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 initial surge Friday morning was retraced entirely, but its pullback limit held. Almost any new attempt to rally Monday would suggest that Friday’s “warning shot across the bow” meant business.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Friday’s initial dips were recovered into positive territory, and the afternoon tested the 82.80 bounce limit that must hold in order to keep alive potential for resuming the decline down to 81.40.

Eurodollar Jun Contract (EC, ETF: (FXE))
Friday’s tests of 1.3105 resistance up to 1.3135 were retraced back into Thursday’s range, but never turned negative intraday. The next probe above 1.3105 must extend to fill the gap back up to 1.3200 or else the recovery pattern will be undermined.

Gold Jun Contract (GC, ETF: (GLD))
1395.00-1400.00 served as an inflection point to a surge Thursday night that attacked the 1428.00 objective. Its complete retracement prior to actually touching 1428.00 suggests that its eventual test will extend higher, probably to 1441.00 and then 1456.00. But 1395.00 must meanwhile hold as support, and it was being tested Friday afternoon down to 1391.50.

Silver May Contract (SI, ETF: (SLV))
Friday’s dip to 22.87 didn’t threaten 22.45, keeping alive the attraction up to at least 24.15, but closing above 23.25-23.55 is needed to trigger a breakout.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s narrow ranging around 148.00 was interesting for its lack of volatility, keeping alive potential for at least a temporary probe of fresh highs, potentially up to 149-14.

Crude Oil May Contract (CL, ETF: (USO))
Thursday night’s fresh highs tested 88.80 before reacting back down temporarily into negative territory. Back under 88.15 at this stage would end the rally, resuming the decline to 85.00. Otherwise, almost any further strength would target 91.00.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s surge only consolidated Friday, and did not extend higher to confirm the larger pattern’s breakout. The rally can still resume so long as pullbacks recover quickly from testing 4.30-4.32.

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