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 surge through its target may have entrenched the upleg so that it can afford to pause momentarily.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Tuesday’s break extended lower Wednesday, confirmed at least one more lower close is in-play.

Eurodollar Jun Contract (EC, ETF: (FXE))
Tuesday’s bounce extended higher  Wednesday, especially after the FOMC Minutes, making last week’s confirmed breakout unlikely to resume without first forming a new distributive pattern.

Gold Jun Contract (GC, ETF: (GLD))
An overnight retest of Monday’s night higher formed a Double Top that reversed down to 1302.00-1303.00 support, which was recovered entirely in reaction to the FOMC Minutes. So long as support holds, there remains potential for extending the bounce to 1317.00 before the decline’s last downleg begins.

Silver May Contract (SI, ETF: (SLV))
Gapping down Wednesday held 19.75 support, and then rallied after the close in reaction to the FOMC Minutes. There remains potential up to 20.75, so long as 19.75 holds as support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s gap down held 132-28 as support to maintain potential for filling the gap back up to 134-06.

Crude Oil May Contract (CL, ETF: (USO))
Extending Wednesday through the original 102.35-102.60 target to 103.55, where closing back under 103.25 would jeopardize this leg’s momentum.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Fresh highs Wednesday suggest a bottom is in, but not that this leg will avoid correction down to 4.22. In any case, there is not currently a signal in-play.

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