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 Having rested on its laurels Friday, the Natural Gas rally should not be further delayed past Monday if it is valid.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Very flat narrow ranging Friday was biased downward, still contained within Wednesday’s range. Compressing selling pressure without breaking lower makes a snap up to fresh highs likely.

Eurodollar Jun Contract (EC, ETF: (FXE))
Friday’s narrow ranging held 1.2955 resistance. The decline must resume without much further delay to avoid a bigger bounce targeting 1.3100.

Gold Aug Contract (GC, ETF: (GLD))
Ranging narrowly above and around 1383.00 has validated the level’s relevance, but neutralized its predictive value. The next durable trend should begin by reacting to a false break, probably from testing 1398.50.

Silver Jul Contract (SI, ETF: (SLV))
Friday’s session wasn’t required to resume trending either way, but its timing does suggest the next trending attempt will be false.

30-year Treasury Jun Contract (US, ETF: (TLT))
Ranging at recent lows into the weekend without yet rejecting the recent drop — and without probing fresh lows intraday — makes any immediate bounce more capable of extending higher, especially if 144-24 were recovered early.

Crude Oil Jul Contract (CL, ETF: (USO))
Recovering Friday’s gap down to gravitate back around 94.00 doesn’t make a rally any likelier to develop. Dipping back under 93.00 would be very vulnerable to extending down intraday.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Having extended the rally Thursday, Friday’s session was not obligated to rally any further, and it did not. But now having taken advantage of the opportunity to rest, the rally does need to resume Monday if it is valid.

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