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 pullback had a little extra room down to 1.1200 and it was probed before Friday’s open down to 1.1175. But the morning recovered it and continued firming back into positive territory at downtrending resistance at 1.1235. Not resuming the pullback will allow a bottoming pattern to form.
Gold Jun Contract (GC, ETF: (GLD))
Thursday’s plunge from a multi-session range had held prior lows, recovering an intraday probe of fresh lows testing 1267.50 to help trap shorts, but not decisively recovering 1271.50. Rallying in reaction to the Employment Situation report extended sharply higher to fill the gap back up to Wednesday’s 1284.00 close. A second consecutive higher close on Monday could seal a bottom.
Silver Jul Contract (SI, ETF: (SLV))
Two consecutive sharply lower drops down to 14.56, confirming Wednesday’s breakout from a multi-session range, didn’t prevent Friday’s Employment Situation reaction from surging back into that broken range up to 15.00. The original 14.88 buy signal and adjusted 14.81 buy signal were recovered, so a second consecutive higher close Monday must be avoided to resume the requirement for at least an eventual fresh low close.
30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s knee-jerk reaction to the Employment Situation report touched 146-21 and bounced back up to “higher prior lows” at 147-21. But greeting the report from a position of weakness suggests the bounce will be rejected back under the 147-04 sell signal to resume the next downleg targeting 145-24.
Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-higher ranging Friday up to 62.50 remained under the 63.25 buy signal, which must still trigger to reinstate the 67.00 target.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Firming overnight to further test 2.61 was retraced by Friday’s open by a dip testing 2.55 support. The pullback is still likely to resolve up and trigger another buy signal.