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))
Wednesday’s impressive recovery from its early dip down to uptrending support that closed positive, failed to extend higher Thursday. Not for lack of trying, with the open having firmed. One day of consolidating the prior session’s Outside Day can be dismissed, but the rally must be underway into the weekend if the bottom is valid.
Gold Jun Contract (GC, ETF: (GLD))
Gapping down into negative territory already failed to trigger an early buy signal. Extending down sharply intraday Thursday under the original 1301.50 buy signal makes the rally’s immediate resumption no less urgent to avoid another deep pullback intraday.
Silver May Contract (SI, ETF: (SLV))
Thurdsay’s gap down under the 15.15 buy signal probed two week old lows down to 14.85. The pattern cannot tolerate any lower close. Only an immediate recovery would be credible for launching a new rally leg, and any delay would start making lower lows likelier.
30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s test and retest of the 148-16 buy signal had never triggered, and wasn’t attempted again on Thursday. Meanwhile, its pullback fell down to the lower-end of uptrending pivotal support, where any second consecutive lower close on Friday would resume the rally.
Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Still not testing the 64.75 overnight highs, let alone the long outstanding 65.00 target, Thursday’s dip attacked the 63.20 pullback limit. Regardless of whether it is probed intraday, a higher close Friday may be the only near-term path to fulfill the pattern’s target.
Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t being greeted from a position of strength. Positive territory was never probed. Its intraday pullback has satisfied any attraction below so that closing above 2.71 would new highs.