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 Did the long bond’s bounce into Thursday’s auction trap all available longs? Not if Thursday’s high is exceeded into the weekend.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
82.15 was recovered very quickly Thursday morning, on the way to 82.40, whose recovery would reinstate momentum targeting 82.80.

Eurodollar Jun Contract (EC, ETF: (FXE))
Thursday’s gap down back under 1.3150 extended to 1.3105, which held tests as support. Its break would renew the decline.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Thursday all but rejected Wednesday’s close above 1467.50, which the balance of the session ranged around. Closing under its 1458.80 low would still signal a bigger slide underway targeting 1429.50.

Silver Jul Contract (SI, ETF: (SLV))
Thursday’s narrow ranging offered no new signal.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s gap up immediately tested the 147-02 bounce limit. Its dip back into negative territory was recovered to fresh highs at 147-12 on the auction results. Its reaction down struggled to hold positive territory, while the bounce limit did hole. Any valid resumption of the decline targeting 144-28 should still be at an accelerated pace.

Crude Oil Jun Contract (CL, ETF: (USO))
Gapping down back to and through 96.00 undermines the rally’s momentum, and its 98.10 target.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Fresh lows on Thursday’s EIA report were recovered back up through the 3.95-4.00 area, which was still being tested through the afternoon. Extending back above it through 4.05 would target 4.16.

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