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))
After probing the 1.0900 objective Monday but closing back under it, Tuesday extended further down to test “lower prior highs” at 1.0860. A bounce should fill the gap back up to Monday’s 1.0937 open before any deeper dip would be credible for extending down.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s inside day immediately neutralized the gap back up to Monday’s 1258.00 open. A post-close dip tested “lower prior highs” at 1249.50 which must hold to maintain potential for one more higher close.

Silver May Contract (SI, ETF: (SLV))
Extending the rally Tuesday has returned to the orbit of “higher prior lows” at 18.30, with potential to probe even higher above 18.55 so long as 17.90 holds pullbacks as support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s test of the 152-00 objective ended the day testing its 151-12 pullback limit. Extending down Tuesday filled the gap back to Friday’s 151-00 close. A bounce should fill the gap back up to Monday’s 151-26 open before triggering the 150-24 sell signal.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Tuesday above last week’s 48.00 resistance extended through the 48.50 buy signal. A second consecutive higher close on Wednesday would all but seal a bottom.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Flat-to-higher ranging Tuesday around 3.09 avoided triggering the 2.99 sell signal, but didn’t reinstate the uptrend.

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))
Sharply higher highs overnight probed well above the 1.0900 target to 1.0950 before settling back to attack 1.0900 as support. Closing back under 1.0895 would start to signal momentum reversing down.

Gold Apr Contract (GC, ETF: (GLD))
Initially rallying to fresh highs Monday morning at 1261.00 did react down to 1252.50, which was still sufficient to fulfill the minimum requirement for at least one more higher close outstanding.

Silver May Contract (SI, ETF: (SLV))
Sunday night’s rally extended through the 17.90 target to test 18.15, and must now hold above 17.90 to maintain the rally’s momentum.

30-year Treasury Jun Contract (US, ETF: (TLT))
The next higher objective at 152-00 was tested Sunday night. Monday morning’s reaction down tested the adjusted pullback limit at 151-12. Closing under the recovery’s gap up suggests the rally is waning, but there is room down to 150-24 before suggesting momentum reversing down.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Proximity to the 48.50 buy signal and two days of narrow ranging didn’t prevent attacking last week’s lows under 47.10. Recovering up to resistance didn’t recover positive territory, which reflects “ineffectual pessimism” that keeps alive near-term potential to recover.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Gapping up Sunday night to fresh highs at 3.12-3.13 didn’t extend and only overlapped last week’s “lower prior highs.” Closing under lower prior highs suggests a new rally leg is not starting.

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))
Overnight weakness touched the week’s “lower prior highs” down to 1.0805-1.0810, which is natural support capable of launching another upleg to 1.0900.

Gold Apr Contract (GC, ETF: (GLD))
A slightly deeper pullback overnight still stopped at least $3 short of the likely 1239.50 pullback limit before firming Friday. Regardless of the pullback, the upside attraction to at least one more higher close remains in-play.

Silver May Contract (SI, ETF: (SLV))
Friday extended to fresh relative highs testing 17.80, extending the break above 17.50 up toward its 17.90 target.

30-year Treasury Jun Contract (US, ETF: (TLT))
Attacking the 150-04 pullback limit reacted back up to Thursday’s 151-00 area high, keeping alive the potential for extending to 152-00.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s restrained optimism was appropriate for a bottoming pattern, but there’s no bullish reason for to further delay rallying if a bottom is valid.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Thursday’s reaction up from touching the 2.99 sell signal Thursday extended Friday to test what had been the 3.08 pullback limit. There is no bearish reason to delay an actual break lower if a top is forming.

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))
Dipping Thursday under the prior two sessions avoided touching “lower prior highs.” But the potential Island pattern is not an optimal formation. Almost any strength would be likely to extend up to 1.0900.

Gold Apr Contract (GC, ETF: (GLD))
Initially probing a fresh high above 1253.00 at Thursday’s open soon had reversed down under Wednesday’s range to test 1243.00 as support. The week’s previously confirmed breakout still requires at least one more eventual higher close.

Silver May Contract (SI, ETF: (SLV))
Thursday’s opening surge held 17.70 before reversing back down to unchanged at 17.57, briefly probing a nickel deeper. Closing flat-to-higher keeps alive potential to 17.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat-to-lower ranging Thursday tested the 150-04 pullback limit, which held like the last two pullback limit tests. Those prior tests also launched uplegs to the next higher objective, which is 152-00 so long as 150-04 holds as support.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s relatively narrow ranging fluctuated around the 47.75 lower-end of last week’s Island. The restrained optimism maintains the potential for forming a substantial bottom. But it will need to begin recovering Friday, or else trending down into the weekend could more likely resume the decline.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The knee-jerk reaction to Thursday’s EIA report momentarily touched the 2.99 sell signal and snapped back up into the range. The news wasn’t greeted from a position of strength or of weakness, but the next break either way is now likely to extend in that direction.

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 “outside day” was only narrowly so. It neither rejected Tuesday’s session to form an Island, nor did it extend higher. Gapping down Thursday would still form an Island. Meanwhile, the next higher objective in-play is 1.0900, so long as pullbacks hold 1.0750 as support.

Gold Apr Contract (GC, ETF: (GLD))
Gaining several dollars Wednesday to 1251.20 satisfies near-term buying pressure, while also confirming Tuesday’s breakout which requires an eventual third higher close. Pullbacks meanwhile should hold 1239.50 as support.

Silver May Contract (SI, ETF: (SLV))
Very narrow ranging Wednesday didn’t reject Tuesday’s close above 17.50, which has put into play a test of 17.90.

30-year Treasury Jun Contract (US, ETF: (TLT))
Not reversing down Wednesday made the pattern likely to extend to its next higher target at 152-04, which was attacked to within 1 point and remains in-play so long as pullbacks now hold 150-15.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s probe under last week’s Island had become likely when Monday’s low only touched the Island’s “lower prior highs” instead of also filling either of its gaps. Closing back above Wednesday’s 47.75 low undermines the downside momentum. Wednesday’s opening gap down was retested intraday, so there is no “unfinished business below” if a rally were to begin, by closing back above 48.50.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Breaking lower at Wednesday’s open extended down intraday to close under the 3.08 pullback limit. One more lower close already would have greeted Thursday’s EIA report from a position of weakness, but it is certainly not optimal strength. Closing under 2.99 would reverse the trend back down.