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))
Gapping up Tuesday back above the original 1.1345 sell signal extended intraday back into the high’s consolidation range. Filling the gap back up to 1.1375 could suffice for ending the bounce, or else a probe of fresh highs would become likely before tending to the outstanding “unfinished business below.”

Gold Jun Contract (GC, ETF: (GLD))
Gapping up to and through 1248.00 extended higher intraday to attack the outstanding gap at 1259.00. The rally’s origin was too optimistic to launch a credible rally, which is vulnerable to reacting down after filling the gap, or earlier back under 1248.00.

Silver May Contract (SI, ETF: (SLV))
Gapping up above the 16.85 target probed it up to 17.10 intraday. Back under 16.70 would signal the target was holding, enabling a reversal down. Otherwise, a second consecutive higher close is needed to confirm a breakout.

30-year Treasury Jun Contract (US, ETF: (TLT))
The pullback’s 164-12/164-20 pullback target was tested fully but for 1 tick before bouncing back to 165-12. Closing above 165-20 would signal that the consolidation was ending, still needing to close above 166-16.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs extended intraday, filling the gap back to last Thursday’s last close within the high’s consolidation range. This is natural resistance, and Monday’s lower close did confirm Friday’s breakout, so no further backing-and-filling is needed before resuming the decline.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up above 1.95 Tuesday extended sharply higher intraday to probe prior highs and to retest the 2.08 target. This fulfills the “unfinished business above” of a third higher close after last week’s confirmed breakout. Extending the rally would next target 2.20-2.25.