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 wild swing swung back enough to maintain the rally’s momentum. The threat to it cannot be ignored, and the pattern shouldn’t need much time before resuming its rally if that pattern remains valid.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Monday’s dip held “lower prior highs,” so it could still be considered constructive. Another fresh high would still need to be confirmed by a second consecutive higher close.

Eurodollar Jun Contract (EC, ETF: (FXE))
Monday’s bounce comes after Thursday and Friday signaled and confirmed momentum reversing down, so it should not gain traction in the opposite direction.

Gold Jun Contract (GC, ETF: (GLD))
Monday’s early dip held the 1298.00 support to try launching another upleg, which should follow, since there has already been a one-day rally in this stage of the pattern. Monday’s test of it was difficult, so there is no reason to further delay a recovery.

Silver May Contract (SI, ETF: (SLV))
Gapping down Monday failed a recovery attempt. The open’s gap was filled, but not broken, maintaining potential for resuming and extending the rally.

30-year Treasury Jun Contract (US, ETF: (TLT))
The 132-28 pullback limit wasn’t tested momentarily on the way to extending the bounce Monday, fueled by a flight-to-quality during the stock market weakness, but resisted by 133-28 resistance.

Crude Oil May Contract (CL, ETF: (USO))
Gapping down and dipping relatively sharply lower Monday was recovered to fill the gap back to Friday’s close. Nevertheless, the balance of the session dipped back down to test 100.00 support. Having neutralized the attraction to Friday’s closing gap, closing under 99.50 would signal momentum has reversed down. The trend otherwise remains up.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Friday’s dip to 4.42 was considered both deep enough and timely enough to resume the rally targeting 4.53. The target was met Monday morning, and reacted back down into the range. There is no active signal.

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