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 ongoing narrow trading range had tried breaking higher three times, and the first two times never reacted down under the range’s lows. The third breakout attempt also reacted back into the range, but then gapped down under it Wednesday to test the 1.1345 sell signal down to 1.1300. Confirmed by a second consecutive lower close Thursday would require an eventual third lower close. Otherwise, the breakout attempt will have held a test of support to make a rally leg even more likely, which would be signaled back above 1.1420.
Gold Apr Contract (GC, ETF: (GLD))
After only touching the 1253.00 pullback limit Tuesday, Wednesday’s open gapped under it and extended down enough to fill the first of two gaps below at 1244.00. The next lower gap at 1224.50 is in-play so long as 1253.00 isn’t recovered.
Silver May Contract (SI, ETF: (SLV))
Diverging from Gold and breaking higher Wednesday could fulfill the minimum requirement for a third higher close after Monday’s confirmed breakout. But there is still potential for extending to 16.85.
30-year Treasury Jun Contract (US, ETF: (TLT))
Closing Tuesday under the 165-12 pullback limit that had held Monday has put into play a lower objective at 164-12/164-20, but Wednesday’s low came within only a quarter-point before bouncing back up to 166-00. Closing above 166-16 would signal that the corrective dip had ended.
Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Already having met and held the 42.00-42.35 bounce target Tuesday, extending higher Wednesday was unlikely. Reaction to the morning’s EIA report left the upside target still attracting price to it, and now back under 41.20 would signal a downleg underway.
Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday above 1.95 and trending higher intraday, then surging into the close and firming further Wednesday, all matched last week’s temporary rally effort that was retraced back down under 2.00. Closing higher Wednesday instead confirms Tuesday’s rally and makes fresh highs likely.