun Contract (US, ETF: (TLT))
Attempting to trigger the 143-07 sell signal on Friday had required there be little or no delay. Lower lows and lower highs since then kept alive its ongoing test, but Wednesday’s gap down under those tests now all but requires extending down. Any recovery would start to make a new upleg likelier.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s intraday test of 68.25 that recovered above the 68.65 buy signal was immediately productive overnight, probing fresh highs up to 71.35 Wednesday.The 74.10 objective remains in-play, within pullbacks now needing to hold 69.50 as support.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up slightly and ranging sideways Wednesday is still another version of the recent directionless sessions that are not individually undermining the continuing likelihood to resolve down. Collectively, not exploiting the opportunity on a timely basis can become bullish again.

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))
Four consecutive sessions probing fresh lows and closing at prior session’s low never gained traction for its intraday reversals, leading to a capitulative session Tuesday. This still prevents an immediate recovery attempt from extending higher without at least first retesting the lows.

Gold Jun Contract (GC, ETF: (GLD))
Another day of holding the 1316.00 bounce limit finally resolved down Tuesday to attack 1306.00. Bit was retraced to retest 1316.00 before resuming the decline, which stills needs fresh lows to confirm.

Silver Jul Contract (SI, ETF: (SLV))
Overlapping or testing the 16.45 bounce limit was interrupted by a shallow dip to 16.33 that recovered to resume testing 16.45. Resuming the decline has no reason for further delay.

30-year Treasury Jun Contract (US, ETF: (TLT))
Overlapping the 143-07 sell signal again intraday Tuesday still needs to decisively break under it, or else become even more vulnerable to launching a new upleg as more selling pressure is expended without yet having gained traction for its effort.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Volatility was intense ahead of the President’s JCPOA announcement. Monday’s fresh high at 70.85 had created room for a pullback down to 68.85 or 68.25, both of which were probed down to 67.65. Bouncing back above 68.85 to 70.40 confirms 74.10 is in-play, especially if confirmed by a second consecutive higher close Wednesday.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s bounce was just a different version of Friday’s consolidation, neither one reversing the re-established downtrend. But the downtrend doesn’t need to conduct any further backing-and-filling before break to fresh lows, if that is still its intent. Tuesday’s dip back into Friday’s range is a good start, but still can’t afford to hesitate extending to fresh lows.

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))
Returning to Friday’s lows Sunday night formed a gap down Monday. Prior lows recovered into positive territory where and held the intraday test through the close, but the recovery wasn’t reversed back above a prior high that would have formed a buy signal.

Gold Jun Contract (GC, ETF: (GLD))
Choppy ranging into the new week still held the 1316.00 bounce limit to keep alive last week’s bounce being only a temporary correction. But indefinite time is not available to absorb the bounce, which has little excuse to further delay resolving down to fulfill outstanding objectives below.

Silver Jul Contract (SI, ETF: (SLV))
Sideways ranging overnight and Monday continued to test the 16.45 bounce limit that Friday’s close was overlapping to avoid rejecting.

30-year Treasury Jun Contract (US, ETF: (TLT))
Triggering the 143-07 reversal signal Friday would not have been credible for the same session that produced a trend extreme. Having tested the signal anyway on Friday, it all but required being triggered on Monday. Its delay only makes another upleg increasingly likely, albeit still needing to be triggered by closing  back above .

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Last week’s rally extended higher Sunday night to gap up Monday. The break has confirmed the next higher target in-play at 74.10, so long as pullbacks now hold 69.85 as support. Closing under 69.25 would start to signal momentum reversing back down.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up and ranging sideways Monday was similar to Friday not extending down, and doesn’t reject the Wednesday-Thursday drop that had confirmed the prior bounce was only a temporary correction. But the bearish pattern has no excuse to further delay extending the downleg to fresh lows under 2.69-2.70.

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 opportunity to start forming a bottom was abandoned Friday by the Employment Situation reaction. Fresh lows at 1.1945 keep the trend intact, and all but require at least an intraday low before a reversal would be credible.

Gold Jun Contract (GC, ETF: (GLD))
Flat-to-lower ranging Friday all but ignored the morning’s Employment Situation report, while maintaining the 1316.00 bounce limit to keep alive the downside momentum.

Silver Jul Contract (SI, ETF: (SLV))
Flat-to-lower ranging Friday all but ignored the morning’s Employment Situation report, while maintaining the 16.45 bounce limit to keep alive the downside momentum.

30-year Treasury Jun Contract (US, ETF: (TLT))
An initially favorable knee-jerk reaction probed Thursday’s high up to 144-08. Reversing backdown into Thursday’s range also probed under it to test the 143-07 sell signal. Reversal signals aren’t very credible on the same day as the trend extreme, so delaying a break under 1433-07 would be more bearish.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already firming further overnight was confirming the pattern’s backing-and-filling down to the 66.80 area had likely ended the consolidation. Extending intraday to fresh highs attacking 70.00 essentially confirms.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Fluctuating Friday between 2.70-2.72 doesn’t invalidate the attempt to resume the decline, so almost any initial weakness Monday is likely to extend down.