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 fresh low Monday must be rejected immediately to even begin suggesting that last week’s bottoming effort can resume. Meanwhile, any delay to Gold extending higher would be bearish. So, both precious metals falling in unison Tuesday would be appropriate if recoveries are going to be avoided.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Monday’s drop back to last Monday-Tuesday’s 82.90 lows retraced 61.8% of the rally to last week’s high, so there is no reason to further delay resuming the rally to retest last week’s high.

Eurodollar Jun Contract (EC, ETF: (FXE))
Monday’s bounce filled a gap back to last Tuesday’s close, while also testing 1.2855 resistance, so the decline has no excuse not to resume immediately.

Gold Jun Contract (GC, ETF: (GLD))
Not immediately diving Monday does suggest that last week’s pullbacks were absorbed. Now the burden of proof has shifted, and there is no reason to further delay launching an upleg. So, any further delay in rallying would again be bearish.

Silver May Contract (SI, ETF: (SLV))
Thursday’s attack on Wednesday’s low had left the door open to launching a recovery leg. Monday’s probe under  Wednesday’s lows slammed it shut.

30-year Treasury Jun Contract (US, ETF: (TLT))
Despite Monday’s dip extending the pullback to 144-00, recovering intraday back to last week’s highs still allows the rally to resume by gapping up.

Crude Oil May Contract (CL, ETF: (USO))
Monday’s opening dip back under 96.00 was retraced almost entirely back above 97.00. Closing above 97.20 would confirm the leg targeting 99.00 remains intact.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s dip had neutralized the attraction back to a lower gap. Its retest by Monday’s gap down was recovered back into positive territory.

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