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))
Extending to fresh lows Wednesday has done more than break under downtrending support that I’ve outlined in the daily videos. Wednesday’s fresh low close has confirmed Tuesday’s breakout from the multi-session range that was formed by the two prior days. At least an eventual third lower close is required before a recovery can be credible.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s rally probed the 1277.50 buy signal well into last week’s narrow range. A second consecutive higher close Thursday would confirm, and also likely recover last week’s range to seal a bottom.

Silver May Contract (SI, ETF: (SLV))
Rallying out of Wednesday’s open probed the 14.88 buy signal, stopping pessimistically short of filling the gap back up to Monday’s 14.98 close. A second consecutive higher close on Thursday would confirm.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up Wednesday to 147-00 extended to 147-13, needing to close back under 146-30 to resume the decline still targeting 145-24. Closing above 147-04 would suggest a bigger detour first, probably to 148-00.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s dip only attacked the 65.50 pullback limit, which would likely hold a test since Monday’s confirmed breakout still requires at least an eventual third higher close — and probably a test of the 67.15 upper-end of the room for noise.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s fresh low fulfilled the requirement for it, which was triggered by having entered the weekend at a new trend extreme. Gapping up slightly Wednesday was retraced to fill the gap back down to Tuesday’s close. Once again, Thursday’s EIA avoids being greeted from a position of weakness, but still not from a position of strength.