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))
Gapping up a little ahead of Friday’s payrolls report was retraced back into Thursday’s range. Blipping-up filled the open’s gap before reversing down more substantially. Reacting back up never fully recovered, holding 1.1435 resistance. Closing under 1.1345 would signal momentum reversing down.
Gold Apr Contract (GC, ETF: (GLD))
Wednesday’s dip had already retested the upper-end of 1218.00-1224.50 support. Its test already produced a rally, back to prior highs,. There was no bullish reason to revisit it, so revisiting it Friday extended down to the range’s lower-end, and through it to attack 1210.00. Closing back above its upper-would still be bullish — in fact, a bounce was testing 1224.50 as resistance before the close. But closing under 1218.00 would signal a new downleg underway targeting 1188.50-1192.50.
Silver May Contract (SI, ETF: (SLV))
Closing Thursday above 15.38-15.44 without trending up intraday had made its breakout all the more dependent on being confirmed by a second consecutive higher close. The alternative would target 14.70. It was attacked to within a dime after gapping down Friday, and remains in-play so long as 15.25 is not recovered.
30-year Treasury Jun Contract (US, ETF: (TLT))
A second consecutive higher close Friday would confirm Thursday’s breakout above 164-10, next targeting 165-20, and then 168-00.
Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Delaying a recovery from retesting the 38.25 prior low has opened the door to triggering a donwleg under 36.95 targeting 34.00 and 32.00. Having tested 36.95 intraday Friday, only closing above 38.25 would reject the new downside risk, and closing above 39.05 would target a retest of 42.00-42.35.
Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s dip back down to 1.93 wasn’t absorbed immediately and was still being tested throughout Friday morning. It must hold to maintain the bullish scenario next targeting 2.07 and higher.