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))
The confirmed breakout had resumed already, and the decline persisted overnight to extend deeper intraday Thursday to 1.1287. The minimum objective to fill the gap back down to 1.1280 is approaching, and should at least be probed.
Gold Jun Contract (GC, ETF: (GLD))
Overnight weakness opened at or under the 1308.50 prior low (basis Jun) which uptrending momentum had needed to hold. Collapsing under it creates a breakout day that would be confirmed by a second consecutive lower close. Flat or higher into the weekend would maintain potential for being a false break. Optimally, Thursday’s intraday break would be recovered entirely overnight to at least hover Friday — which is not an unusual rejection — but would be difficult considering Thursday’s sizable drop. Closing under 1291.00 would signal the decline is extending.
Silver May Contract (SI, ETF: (SLV))
Wednesday’s close under uptrending support was confirmed by a lower close Thursday. A sharply lower close, that expended a lot of selling pressure to retest 15.00 prior lows. Meanwhile, Thursday’s break was the first under 15.28 prior lows, so at least an intraday probe of fresh lows is likely, and probably down to 14.75-14.80, but not necessarily a negative close. Structurally, recovering to close positive from any negative dip would be bullish.
30-year Treasury Jun Contract (US, ETF: (TLT))
Still probing fresh highs overnight up to 150-21, although Thursday’s intraday highs held 150-09. The shallowness at this stage of the rally is sufficient confirmation that optimism remains alive and well. Pullbacks should hold 149-10 to avoid a deeper interim pullback.
Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing uptrending support at 58.75 Thursday and the recent 58.25 prior lows held, avoiding the 58.00 sell signal. Ultimately recovering to fill the gap back up to Wednesday’s close neutralized its attraction above, so delayed strength Friday would remain vulnerable to reversing down more deeply.
Natural Gas May Contract (NG, ETF: (UNG, UNL))
Already having bounced intraday Wednesday to touch the 2.75 (basis May) higher prior lows, Thursday’s dip was able to neutralize the attraction at Wednesday’s 2.72 gap down. It held, allowing the setup to resolve differently than the prior outstanding gap below. Closing back above 2.77 would signal the trend reversing up.