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 The timing for either an up-crash or down-crash in Gold and the Euro is coming in right on schedule with each probing aggressively lower. Their markets are uniquely vulnerable to reacting up sharply, or else to plunging significantly further.
Dollar Basket Jun Contract (DX, ETF: (UUP, UDN)) Only a shallow dip would have been allowable to maintain potential for extending up to 81.10 and 82.00. Tuesday’s open spiked up sharply and extended to 81.40, keeping 82.00 in-play so long as pullbacks now hold 81.10.
Eurodollar Jun Contract (EC, ETF: (FXE)) An overnight bounce to 1.2871 held the 1.2875 bounce limit so the decline could extend to its 1.2725 target. Now the drop’s momentum remains intact so long as 1.2790 holds as resistance. Back above 1.2833 would suggest a recovery is underway.
Gold Jun Contract (GC, ETF: (GLD)) Monday night’s low blipped-down to 1546.80. The regular session essentially ranged relatively narrowly around Monday’s 1556.50 lows before finally breaking lower under the overnight low. The drop targeting 1526.50 remains intact.
Silver Jun Contract (SI, ETF: (SLV)) More fresh lows Tuesday have now essentially fulfilled potential to 27.60. Bounces have room up to 29.00 without yet gaining traction for a recovery.
30-year Treasury Jun Contract (US, ETF: (TLT)) Continual probing of Monday’s highs suggest that a surge to 147-08/147-10 will try to end this leg of the rally. There otherwise remains room down to 145-20 before suggesting that sellers are gaining traction.
Crude Oil Jun Contract (CL, ETF: (USO)) Tuesday’s high came within 2 cents of its 95.50 bounce limit before dipping back to session lows, and then sharply lower to new lows testing 93.00. Despite being at new lows, bounces still have room up to 95.50 before signaling that sellers may be losing traction.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL)) Side-stepping the carnage and volatility among other markets does not make Natural Gas any more likely to rally without a deeper pullback first.
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