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 long-outstanding objective to test fresh lows didn’t take long once the recent distribution ended. While a lot of selling pressure has been satisfied, an immediate recovery would be suspicious.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Tuesday’s recovery attempt was retraced entirely Wednesday. Closing any lower Thursday would signal a new downleg underway, so the rally’s resumption cannot afford to hesitate.

Eurodollar Jun Contract (EC, ETF: (FXE))
Tuesday’s resumption of the decline was half-hearted, so Wednesday’s bounce wasn’t surprising. Since 28.55 held its test, resuming the decline Thursday would still be credible.

Gold Jun Contract (GC, ETF: (GLD))
Despite extending Tuesday’s plunge overnight, Wednesday’s open had retraced much of the extra drop. Another downleg extended much further to finally test the 1550.00 target area. Bouncing more than $10 from testing 1547.50 would be the first suggestion that the drop had ended.

Silver May Contract (SI, ETF: (SLV))
The drop extended down sharply to 26.67. Bounces must now hold 27.29 to maintain the decline’s momentum.

30-year Treasury Jun Contract (US, ETF: (TLT))
The rally had been unlikely to extend by gapping, so Wednesday’s open trended up to the 145-14 target, and to within 2 ticks of the 145-22 target. Back under 145-14 would signal the rally had ended.

Crude Oil May Contract (CL, ETF: (USO))
Absorbing two consecutive intraday dips recovering to 97.00 from 96.00 didn’t allow any further hesitation Wednesday before resuming the rally. But the open immediately dipped, and the session extended down to this week’s lowest levels attacking 94.00. Unless rejected immediately Thursday, 99.00‘s test will require forming a new accumulation pattern.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
There was nothing bullish about Tuesday failing to reject yet another test of 3.97, so Wednesday’s session dipped to fresh lows at 3.91. There is no signal.

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