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 Despite rejecting fresh highs overnight, Crude Oil never attracted bearish sponsorship Monday, keeping alive potential for extending the rally.
Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Friday’s late dip held the 82.15 pullback limit, but Monday’s firming barely qualified as resuming the recovery attempt targeting 82.80.
Eurodollar Jun Contract (EC, ETF: (FXE))
Holding the 1.3105 bounce limit Friday allowed Monday to resume the decline, although the session only slid within its range.
Gold Jun Contract (GC, ETF: (GLD))
Choppy sideways ranging throughout the session maintained positive territory, but was too shallow to gain traction. I can’t yet discount the potential for probing above 1483.00 intraday, or even closing above it.
Silver Jul Contract (SI, ETF: (SLV))
Monday’s sideways ranging gained no traction either way. But it also further delayed dipping to 22.95, which is starting to make it less likely.
30-year Treasury Jun Contract (US, ETF: (TLT))
Monday soon resumed the decline and extended under Friday’s 146-27 low down to 146-14. This extension undermines the opportunity for a corrective bounce, which is now unlikely so long as 147-02 holds as resistance.
Crude Oil Jun Contract (CL, ETF: (USO))
Fresh highs overnight probing above 97.00 were retraced back into negative territory under 95.00 by Monday’s open. The reversal didn’t extend either, and the balance of the session ranged sideways at or under Friday’s ~96.00 highs. Almost any early strength Tuesday would confirm 98.10 is in-play.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s gap down retested Friday’s dip into the 3.95-4.00 area. A bounce filled the open’s gap back to Friday’s close, neutralizing its attraction above. There is no unfinished business above or below.
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