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 Natural Gas extended higher without any deeper correction. April 23’s UNG long from 14.75-14.95 is attacking its 20.00 target. That isn’t necessarily a top, but its test — especially if done on Monday — may be the last opportunity to trigger a healthy refueling pullback.
Dollar Basket Jun Contract (DX, ETF: (UUP, UDN)) A slightly higher high overnight was not retested Friday. But the intraday pullback still avoided testing 81.30, let alone breaking under it which would trigger a sizable downleg.
Eurodollar Jun Contract (EC, ETF: (FXE)) Another new trend low — this time under 1.2650 and this time only overnight — nonetheless returned back up to the decline’s 1.2725 objective. Then a late-afternoon surge tested 1.2788. A second consecutive higher close would suggest a bottom was in. Otherwise, the downtrend should soon resume.
Gold Jun Contract (GC, ETF: (GLD)) Thursday’s upcrash extended higher Friday instead of being rejected through the open, so it is now likely to extend higher into Monday morning, probably to 1611.00. Back under 1578.00 would signal the rally had ended already.
Silver Jun Contract (SI, ETF: (SLV)) The rally extended higher Friday, closing above 28.65 but not quite yet touching 29.00, which remains in-play so long as 28.65 were to hold as support.
30-year Treasury Jun Contract (US, ETF: (TLT)) Fresh highs overnight up to 148-20 were retraced intraday down to 147-18, holding the 147-22 pullback limit. Buyers gained no new traction and closing under 147-14 would signal momentum reversing down.
Crude Oil Jun Contract (CL, ETF: (USO)) The decline’s 91.75 target was finally tested intraday. But new lows were probed into the close down to 91.08. Unless 91.75 were recovered through Monday’s close, the next lower target at 86.00 is in-play.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL)) Despite being suspicious for not yet having corrected any deeper on the way up, the rally extended to fresh highs Friday at 2.76. Now the rally can extend up to 2.88 so long as pullbacks were to hold 2.62 as support.
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