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 Crude Oil’s target was all but met Friday, while Gold had difficulty extending its otherwise relentless decline, and the long-bond reacted down sharply from its target. I sense a paradigm shift in the air.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Firming Friday still hasn’t accelerated from the recent consolidation, leaving the pattern vulnerable to retesting its lows. Any initial trending would be credible for extending intraday.

Eurodollar Jun Contract (EC, ETF: (FXE))
Friday’s gap down only touched Thursday’s low before bouncing back above Thursday’s close. The bounce didn’t extend, so there is no change to parameters or opinion.

Gold Jun Contract (GC, ETF: (GLD))
Yet another lower low greeted Friday, but it was retraced back into Thursday’s range. Not recovering above Thursday’s high — or at least above 1298.00 — prevented even coming to within proximity of the 1317.00 buy signal. It’s not optimal, but immediate strength Monday could be credible for avoiding the much deeper meltdown potential.

Silver May Contract (SI, ETF: (SLV))
Ranging around the 19.75 support Friday while still not extending under it kept alive potential for being attracted back up to 20.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
I had no higher calculable targets than 134-06 which was tested Thursday and held through its close. Apparently, neither did the market, as Friday trended straight down to 133-05. Preferably, the gap back to 134-06 would be filled before a downleg tries getting underway, but there is no active signal currently.

Crude Oil May Contract (CL, ETF: (USO))
The rally extended higher Friday, at least initially, to within a dime of the 102.35-102.60 target and touching “higher prior lows.” The balance of the session ranged sideways around Thursday’s high, which could be “ineffectual optimism” if not extended higher without much further delay.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Friday’s open immediately extended back down from Thursday’s 4.57 high to Thursday morning’s 4.50 spike high. It held as support, but didn’t launch a recovery. Further delaying a recovery would more likely extend back into the Tuesday-Wednesday 4.56-4.42 range.

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