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 Now that Crude Oil has confirmed a breakout, a corrective dip or pause Wednesday would help to ensure a bigger rally underway.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Sideways ranging Tuesday probed into the 83.20-83.40 area, but no upside traction was gained that would signal the rally has resumed.

Eurodollar Jun Contract (EC, ETF: (FXE))
Tuesday’s retest of Monday’s lows almost qualifies as a second consecutive lower close to confirm a new downleg underway. Immediate follow-through Wednesday would be helpful.

Gold Apr Contract (GC, ETF: (GLD))
Tuesday’s gap down retested 1601.00 and 1596.50, and almost closed under both which would have signaled a new downleg underway.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s initial dip held 28.65 support again, preventing a new downleg from being signaled.

30-year Treasury Jun Contract (US, ETF: (TLT))
Another reaction down from 143-22 Tuesday was recovered almost enough to trigger its buy signal.

Crude Oil May Contract (CL, ETF: (USO))
Tuesday’s second consecutive higher close above 94.00 attacked 96.00. The pattern doesn’t require extending higher to 99.00 without delay, which would make the extension less durable than if Wednesday were to dip slightly first.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce avoided a second consecutive lower close reacting down from the 4.00 target, which would have put into play 3.30-3.35.

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