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 bullish Inside Day and its intraday touch of uptrending support helped to clear the path for surging overnight, through the 1.1345 confirmation that the low’s inverted Head & Shoulders pattern is underway. Its nearest likely targets are 1.1395 and 1.1440 .

Gold Jun Contract (GC, ETF: (GLD))
Firming overnight helped to set the tone for not extending Thursday’s collapse, and instead to maintain it being only a rogue leg in the ongoing pattern of false starts and stops. Closing back above 1291.50 is still needed for confirmation, if not also to re-trigger another rally leg underway targeting recent highs at 1313.00.

Silver May Contract (SI, ETF: (SLV))
Already bouncing overnight underscored how much Thursday’s drop had approached the precipice without falling over. But closing back above relevant resistance at 15.15 is needed to avoid the drop from making a second attempt at extending down. Friday’s inside day won’t have much influence past the weekend.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s rejection of Wednesday’s 148-16 resistance test had reacted down to uptrending pivotal support at 147-22, and extended down overnight to and soon through the 147-22 sell signal. The sell signal is now resistance, but a second consecutive lower close is still needed to confirm the trend is reversing down.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s attack on the 63.20 pullback limit rallied overnight to essentially fill the gap back up to Wednesday’s 64.50 close, which was also filled intraday. The gap-fill held, but the ongoing 65.00-67.00 target remains intact.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
The negative knee-jerk reaction to Thursday’s EIA report kept price under pressure intraday and Friday. But the preferable pullback objective at 2.65 was met and held. And avoiding a new low close allows a credible recovery above 2.71.