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))
Thursday’s ECB policy statement triggered a blip-down to 1.2190 that was reversed into positive territory up to 1.2255. But that has eventually reversed down sharply to fresh lows attacking 1.2140. This is still not an accumulative pattern, so any bounce is likely to fail.

Gold Jun Contract (GC, ETF: (GLD))
Volatility around Thursday’s ECB events firmed to test 1327.00, only to resolve down and attack 1316.00. Closing lower Friday would target 1294.00.

Silver May Contract (SI, ETF: (SLV))
Despite having held 16.55 as support Wednesday, Thursday morning dipped to the 16.40 sell signal without triggering it. Closing above 16.75 would signal momentum reversing up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s bounce to 142-20 easily held under the 142-25 bounce limit that keeps alive downside potential next targeting 141-04. .

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Having tested the lower-end of the past week’s range on Wednesday, Thursday gapped up, but the balance of the session only fluctuated around unchanged. Bounces have room up to 68.90 without yet signaling a new rally leg underway.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Wednesday’s close above 2.78 resistance at the recent range’s 2.82 upper-end was extended to fresh highs at 2.84 in reaction to Thursday’s EIA report. That’s officially a breakout, awaiting confirmation or not by a second consecutive higher close Friday.

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 gap down wouldn’t allow reversing back up soon, certainly not by Tuesday’s weak bounce. And that reacted down overnight to gap down Wednesday under Monday’s 1.2245 low. A bounce now has room up to the gap at Tuesday’s 1.2285 close before even threatening to reverse the trend up.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday’s shallow obligatory bounce was retraced entirely overnight to gap down Wednesday morning. Ranging sideways between 1320.00-1324.00 hovered exclusively under prior lows that each had threatened to extend down previously. Bounce meanwhile have room up to 1330.50 without reversing the trend up.

Silver May Contract (SI, ETF: (SLV))
Gapping down under Monday’s lows Wednesday also fluctuated around the 16.50 pullback limit whose break under 16.40 would be unlikely to recover before probing fresh lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Although nothing was bullish about Monday or Tuesday’s patterns, a corrective bounce was possible. But fresh lows overnight produced another gap down Wednesday that once again makes any recovery attempt unlikely to extend before the weekend. A bounce has room up to 142-25 while still being likely to extend down to 141-04.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Choppy sideways action Wednesday morning filled the gap back down to Monday’s 67.10 open. Being the lower-end of the past week’s range, Thursday is free either to probe under the range and trend down, or else bounce to probe the range’s upper-end and retest the rally’s 69.50 target.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Tuesday’s close above the 2.75 bounce limit extended higher to touch the range’s 2.79 upper-end. The pattern’s sell signal remains unchanged at 2.72 probed intraday. Thursday’s EIA report is being greeted from a position of strength, but a knee-jerk reaction down would still be credible.

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 firmer market probed back above Monday’s 1.4010 high, still not forming a bottom, although a failed bounce on Wednesday could do that.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday’s bounce was likely only obligatory, having tested prior lows at or under 1326.00 on Monday. The bounce has room up to higher prior lows around 1339.00 while still being only a temporary correction.

Silver May Contract (SI, ETF: (SLV))
Bouncing to within a dime Tuesday of the 16.80 buy signal didn’t reverse the trend back up, and it wasn’t so substantial that renewed selling pressures Wednesday couldn’t easily visit 16.40-16.50 where a larger decline would be threatened.

30-year Treasury Jun Contract (US, ETF: (TLT))
Firming overnight to 143-09 was already undermined by Monday’s bearish pattern. Reversing down through Tuesday’s open extended slightly lower to fresh lows at 142-12. The buy signal remains unchanged above 143-20.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Three consecutive closes around last Wednesday afternoon’s 68.35 high were rewarded Tuesday by attacking the rally’s 69.50 target. Its rejection reversed back down under 67.60, and a second consecutive lower close Wednesday would all but seal a top.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s bounce up to 2.75 firmed another 2-3 cents Tuesday, above the 2.75 bounce limit, which must now reject price back down to maintain the distributive pattern .

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 under Friday’s 1.2300 low and trended down throughout to fresh lows at 1.2256. Bounces should hold 1.2290-1.2300 to maintain the decline’s momentum.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Monday to 1329.00 extended down slightly further intraday to test 1324.00. That’s the lower-end of April’s range, and anything lower would put back into play 1310.00 and potentially also 1294.00. Bounc es meanwhile have room up to 1340.00 before suggesting the trend has reversed up.

Silver May Contract (SI, ETF: (SLV))
Sunday night’s probe under Friday’s 17.05 pre-open low extended to 16.90, which was extended further intraday to test 16.60. Immediately recovering 16.90 Tuesday would be crediblle for at least filling the gap back up to Friday’s close around 17.20, but the near-term trend otherwise points to 16.40.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Monday to fresh lows probed lower intraday to 142-09 and held under Thu-Fri’s bearish falling wedge pattern.. The trend remains down so long as 143-20 isn’t recovered

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap down reversed up arbitrarily to fill the gap back up to Friday’s close around 68.35. Holding the gap keeps alive potential for a more substantial reaction down. Otherwise, a higher close on Tuesday would target a retest of the 69.50 target.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s significant sell-off still wasn’t rejected Tuesday, but further delayed resolving down for yet another test of 2.75 resistance.

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 probe under the 1.2390 pullback limit tested the 1.2340 sell signal down to 1.2300, then recovered to the 1.2340 signal. Recovering the 1.2390 pullback limit could serve as a buy signal at this stage.

Gold Jun Contract (GC, ETF: (GLD))
Despite recovering Thursday’s test of 1344.50 back above 1347.25, Friday dipped deeper to test 1337.00. Buyers lose traction by closing under 1344.50, which must be recovered Monday morning to isolate Friday’s dip.

Silver May Contract (SI, ETF: (SLV))
Dipping overnight to test 17.05 was recovered into the open. Friday’s session spent exclusively in negative territory without extending down qualifies as “ineffectual pessimism” which would make any initial strength Monday bullish.

30-year Treasury Jun Contract (US, ETF: (TLT))
Only a very brief, shallow bounce preceded Friday’s extension down to 143-04, 20 ticks under Thursday’s  close but less dramatic than was possible following Thursday’s deep drop. Regardless, the requirement for at least a third lower close is fulfulled.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping Friday to 67.50 was recovered to test Wednesday’s 68.45  high. Closing above it could have signaled the pullback from 69.50 had ended. Extending higher Monday would now require gapping up, or else the reaction down is likely to extend.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s break under 2.70 wasn’t rejected Friday, but it was retraced, almost back up to 2.75 resistance. The break remains valid and in-play, so long as 2.75 isn’t recovered, and likely to resolve down to 2.52.