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 make-or-break point at Thursday’s close plunged sharply through support to prove it had been chipped away, suggesting a much deeper downleg underway. Can Crude Oil extend its rally simultaneously?
Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
82.00 was barely attacked Friday, and not at all tested, which was the least requirement for signaling that momentum was reversing up.
Eurodollar Jun Contract (EC, ETF: (FXE))
Friday’s reaction down from 1.3266 after the Employment Situation report retraced only the 1.3200 origin of Thursday’s last surge. That doesn’t preclude retesting Thursday’s high up to 1.3333.
Gold Aug Contract (GC, ETF: (GLD))
Resuming the decline after Thursday’s retest of 1421.60 required literally plunging through 1410.00 to under 1390.00, or else the rally would extend sharply. Friday’s reaction to the Employment Situation report did plunge, to test 1377.00. Closing under last week’s 1385.00 lows now requires a second consecutive lower close Monday to confirm a new downleg is underway.
Silver Jul Contract (SI, ETF: (SLV))
Friday’s plunge from 22.70 extended down to the outstanding objective below at 21.80, which was still being tested at the close. Closing under 21.55 Monday would confirm a new downleg underway.
30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday’s failed probe of “higher prior lows” before closing back under 141-12 did not preclude the pattern from still forming a bottom, but did require extra work to be done at its 139-16 and 139-04 lows. Friday’s reaction to the Employment Situation report stopped optimistically short within 1 tick of the first objective, to all but ensure extending down to a fresh low.
Crude Oil Jul Contract (CL, ETF: (USO))
Friday’s test of the minimum 96.00 target up to 96.30 absorbed a negative knee-jerk reaction to the Employment Situation report. The extra refueling all but ensures extending higher to the 98.10 target, so long as 95.65 now holds as support.
Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Ranging narrowly sideways Friday did not qualify as a second consecutive lower close, so Thursday’s break isn’t confirmed. That’s not a buy signal, and it doesn’t preclude extending down, but at least it clears the way for a buy signal to form.
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