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 rally might not be done, but its predictable stage is. That much we knew at the open. At the close we knew the rally had not extended above its target. That is one step removed from being a sell signal, which it will become if Friday isn’t extending Gold much higher.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
All of a three-week rally was retraced back to its origin by Thursday’s low, which was the low so far of a one-week drop. There is no reason why the pattern should avoid probing even lower lows, although there is no requirement not to bounce first.

Eurodollar Jun Contract (EC, ETF: (FXE))
Near-term downside had been invalidated above 1.3755-1.3760, but the pattern never offered a credible buy signal on its way up to 1.3900. The test of higher-prior lows is difficult to extend higher without any accumulation behind it, which is only nominal.

Gold Jun Contract (GC, ETF: (GLD))
Overnight probing well above 1317.00 to 1325.00 had fulfilled the pattern’s objective, and then some. The balance of the session was flat, supported just above 1317.00, with no new signal in-play.

Silver May Contract (SI, ETF: (SLV))
Yet another retest of 19.75 support Wednesday reacted up, but Thursday’s recovery was the most substantial of the sequence yet, and the closest to fulfill the attraction outstanding above at 20.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
The 134-06 gap was filled finally. Between that momentum, a successful auction, and Thursday’s broader market weakness that inspired a flight-to-safety, the pattern extended to fresh highs. A pullback to 134-06 is likely, but also likely to hold if tested.

Crude Oil May Contract (CL, ETF: (USO))
Narrow ranging Thursday didn’t extend the rally, but also held the tight 103.25 pullback limit. Dipping would be that much less likely to reverse the rally’s momentum.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Still no pullback. Au contraire. Reaction to Thursday’s EIA surged to 4.70. A pullback to 4.55 would be normal for this pattern, even in the most bullish scenario.

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