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 drop Tuesday managed to hold just above last week’s low. That’s a lot of optimism for being down by double-digits. And that’s typically not the stuff of bottoms. Even if only to conclude a corrective dip, fresh lows are likely.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Tuesday’s gap down held the 82.15 whose test Friday had maintained the potential for bouncing up to 82.80.

Eurodollar Jun Contract (EC, ETF: (FXE))
Ranging around the 1.3105 bounce limit Tuesday kept alive potential for resuming the decline, or at least retesting recent lows.

Gold Jun Contract (GC, ETF: (GLD))
The potential that had emerged recently for probing a fresh high above 1483.00 proved only fleeting, as Tuesday plunged back to recent lows attacking 1440.00. So long as bounces now hold any test of 1551.00, dropping back under 1442.50 would confirm the correction down to 1429.50 is underway.

Silver Jul Contract (SI, ETF: (SLV))
Monday’s further delay of the 22.95 pullback objective’s test was starting to make it less likely, and Tuesday tried compensating by gapping down sharply to 23.40. The gap back to Monday’s 23.95 close was filled, neutralizing its attraction above, and back under 23.55would signal that 22.95 was in-play.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s missed opportunity for a sizable corrective bounce had indicated the trend remained down near-term, probably targeting 144-28. Tuesday’s slightly lower lows all but require the slide to accelerate Wednesday if valid.

Crude Oil Jun Contract (CL, ETF: (USO))
Tuesday’s attack on Monday’s probe under 94.90 never recovered back above 96.00, but sellers did not gain traction, so the rally targeting 98.10 remains in-play.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Two consecutive recoveries from dipping intraday into the 3.95-4.00 area did not prevent Tuesday from sliding to fresh lows. Now a close above 4.05 would signal preliminarily that momentum is reversing up to at least test 4.15. There is otherwise no active signal.

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