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 double-digit drop Sunday night came close to satisfying targets before bouncing sharply intraday. Avoiding new lows is still unlikely. Meanwhile, Crude Oil behaves as if it wants to put in more than a corrective bounce.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Monday’s dip eventually probed under the 83.95 pullback limit. A second consecutive lower close Tuesday would confirm it failed to hold. Otherwise, closing back above 84.45 would signal the rally resuming to 85.30.

Eurodollar Jun Contract (EC, ETF: (FXE))
Gapping up slightly and firming throughout the day did not undermine the potential for resuming the decline to 1.2745.

Gold Jun Contract (GC, ETF: (GLD))
The extended 1333.00 target was attacked twice to within $3 Sunday night. Its reaction up to 1398.00 Monday was excessive optimism, although so was the pre-open surge to 1362.00. Back under 1357.00 would resume the decline targeting new lows. Closing above 1383.00 for two consecutive sessions would signal a bigger bounce underway targeting 1455.00-1460.00.

Silver Jul Contract (SI, ETF: (SLV))
Sunday night’s steep drop to 20.25 was reversed up sharply to test 23.25, whose recovery is the minimum requirement to signal the trend reversing up. Otherwise, at least a retest of 21.80 is likely.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s gap up was soon rejected, and the 143-13 sell signal was attacked. Recovering Monday’s high above 144-18 may be the only path to avoid probing new lows.

Crude Oil Jun Contract (CL, ETF: (USO))
96.00 was finally exceeded, aggressively, testing 97.10. Pullbacks should now 96.00 as support for the rally to extend to 98.10, and potentially 104.50.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Friday’s recovery to the 4.05 buy signal was bullish, and Monday’s open extended without delay to the 4.16 target. The reaction down from there held 4.05 as support, but 4.16 is still the buy signal for triggering a new rally leg.

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