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 bounce target that was put into play Monday was fulfilled on Tuesday. And it held as resistance. Trying to resume the recovery too quickly would destroy a bottoming opportunity — like Monday morning’s initial bounce.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Tuesday’s gap down extended to fresh lows  and the 81.40 target remains in-play, now so long as bounces were to hold any test of 82.20 resistance.

Eurodollar Jun Contract (EC, ETF: (FXE))
Gapping up Tuesday and extending higher to fresh highs at 1.3208 keeps alive the 1.3325 target, which now requires that pullbacks hold any test of 1.3105 as support.

Gold Jun Contract (GC, ETF: (GLD))
Despite falling to lows overnight at 1321.50, Tuesday’s open gapped up to test the 1400.00 target that had been put into play above 1364.00. Its reaction down to 1372.50 ranged sideways back to 1395.00. Back under 1364.00 would target fresh lows, perhaps launching a new downleg with potential down to 1220.00. Back above 1400.00 would target 1428.00 and higher.

Silver May Contract (SI, ETF: (SLV))
Monday night’s fresh low down to 22.00 was recovered Tuesday up to almost 24.00. An upleg would be signaled underway by closing above 24.15.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s dip back into negative territory held a test of the 147-14 pullback limit, maintaining the likelihood to resume the rally next targeting 149-16.

Crude Oil May Contract (CL, ETF: (USO))
Tuesday’s second consecutive close under 89.25 essentially requires a close under 87.00 to follow.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s opening gap up to the 4.18 resistance was reversed back to the recent Triangle’s 4.08 prior low. That was recovered back into positive territory, attacking 4.18. Initial strength Wednesday would be credible for forming a bullish 2-day Pivot Reversal pattern, confirmed by extending to close at fresh highs targeting 4.50.

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