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 The long bond’s upward momentum didn’t hurt its chances for overshooting its target Thursday and Friday. But the extra push was exemplary of situations that are impacted by other influences in-line with the pattern.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Gapping up Friday starts to lay the groundwork for a bottom pattern that would recover from probing fresh lows Monday intraday. Otherwise, not probing fresh lows Monday morning would instead be vulnerable to resuming the decline.

Eurodollar Jun Contract (EC, ETF: (FXE))
Choppiness Friday suggests resistance will hold, or at least a temporary pullback will get underway, targeting a test of 1.3800 support.

Gold Jun Contract (GC, ETF: (GLD))
Friday extended the rally’s consolidation, which was still supported by 1317.00 and ranging up to 1823.50.

Silver May Contract (SI, ETF: (SLV))
Thursday’s surge consolidated Friday, still having potential for extending higher to 20.70.

30-year Treasury Jun Contract (US, ETF: (TLT))
Continued stock market weakness Friday encouraged more flight-to-quality that extended the rally to new highs at 134-28. The pattern is next targeting 135-18 so long as 134-06 now holds as support.

Crude Oil May Contract (CL, ETF: (USO))
Fresh highs tested 104.44 Friday and closed at new trend highs to make any immediate dip unlikely to gain traction.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Friday’s slight pullback helps to confirm that Thursday’s high may have held resistance, but 4.55 and 4.38 remain targeted by the pullback.

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