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 multi-session plunge was not at all on my radar, not until the highs were more formally rejected. But they were summarily rejected, and the unstable base that launched the last upleg is now being probed very quickly upon being revisited from above. This price action is unusual. Not terribly much, but a little. Much more odd is that no other patterns even suggest this possibility.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Monday’s open firmed despite there being no rush to resume the confirmed rally. The attempt didn’t extend for very long before retracing to fresh lows in negative territory. The dip recovered to hold 80.00 support, so there is now no reason to delay the rally.

Eurodollar Jun Contract (EC, ETF: (FXE))
Monday’s open dipped immediately despite there being no rush to resume the confirmed downleg. It reversed up to probe a fresh high that held 1.3855 resistance, so now the decline’s resumption is more pressing.

Gold Apr Contract (GC, ETF: (GLD))
Friday’s bounce above 1333.00 to 1342.00 didn’t extend higher, and instead slid to fresh lows at 1308.50. Back above 1322.00 would be credible for triggering a bigger rally targeting 1349.00 or higher. But the pattern is otherwise vulnerable to collapse.

Silver May Contract (SI, ETF: (SLV))
Fresh lows tested 20.00 on Monday before “higher prior lows” could be tested to help form a bottom.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s gap down deflated Friday’s weak-handed rally that had stopped short of testing 132-30 resistance. Recovering intraday was better prepared to extend through 132-30 to fresh highs at 133-11, now targeting at least 134-06.

Crude Oil May Contract (CL, ETF: (USO))
Friday’s reaction down from 100.00 to test 99.50 was still being tested Monday. There is no bullish reason for the delay, but also no reason to turn bearish so long as 99.50 holds as support.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to May from Apr, pricing is essentially on par] Narrow ranging at the lows Monday did not affect the pattern, which may be in the early stages of forming a bottom.

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