Daily Spot
A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.
Today’s Highlight Crude Oil plunged Thursday as it extended Wednesday’s break lower.
Dollar Basket Jun Contract (DX, ETF: (UUP, UDN)) Thursday’s gap up extended higher enough to only barely probe Wednesday’s high. The balance of the session ranged sideways in positive territory. The “ineffectual optimism” suggests that the week’s 78.93 low will be retested next if Friday’s open doesn’t rally immediately.
Eurodollar Jun Contract (EC, ETF: (FXE)) Thursday’s gap down to Wednesday’s low spent the balance of the session ranging around Wednesday’s low. The setup is borderline “ineffectual optimism” that suggests the week’s 1.3386 high will be retested next if Friday’s open doesn’t rally immediately.
Gold Jun Contract (GC, ETF: (GLD)) Wednesday’s low held the 61.8% retracement of the Island correction rally. Thursday’s lower low was recovered back above Wednesday’s low. A bigger bounce would be triggered back above 1657.00 and confirmed above 1661.00, targeting 1688.50.
Silver May Contract (SI, ETF: (SLV)) Thursday’s fresh low held at test of the 31.75 sell signal, making a bounce to 32.50 likely, potentially to 32.70.
30-year Treasury Jun Contract (US, ETF: (TLT)) The destination as a flight-to-safety during pronounced stock market weakness makes it difficult to decline. But Thursay’s 139-01 highs really only ranged around Wednesdays’ 138-27 upper-end. Regardless, a close under 137-28 is still needed to signal a downleg underway.
Crude Oil May Contract (CL, ETF: (USO)) New lows tested 102.25 Thursday. Unless this is a false break to be recovered almost immediately back above 103.75-104.35, then its objective is to test 101.00 and potentially 98.50.
Natural Gas May Contract (NG, ETF: (UNG)) Tuesday and Wednesday’s bottoming attempt was missing one final element to marginalize sellers. It never came as Thursday’s session plummeted to new lows. Even the quickest reaction up would still require some consolidation first, so there is no buy signal.
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