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 false break indication cannot be a false break, itself. So, Monday’s complete recovery of Friday’s tumble isn’t necessarily bullish. And it underscores last week’s elastic session that first predicted trending about to begin. But it does create a new timing window described below… Meanwhile, has Crude Oil finally bottomed?

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
The drop from 84.45 extended Monday to test “lower prior highs” at 82.40. Back above 83.15 would signal the pullback had ended, with new highs in-play.

Eurodollar Jun Contract (EC, ETF: (FXE))
1.2955 helds as support Friday to maintain momentum for the 1.3110 target, which was tested at Monday’s high. A pullback has room down to 1.3020 before suggesting that momentum is reversing down, although pullbacks should hold 1.3015 if the rally intends to extend.

Gold Aug Contract (GC, ETF: (GLD))
Friday’s post-close extension down to 1385.00 was recovered Sunday night to test the 1398.50 bounce limit by $3. A dip back to 1390.00 Monday morning was recovered more substantially to 1416.50, well above the 1398.50 bounce limit. The drop must resume without further delay — and aggressively — to avoid a much bigger rally leg.

Silver Jul Contract (SI, ETF: (SLV))
Monday’s gap up was retraced to almost fill the gap below back to Friday’s 22.22 close before recovering to fresh highs at 22.90, which more fully filled the gap above back to Thursday’s 22.70 close. The attraction above was neutralized thanks to impatient buyers at the attraction below. Back under 22.35 would again be credible for trending down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Another flight-to-safety Monday morning triggered a retest of Friday’s pre-open rally to 142-13. Its reaction down still held 142-00 as support, so a bottom may be forming, so long as 141-06 isn’t broken.

Crude Oil Jul Contract (CL, ETF: (USO))
Friday’s “inside day” was followed by another Monday, sort of. It was also contained within Thursday’s range, but probed above Friday’s high. Any higher Tuesday would still be credible for triggering a rally back up to 96.00, and probably then on to 98.10.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
The 4.11 buy signal wasn’t even attacked Monday, as 4.00 was probed as support.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…