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))
Sunday night’s gap up in reaction to French elections immediately tested the 261.8% projection of last week’s Pivotal Correction pattern. Friday’s gap down had held 1.0725 to avoid triggering its reversal. But now any further upside depends upon closing above 1.0905 and any lower close would be free to retest at least last week’s “lower prior highs” as support.
Gold Jun Contract (GC, ETF: (GLD))
Gapping down sharply Sunday night in reaction to French elections held 1266.00 and bounced to 1279.00 before Monday’s open. Another dip before the open also bounced, but no higher, and left potential for a fresh low to test “lower prior highs” at 1261.50 before launching a more substantial recovery.
Silver May Contract (SI, ETF: (SLV))
Gapping down sharply Sunday night nevertheless bounced back up to the 17.90 pullback limit that maintains potential for launching a new upleg, which would be triggered by closing above 18.05-18.10.
30-year Treasury Jun Contract (US, ETF: (TLT))
French election results triggered a flight from safety, and a 1-point drop at Sunday night’s open. The balance of the night fluctuated narrowly around the open, attracting no new strong-handed sponsorship. Monday’s intraday bounce recovered to test the rally’s 153-24 pullback limit. The gap back up to the 155-13 high close remains outstanding and likely to be filled.
Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fluctuating narrowly around Friday’s close Monday was also a test of the original buy signal’s 49.30 confirmation. Holding its test allows a corrective bounce to test “higher prior lows” at 50.55-50.65, which even the most bullish scenario would be unlikely to recover on a first attempt.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Jun which trades at an 8-9 cent premium over May…] Monday morning initially probed fresh lows down to 3.12 under Friday’s 3.19 close. Although not all maintained, the second consecutive lower close confirms Friday’s trigger of the much-tested 3.22 sell signal.