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 bounced back up to the decline’s prior target, testing it as resistance. The pattern’s lows still need to be retested. Falling from this height would be likelier to absorb the selling pressure to form a durable bottom.
Dollar Basket Jun Contract (DX, ETF: (UUP, UDN)) Wednesday’s eventual drop held prior support at 82.35. Now a close above 82.70 would signal a retest underway of last Friday’s 83.39 opening gap.
Eurodollar Jun Contract (EC, ETF: (FXE)) An overnight rally did what two prior sessions had not, and at least attacked a prior high at 1.2545. The morning’s pullback filled the gap back to Tuesday’s close under 1.2445, and then resumed the rally to 1.2575. Last Friday’s 1.2334 opening gap remains outstanding, and its test would be put into play by closing under 1.2490.
Gold Aug Contract (GC, ETF: (GLD)) The 1635.00-1642.00 target remained outstanding through two days of ranging narrowly at 1611.00-1624.00. Wednesday’s open gapped up to fulfill the target. Much of the session ranged narrowly there, but eventually began a pullback to retest the consolidation’s “lower prior highs.” There is no active signal until either closing under 1611.00, or until after another bounce from 1624.00 were to retest 1635.00-1642.00.
Silver Jul Contract (SI, ETF: (SLV)) Wednesday’s gap up compensated for the delayed lag from Gold’s recent rally. The 30.00-30.35 target remains in-play.
30-year Treasury Jun Contract (US, ETF: (TLT)) The drop extended lower Wednesday to 148-16, dropping more than 2 points to no longer bec qualify as only a pullback. But 153-04 would still be put into play back above 150-00.
Crude Oil Jul Contract (CL, ETF: (USO)) There has been no active signal; only resistance above at the 86.00 and at the 81.25 recent overnight lows. Back under 84.00 would put into play a retest of 81.25.
Natural Gas Jul Contract (NG, ETF: (UNG, UNL)) Wednesday’s dip held 2.40 to prevent sellers from regaining traction. But it also avoided extending above 2.50, which is still needed to resume the rally.
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