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))
Tuesday’s dip back down toward Friday’s prior low didn’t resume the decline, but neither did it extend Monday’s rally that would have undermined the decline’s lower objective.

Gold Jun Contract (GC, ETF: (GLD))
An unusually narrow intraday range Tuesday was bounced between the 1271.50-1287.20 buy and sell signals, without closing beyond either to signal extending in that direction.

Silver Jul Contract (SI, ETF: (SLV))
Very narrow ranging Tuesday prevented following-through on either Monday morning’s surge or on its afternoon reaction. Consolidating under 17.50 keeps alive the attraction below down to 16.75.

30-year Treasury Jun Contract (US, ETF: (TLT))
Bouncing Tuesday to test the 166-06 buy signal was held as resistance, while still likely to be triggered and to probe prior highs.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Upside potential remained alive so long as pullbacks were to hold 46.85 as support. Fresh highs Monday night testing 48.40 were retraced intraday Tuesday to within a dime. Now closing under 46.85 would signal momentum reversing down.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday and holding up prevented a second consecutive session from confirming Monday’s breakout back to the lows. Retesting Monday’s range any less aggressively than gapping down to and through it would more likely recover to at least test the 2.11 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))
Friday’s breakout below a multi-session range would have been confirmed Monday by a second consecutive lower close, but the pullback objective below at 1.1245 remains in-play regardless.

Gold Jun Contract (GC, ETF: (GLD))
Extreme volatility continued with Sunday night’s rally from Friday’s 1274.50 close to probe the 1282.70 buy signal to attack 1290.50. But, wait, there’s more. Monday morning’s post-open plunge fell back to within a few dimes of Friday’s 1274.50 close, preventing the buy signal from triggering.

Silver Jul Contract (SI, ETF: (SLV))
Rallying sharply Sunday night stopped short of touching 17.50 whose recovery would likely launch a new upleg. Reversing down attacked Friday’s 17.13 close to keep alive the 16.75 attraction  below.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing fresh highs overnight came within 1 tick of filling the gap back to April’s high close at at 166-30. Having Neutralizing the attraction enabled an intraday pullback to 165-18, which shouldn’t weaken much further or for much longer if the 167-26 objective remains intact .

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fulfilling the outstanding objective for a new high close Thursday was not reversed by Friday’s inside day, keeping alive the attraction to 47.25 which was met into Monday’s open and probed up to 47.85. Closing above or below 46.80-46.85 would either maintain the upside momentum or else begin topping.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Friday’s tests of 2.08 support was probed Sunday night to gap down Monday and retest prior lows around 2.03. Closing above 2.11 would now launch a new rally leg.

The video of Friday’s post-close market Wrap is irrecoverable, so I have redone its other markets coverage. Thanks for your patience, and enjoy the weekend!

 CLICK HERE TO WATCH

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 Thursday to reject Wednesday’s bounce to recent highs had made the decline’s resumption imminent, which Friday’s open fulfilled by gapping down sharply and extending down deeper to fresh lows.

Gold Jun Contract (GC, ETF: (GLD))
Another overnight bounce was rejected into the open Friday, this time probing under Thursday morning’s prior low. But the balance of the session recovered to range choppily around unchanged.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down to a fresh low at Friday’s open was retraced back to the gap at Thursday’s 17.10 close, ranging narrowly through the close.

30-year Treasury Jun Contract (US, ETF: (TLT))
The 165-00 pullback limit had held its test Thursday, and gapping up Friday extended up to fresh highs that keep intact the 166-30 objective, which is likely to be tested up to 167-26.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Slightly lower lows overnight didn’t qualify as rejecting Thursday’s fresh high, which had fulfilled the outstanding requirement for a new high close.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping down Friday filled the gap back to Tuesday’s 2.08 close, and then recovered back above 2.14 to signal momentum reversing up. A second consecutive higher close Monday would confirm the new rally leg underway.

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 gap down rejected Wednesday’s gap up to the range’s upper-end, and suggests that momentum isn’t reversing up. A break under the 4-day range should be imminent.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Thursday under 1271.50 and probing lower didn’t prevent a retest of Wednesday’s high. The 1282.70 bounce limit held again, and attacking it was reversed to attack the open’s low, while still ranging around 1271.50. The 1241.00 target remains intact.

Silver Jul Contract (SI, ETF: (SLV))
Immediately probing under 17.30 Thursday extended down to test natural support at 17.05, keeping alive the drop to fresh lows still targeting at least 16.75.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Thursday and extending lower held a test of the 165-00 pullback limit. Also creating unfinished business above back to Wednesday’s close should help to attract price higher and resume the rally targeting 166-30 and 167-26.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Thursday to 46.60 and extending to 47.00 pierced prior highs, but reversed back into negative territory by noon. The reversal didn’t extend, and was retraced to retest 46.60, essentially fulfilling the outstanding third higher close outstanding requirement.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Greeting Thursday’s EIA report from a position of strength didn’t prevent a knee-jerk reaction down. But holding 2.14 and closing above 2.18 is the minimal bullish template.