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 week ended with a second consecutive day of retracements among my coverage, back to pivotal levels.Extending almost any further Monday in any of those markets, on a closing basis, would likely extend much further into the week. This excludes Natural Gas, which extended its rally to what could be its near-term peak.
Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Thursday’s break under 83.05-83.10 touched its 82.25 target at Friday’s low. The open gapped down to the upper-end of its 82.52-82.40 sell signal, and closed while testing its lower-end. Either the signal triggered and its delayed extension down on Monday will be dramatic, or else the signal was absorbed to launch another rally leg — probably by gapping up.
Eurodollar Jun Contract (EC, ETF: (FXE))
Friday was a second consecutive higher close, confirming that momentum reversed up from Thursday’s Key Reversal recovery from a fresh low. The 1.3107 high filled the gap back to the prior Thursday’s outstanding gap, from which the market plunged on the NFP report. Nevertheless, the recovery gets a benefit of the doubt so long as 1.3005 holds as support.
Gold Apr Contract (GC, ETF: (GLD))
1596.50 was tested Friday morning, and 1601.00 remains in-play so long as 1587.00 holds as support. Under 1584.00 would signal momentum reversing down, probably to new lows attacking 1550.00.
Silver May Contract (SI, ETF: (SLV))
Despite gapping up, Friday’s session ranged sideways as was expected. There is still no compelling signal, but the range should widen.
30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s close at new highs for the week testing 142-00 still has room up to 142-10, whose break on a closing basis would trigger a larger upleg targeting 143-20 or 144-00. Reversing down immediately, instead, back under 141-10 would reinstate the outstanding 140-08 objective.
Crude Oil Apr Contract (CL, ETF: (USO))
Friday’s gap up to test 93.85 did not extend higher intraday, but the 93.45 close recovered back above prior highs after filling the gap back down to Thursday’s ~93.00 close, still requiring the rally to extend higher without delay if valid.
Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The week’s steep rally ended at Friday’s opening gap up to test 3.92. as the balance of the session consolidated back down to 3.85. Back under 3.75 would target 3.60 for only a corrective dip, or for new lows back under 3.50. Otherwise, extending higher Monday would next target 4.00 and 4.35.
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