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))
Gapping down and extending lower fulfills the new low close required by last week’s confirmed breakout. It also suggests this leg will extend to test 1.1055 so long as 1.1205 isn’t recovered.

Gold Jun Contract (GC, ETF: (GLD))
The longstanding 1241.00 target was met before Tuesday’s open. Extending down through the noon hour tested 1228.00, and next targeting 1223.00 so long as 1236.50 isn’t recovered.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Tuesday to Monday’s low reacted up to attack 16.50 to within only a nickel before reversing down to fresh lows. A second consecutive lower close Wednesday must be avoided to keep alive potential for near-term reversal back into an uptrend.

30-year Treasury Jun Contract (US, ETF: (TLT))
Three consecutive sessions testing the 164-17 buy signal without triggering it had left no bullish excuse to further delay extending higher. The consequences were realized quickly by Wednesday’s drop back down to the 163-16/163-22 pullback limit tested at  Friday’s open. Closing below it would likely extend to fill one of both gaps outstanding back to the low.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 47.75 sell signal had failed to trigger at Monday’s close, but Tuesday’s bounce didn’t reject it by only touching 49.00.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s reaction down to 2.05 from gapping up above 2.11 did not reverse up Tuesday. It didn’t even hold its room for noise down to 2.03. But Tuesday’s dip did fill the gap back below to Friday’s close, while leaving unfinished business above back up to Monday’s gap, still making a rally likelier than starting a new downleg.

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))
Monday’s open gapped down modestly back into Thursday’s range. So long as its recovery back into positive territory remained within Friday’s range, last week’s confirmed breakout still requires at least a third eventual lower close before a rally would be credible.

Gold Jun Contract (GC, ETF: (GLD))
Monday’s gap down retested Friday’s 1245.00 low down to 1243.50 low before bouncing, but maintains its target of 1241.00.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Monday to Friday’s lows didn’t create any new unfinished business below, and closing at or around 16.50 allows bottoming to form.

30-year Treasury Jun Contract (US, ETF: (TLT))
Firming Sunday night into Monday morning’s 164-26 peak was retraced back into negative territory, but bounced again back above the 164-17 buy signal. Two days of touching 164-17. and one day probing it, can’t afford any further delay in extending higher to avoid another downleg.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s weakness pierced the 47.75 sell signal and Monday morning ranged around it. Closing under it would be credible for extending down to fresh lows under 44.00, possibly first as an air pocket down to 45.40.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Closing above 3.05 Friday had signaled the decline’s momentum lapsed. Gapping up to 3.11 Monday creates the potential for launching a new upleg, which closing above 3.14 would confirm. Monday’s post-open action dipped back down to test 3.05 as support, which must hold to maintain the recovery potential.

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))
Having confirmed Wednesday’s breakout that now requires at least one eventual lower close, Friday’s gap up to test 1.1245 was unable to extend before dipping back to Thursday’s close. Now having filled the gap back down to Thursday’s close, closing back above 1.1245 would launch a bigger detour.

Gold Jun Contract (GC, ETF: (GLD))
Extending Thursday’s post-open bounce peaked at 1258.50-1261.00 resistance Friday morning before reversing back down, the 1241.00 target to 1249.60.

Silver Jul Contract (SI, ETF: (SLV))
Thursday’s recovery to 16.50 wasn’t rejected Friday, nor was it improved as Gold still has a lower objective in-play.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Friday held the 163-16/163-22 pullback limit that keeps alive the 164-17 buy signal which had been only touched Thursday and not triggered. The morning’s recovery returned to 164-17, and is positioned again to recover it if a deeper downleg will be avoided.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Neutralizing the attraction above Thursday by filling the gap back to Wednesday’s 48.60 close has made the 47.75 sell signal credible for triggering if tested.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Bouncing Friday to 2.05 resistance could close higher to begin forming a bottom, but must still close above 2.11 to signal momentum reversing 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))
Wednesday’s steep drop had fulfilled its minimum 1.1245 objective and also probed prior lows, but that didn’t prevent gapping down and extending lower. A second consecutive lower close Thursday creates the requirement for at least one more eventual lower close.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s FOMC Minutes had triggered a break under the 1271.50 sell signal after close, and it extended lower overnight to attack the 1241.00 target to within $4 before bouncing. A lot of selling pressure was expended, but gapping down doesn’t gain much traction.

Silver Jul Contract (SI, ETF: (SLV))
The minimum 16.75 objective had been met after Wednesday’s close reacted to the FOMC Minutes, and extending down overnight probed the 16.50 target by 15 cents,

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s deep drop had held a test of 163-07 support to allow a corrective bounce that tested the 164-17 buy signal as resistance. Its recovery would target 167-26.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping overnight to gap down Thursday tested the 47.25 sell signal, but it wasn’t likely to trigger since a top had not completed. Thursday morning’s bounce nearly filled the gap back to Wednesday’s 48.08 close.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength. Recovering its knee-jerk reaction down to 1.95 back above Monday’s 2.02 low would be the minimum requirement to begin sealing a bottom — Thursday afternoon tested Tuesday’s 2.05 close. Signaling a rally would still require closing above 2.11 and 2.14..

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))
Two days of consolidating Thursday’s breakout finally resolved by gapping down Wednesday, still targeting the gap outstanding from 1.1245 and probably also fresh lows so long as bounces now hold 1.1330.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Wednesday only fluctuated around the 1271.50 sell signal, whose break through the close would signal a drop underway to 1241.00 instead of a rally to 1312.50.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s gap down attacked 17.90 and ranged flat-to-higher in negative territory, still targeting a pullback to 16.75 if not also to 16.50.

30-year Treasury Jun Contract (US, ETF: (TLT))
Resistance at the 166-06 buy signal had held Monday and reacted down a little deeper Tuesday, launching a slide Wednesday. Thursday’s consolidation at the 165-00 pullback limit was broken on the way down to 164-00. Closing any lower would target 163-07 and possibly 162-23.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already firming to fresh highs before Wednesday’s EIA report, a knee-jerk reaction down was recovered back up to fresh highs attacking 49.00. The pullback limit is now 47.90, with near-term upside potential to 50.80.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up and ranging narrowly Tuesday had not confirmed Monday’s breakout back to the lows, but the gap back to Monday’s 2.03 was filled by. Wednesday’s gap down. The session ranged at fresh lows to and through fresh lows fulfilled it, but did not signal any impending recovery.