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 rejection of Wednesday’s weak-handed surge had triggered its 1.1465 sell signal, which extended down overnight. Friday morning’s gap down under the original 1.1405 sell signal that was originally avoided and extended down sharply to attack 1.1350. The second consecutive lower close confirmed that at least an eventual third lower close is in-play, but bounces should now hold 1.1425.
Gold Apr Contract (GC, ETF: (GLD))
Bouncing overnight into Thursday’s open retraced 61.8% of Thursday’s intraday drop. The morning held up, trying to probe a little higher. Maintaining the recovery through the close would signal the rally has resumed.
Silver May Contract (SI, ETF: (SLV))
Overnight strength up to 15.55 retraced 61.8% of Thursday’s intraday drop before returning to Thursday’s 15.38 low. Back above 15.55 is still needed to signal the rally has resumed.
30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s gap up into a 2-point intraday rally to 149-04confirms what was already being signaled above 146-00 and by holding tests of 145-16 — that a bottom is in. Now it is obvious to the world, so the pattern become vulnerable to another pullback. Room down to 147-17/147-25 would keep alive upside momentum without having to fill gaps down to 146-04 or test “lower prior highs.”
Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s failure to confirm Wednesday’s breakout had opened the door to a deeper pullback if Friday did not immediately extend higher. Friday did not immediately extend higher, as overnight weakness under the 59.50-59.75 pullback limit accelerated down to attack 58.25. Coinciding with previously influential uptrending support, Friday’s dip must be rejected immediately back above 59.35 to avoid a deeper pullback targeting 56.50.
Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
Failing to greet Thursday’s EIA from a position of strength by not holding 2.84 Wednesday has extended down again overnight to 2.72. Intraday lows held 2.75, but any lower coming out of the weekend could slide back to 2.72 and lower.