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 capitulation Monday offered the first opportunity in months for a durable bottom to form. So did Monday’s second capitulation. The third capitulation might have been the charm. But even a 3-digit rally Tuesday wouldn’t prove that — a pattern will still need to form.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Monday’s inside day keeps alive the drop targeting 81.40, so long as “sleeper resistance” at 82.65 is not recovered.

Eurodollar Jun Contract (EC, ETF: (FXE))
Monday’s inside day ranged around its 1.3065 pullback limit, requiring that the rally resume without delay to maintain its potential to the 1.3325 target. Closing negative Tuesday would instead end the rally, and target 1.2990.

Gold Jun Contract (GC, ETF: (GLD))
There is no change to the scenario and parameters defined in Monday’s intraday post, linked here.

Silver May Contract (SI, ETF: (SLV))
Closing Tuesday back above Monday’s 24.10 opening gap down would be the earliest indication that a bottom may be forming.

30-year Treasury Jun Contract (US, ETF: (TLT))
The 148-00 bounce target was tested pre-open and post-open during the most aggressive segments of Monday’s stock market decline. Fresh highs at 149-16 now require that pullbacks hold tests of 147-14 as support.

Crude Oil May Contract (CL, ETF: (USO))
Closing under the drop’s next target at 89.25 Monday now requires its immediate recovery to prevent extending the decline.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Friday’s unstable breakout was confirmed as such by Monday’s drop back to Thursday’s close. Another rally effort would now be credible for gaining traction.

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