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 Gold’s fresh high could extend higher, back to recent highs, if Tuesday’s test of its bounce target isn’t rejected through Wednesday’s close.
Dollar Basket Jun Contract (DX, ETF: (UUP, UDN)) Monday afternoon’s narrow ranging didn’t persist. But Tuesday’s choppiness didn’t gain traction. Probes into positive and negative territory did not gain traction. A retest of 83.39 remains possible so long as 82.35 were to hold as support, which Tuesday’s low did.
Eurodollar Jun Contract (EC, ETF: (FXE)) Tuesday’s choppy session ended nearly unchanged. The outstanding gap open below at 1.2325 remains in-play so long as 1.2555 is not recovered.
Gold Aug Contract (GC, ETF: (GLD)) A second consecutive higher close Tuesday would have put into play 1611.00. But that was already fulfilled intraday. An overnight dip had held the 1584.00 pullback limit and soon after the open recovered into positive territory, extending up to 1619.00. Prior highs can be tested up to 1644.50 so long as 1600.00 now holds as support. But closing under 1595.00 would signal momentum reversing back down.
Silver Jul Contract (SI, ETF: (SLV)) The attraction back up to last Wednesday’s 29.30 gap up remains the pattern’s only active pattern, with potential above it to 30.00-30.35, so long as 28.75 holds as support.
30-year Treasury Jun Contract (US, ETF: (TLT)) Nearly all of Tuesday’s session ranged narrowly around 148-18. No prior low was probed, so sellers gained no traction, leaving outstanding the attraction back up to the 150-06 gap back to Friday’s open.
Crude Oil Jul Contract (CL, ETF: (USO)) Tuesday’s session only ranged narrowly around 83.00, instead of recovering it, which maintains the attraction to retest the 81.35 low.
Natural Gas Jul Contract (NG, ETF: (UNG, UNL)) Monday’s break lower, like Thursday’s, was not confirmed the following day. Tuesday was instead an “inside day.” Sellers productivity has yet to gain traction. Still a close above 2.32 is needed simply to signal the drop’s momentum has ended.
[/pay]
Share your questions and comments on this post in the blog, or in the chartroom…