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 drop into the long weekend suggests a lack of tension. So does Crude Oil’s bounce, which held both recent highs and the rally’s target.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Thursday’s initial bounce didn’t get very far before dipping back to unchanged, still likely to break falsely in one direction before reversing more substantially in the opposite direction.

Eurodollar Jun Contract (EC, ETF: (FXE))
Consolidation around 1.3800 support had gone nowhere, making a bounce back to 1.3900 likelier. Thursday’s initial bounce didn’t get too far before proving it wasn’t that attempt.

Gold Jun Contract (GC, ETF: (GLD))
Thursday’s dip attacked 1292.00 to suggest that the bounce had ended, and that momentum is reversing down, which is credible so long as not recovered Monday.

Silver May Contract (SI, ETF: (SLV))
Narrow ranging Thursday didn’t resume the decline but still avoided recovering, no doubt hampered by Gold retracing its bounce from fresh lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s drop broke under the 133-28 pullback limit to signal the launch of a new downleg, which should now hold any test of 134-06 as resistance.

Crude Oil May Contract (CL, ETF: (USO))
Retesting recent highs Thursday helps to confirm that it was otherwise premature to sell weakness, but now the pattern would be vulnerable to reversing down back under 102.60.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Only a little more weakness preceded Thursday’s spike up in reaction to the day’s EIA report. That’s premature to have confidence in a new upleg underway, but there is no signal in-play.

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