Daily Spot

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.

Today’s Highlight Gold’s plunge has extended considerably. That often precedes a stock market swoon, but not timed to the penny. Meanwhile, currencies seems a bit shaken up, too.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Second consecutive higher close Thursday confirms Wednesday’s break above prior highs, requiring there to be at least one eventual higher close, and potentially an upleg targeting 80.90.

Eurodollar Jun Contract (EC, ETF: (FXE))
Second consecutive lower close Thursday confirms Wednesday’s break under prior lows, requiring there to be at least one eventual lower close, and potentially a downleg targeting 1.3655-1.3660.

Gold Apr Contract (GC, ETF: (GLD))
Despite two aggressive downdays already testing 1349.00 and 1342.00 respectively, Thursday plunged again to test 1321.00. That’s the lower-end of the unstable base that launched the last upleg. It should be able to absorb this reversal down that has already expended a lot of selling pressure, but perhaps not if 1333.00 isn’t recovered immediately, and then immediately productive.

Silver May Contract (SI, ETF: (SLV))
Thursday’s gap down to 20.15 support bounced back up throughout the day, but not back above anything meaningful. Higher prior lows at 20.70 might be tested, but a recovery Friday isn’t likely — or wouldn’t be likely to extend higher next week.

30-year Treasury Jun Contract (US, ETF: (TLT))
An overnight bounce to 132-20 was long since retraced before Thursday’s opening low at 131-24. It was retraced intraday to test 132-08 resistance, but not recovered to even begin signaling momentum is reversing up.

Crude Oil May Contract (CL, ETF: (USO))
A reest of the 99.40 confirmation (basis May, 100.45 basis Apr) was reversed back down to the 98.55 (basis May, 99.50 basis Apr) buy signal that had triggered Wednesday. Still needs confirmation on a closing basis.

Natural Gas Apr Contract (NG, ETF: (UNG, UNL))
The week’s break higher was further proved false as suspected, with Thursday’s dip back to the 4.35 low. Just touching it probably won’t suffice as a durable bottom.

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