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 The long bond’s near capitulation Tuesday night is suggesting a lot of commodity volatility just ahead.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Tuesday’s attack on the 84.45 buy signal had stopped pessimistically short, so Wednesday’s gap down back to 83.55 shouldn’t be able to extend.

Eurodollar Jun Contract (EC, ETF: (FXE))
Tuesday’s drop from 1.2955 resistance was retraced entirely overnight. Wednesday held 1.2955 resistance, but the drop has once again lost momentum without closing back under 1.2875.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s gap up and $10 sideways range formed an inside day without predictive value. But the next trending beyond 1377.00-1398.50 is still likely to trend sharply.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s narrow inside day was not predictive, and the week-old 21.80 opening gap below should still be filled.

30-year Treasury Jun Contract (US, ETF: (TLT))
Sharply lower lows Tuesday night down to 139-29 were recovered before Wednesday’s open, and the session never really probed under 141-00. Closing under 141-05 would resume the decline. There is otherwise resistance up to 142-00 and then 142-24 before assuming a bigger bounce is underway.

Crude Oil Jul Contract (CL, ETF: (USO))
Tuesday’s bounce to 96.00 resistance was rejected immediately. Wednesday’s gap down to 94.35 bounced momentarily to 95.15 before reversing much lower to 93.10. Back above 94.70 would now be credible for retesting and then breaking above 96.00 targeting 98.10.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Wednesday’s fresh pullback lows held a test of 4.11 (basis Jul, 4.05 basis Jun) but stopped short of recovering above 4.22 to signal momentum reversing up.

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