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 Mar Contract (EC, ETF: (FXE, UUP))
The dip”s potential to 1.0650 was cut slightly short from 1.0667 by bouncing back to Monday”s 1.0790 high. There is still no actionable pattern.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Tuesday was retraced back down to 1194.50, but that was recovered to fresh session highs attacking 1204.00. There is no bullish reason to further delay recovering 1205.00-1208.50, and the next test of 1194.50 would be bearish.

Silver May Contract (SI, ETF: (SLV))
Tuesday”s opening surge back to 16.10 resistance didn”t extend higher. But its reaction down only filled the gap back to Monday”s close — neutralizing its attraction below, and avoiding a lower close that would have confirmed Monday”s break. Closing back above 16.10 would reverse the trend up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Tuesday and probing under 164-04 once again limited a surge to less than a one-day cycle. The 163-18 sell signal was tested thoroughly intraday. Its break would still require being confirmed by a second consecutive lower close.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Hovering narrowly at the highs — while US and Iranian battleships come dangerously close to each other — makes the rally very suspect. So would closing under 55.85.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday to attack 2.60 must still close higher to confirm a new rally leg is underway. The 2.54 support is unlikely to hold a retest.

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 Mar Contract (EC, ETF: (FXE, UUP))
Reacting down from Friday”s test of the 1.0855 target didn”t gap down enough Monday to signal the recovery reversing, but also didn”t recover enough to signal the rally had resumed. There is not currently an active signal, but at least a corrective dip to 1.0650 is underway so long as 1.0780 holds as resistance.

Gold Jun Contract (GC, ETF: (GLD))
Friday”s test of 1205.00-1208.50 resistance reacted back down Sunday to test 1194.50 support, which was still being overlapped Monday and not decisively broken. But having tested and retested it already and already again, if its support were so solid, then it should not require so much testing before launching a recovery. Immediate strength would still be credible for extending higher, but now only back to recent highs around 1225.00.

Silver May Contract (SI, ETF: (SLV))
Monday”s gap down to 16.10 support extended down to fresh lows intraday testing 15.85, which undermines the near-term recovery potential.

30-year Treasury Jun Contract (US, ETF: (TLT))
Yet another single-session surge was retraced to a relevant level with Friday”s rally to 165-19 being retraced Monday morning down to 164-04, and then lower. Closing under 163-18 would re-signal a new downleg underway.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward from May to Jun]… A dip before Monday”s open was too late to gain traction, recovering back toward the recent high. The delay in fulfilling the 59.30 target (basis Jun, 57.90 basis May) is “ineffectual pessimism” that makes its eventual test likely to be probed on the way to 62.45.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Monday”s gap down to 2.54 support is the cheapest acceptable pricing for the recovery”s momentum to remain intact. And now there”s a gap outstanding back up to Friday”s close that can help to encourage the recovery to resume.

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 Mar Contract (EC, ETF: (FXE, UUP))
Extending the rally overnight fulfilled all of the 1.0845-1.0855 target. No higher target is in-play, but a reversal down must first break under 1.0750.

Gold Jun Contract (GC, ETF: (GLD))
Overnight strength retested 1205.00-1208.50 resistance, at least suggesting 1194.50 support would hold its test. But resistance must be recovered through the close to signal the trend reversing back up.

Silver May Contract (SI, ETF: (SLV))
Resistance at 16.45-16.60 was tested overnight, and held, preventing the trend from yet reversing up. But its recovery remains possible so long as 16.02-16.10 continues holding as support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday”s gap up to 164-22 was reversed down to 163-10, but recovered it to fresh highs above 165-00 — perhaps in a flight-to-safety from the stock market extending its decline. Closing above 164-04 undermines the bearish pattern.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Despite probing above the 56.00 target Thursday, the 55.20 pullback limit remained the same.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Wednesday”s confirmed breakout didn”t extend higher Friday, and instead rested on its laurels of Thursday”s confirmation having entrenched the recovery leg”s momentum. A higher close remains likely, and I would consider it confirmation of a bigger rally 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 Mar Contract (EC, ETF: (FXE, UUP))
Yesterday”s post-close surge to 1.0700 reacted down sharply overnight to 1.0650, but nevertheless recovered it all Thursday and then some to test 1.0810. The 1.0850 area target remains in-play so long as pullbacks now hold 1.0780 as support.

Gold Jun Contract (GC, ETF: (GLD))
Despite an early rally Thursday to 1208.50, a plunge tested 1194.50 support. It held, but now its break can trigger a new downleg if 1205.00-1208.50 isn”t recovered without delay.

Silver May Contract (SI, ETF: (SLV))
Early strength Thursday to the 16.45 resistance whose recovery would start to signal momentum reversing up, but its reaction down tested the critical 16.10 support that can”t tolerate closing below it.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday morning”s break through 164-04 extended lower, filling the gap back down to Monday”s 163-18 close, and attacking prior lows around 163-00. Reacting up optimistically to 164-00 doesn”t allow the pattern much room or time before extending down more substantially under 162-08.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday”s test of the 56.00 target reacted down to attack 55.05 before Thursday”s open, which held the 55.20 pullback limit, before reversing up to fresh highs at 57.00. The 57.90 target remains in-play.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Not greeting Thursday”s EIA report from a position of strength, despite having bounced recently to 2.62, left the pattern vulnerable to an initially negative knee-jerk reaction. But also not greeting the.news from a position of weakness made that reaction likely to recover, possibly also launching a durable rally leg. So, reacting down to 2.54 was reversed to fresh highs at 2.69. A second consecutive higher close Friday would confirm the new rally leg underway. Pullbacks meanwhile should hold 2.60 to maintain the rally”s momentum.

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 Mar Contract (EC, ETF: (FXE, UUP))
Tuesday”s gap up above Friday”s highs was retraced overnight to test the 1.0585 pullback limit at Wednesday”s open. It was recovered to probe Tuesday”s highs around 1.0700, keeping alive potential to the 1.0850 area.

Gold Jun Contract (GC, ETF: (GLD))
Lower lows Tuesday night didn”t extend and Wednesday”s open was still overlapping 1194.50 to suggest the pullback was only temporary. Intraday highs attacked 1203.00, so that extending above 1205.00-1208.50 Thursday can launch a new upleg.

Silver May Contract (SI, ETF: (SLV))
Choppy sideways Wednesday ranging held the 16.02-16.10 support that had held Tuesday, bouncing back above 16.30. Closing at least within the 16.45-16.60 range would begin suggesting the decline had ended.

30-year Treasury Jun Contract (US, ETF: (TLT))
An early dip Wednesday probed momentarily under 164-04 before recovering bouncing to test and retest 165-00 resistance, supported by Tuesday”s 164-08 low. Another dip under 164-04 should gain traction and extend.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending higher overnight probed last week”s highs Wednesday above 54.00. That extended higher already to its 56.00 target. The rally might have gotten ahead of itself, so pullbacks must hold 55.20 to maintain the upward momentum. Closing back under 53.00 would signal momentum reversing down.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up again Wednesday fully exploited its room to 2.60, probing a couple of pennies above it. A pullback should now precede a more substantial rally leg. Thursday”s EIA report isn”t being greeted from a position of weakness, so an initially negative knee-jerk reaction down should recover.