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 head-fake bounce on Wednesday was never completely rejected Thursday. But it was rejected to the point of almost reversing momentum down. Anyway, the first shot across the bow isn’t usually followed by a second one. So Friday’s trending — not only in Gold — should extend through Monday morning.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
The basket’s weighting prevented extending higher Friday, so Thursday’s breakout has yet to be confirmed.

Eurodollar Jun Contract (EC, ETF: (FXE))
Friday’s fresh low confirms the breakout, with near-term support at 1.3655-1.3660 and targeting 1.3575.

Gold Jun Contract (GC, ETF: (GLD))
Thursday’s drop back to its 1285.50 pullback limit launched a bigger rally leg Friday. There is potential to 1317.00 so long as 1298.00 holds as support.

Silver May Contract (SI, ETF: (SLV))
Curiously, the initially favorable reaction to the Employment Situation report wasn’t maintained. But closing higher Monday would confirm 20.70 is in-play.

30-year Treasury Jun Contract (US, ETF: (TLT))
Greeting Friday’s report from closing above 132-06 Thursday made a favorable reaction likelier. But the pullback’s depth makes a favorable reaction only temporary. There is potential up to 133-28 and 134-06 so long as pullbacks now hold 132-28 as support.

Crude Oil May Contract (CL, ETF: (USO))
Closing above 99.80 Thursday put into play 101.00, which was probed Friday, signaling new relative highs above 102.35-102.60 in-play.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Friday’s weakness to 4.42 should suffice for resuming the near-term rally up to 4.53.

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