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 Silver’s early drop to a new low was recovered back above relevant support. Unless repeated immediately, Thursday should rally obviously, back to recent highs, and eventually through them.
Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Tuesday night’s rally through 83.20-83.40 gapped up Wednesday to fresh highs testing 83.50. Pullbacks must now hold tests of 83.30 to maintain the breakout, and a close under 83.00 would signal momentum reversing down sharply.
Eurodollar Jun Contract (EC, ETF: (FXE))
Wednesday’s immediate follow-through to fresh lows was appropriate for Monday’s breakout, since Tuesday’s confirmation was only a new low close. The trend remains down so long as 1.2865 is not recovered.
Gold Apr Contract (GC, ETF: (GLD))
Wednesday’s recovery back above 1596.50-1601.00 neutralized an outstanding gap above. Sellers must retake control by Thursday afternoon to avoid a new upleg launching. (Coverage rolls tomorrow to Jun)
Silver May Contract (SI, ETF: (SLV))
Wednesday’s gap down to 28.32 narrowly avoided piercing prior lows. So, recovering the intraday low’s new low to close back above 28.65 left no unfinished business below. Almost any higher high initially Thursday, confirmed above 29.10, could extend up above 30.35.
30-year Treasury Jun Contract (US, ETF: (TLT))
The delayed breakout above 143-22 compensated for its delay Wednesday by gapping up sharply to 144-16. Extending higher without delay Thursday would target 145-14 and 145-22.
Crude Oil May Contract (CL, ETF: (USO))
The opportunity for a pullback Wednesday was only shallow as an initial dip was recovered to fresh highs testing 96.85. The 99.00 target remains intact, now likely to be met without much further hesitation.
Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s failure to confirm Monday’s break lower was rewarded by probing fresh highs Wednesday above 4.00. A second consecutive higher close Thursday would target 4.40..
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