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 met a big target Wednesday, again. Its first test last week was nominal, and this week’s was thorough, while both reacted down. Extending higher is still possible until this proves it is topping.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Wednesday’s narrow ranging didn’t extend the sudden bounce from retesting prior lows, suggesting a fresh low will print.

Eurodollar Jun Contract (EC, ETF: (FXE))
Still ranging narrowly around 1.3800 support suggests that the initial trending attempt away from it is likely to fail, whether a bounce to 1.3900 or a break lower to 1.3755.

Gold Jun Contract (GC, ETF: (GLD))
Ranging relatively widely sideways Wednesday helps to absorb the shock to the system of Tuesday’s plunge, which is still likely to resolve down to new lows.

Silver May Contract (SI, ETF: (SLV))
Wednesday’s strength held 19.75 resistance but also avoided confirming Tuesday’s break under prior lows. Monitoring for the potential that a bottom is forming.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s opening weakness held above 134-06, as did the last dip. And Wednesday’s test also bounced ineffectually, this time filling the gap back to Tuesday’s close. Back under 134-06 would be bearish.

Crude Oil May Contract (CL, ETF: (USO))
Last week’s overnight probe into the rally’s 104.50-105.00 target area was retested intraday, and overnight up to 105.00. Wednesday’s gap up above prior highs could be retested before momentum reverses down, but it’s not necessary. However, reversing down immediately now would be premature.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s drop back down to 4.55 wasn’t recovered Wednesday, continuing to suggest that a deeper pullback is underway targeting 4.37.

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