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 Fear of follow-through defined Wednesday’s price action. From initial trending, to ongoing trends, nothing much changed from Tuesday. Calm before a storm?

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Another gap open Wednesday reversed right back into the range. Still no signal, other than to consider fading the first break.

Eurodollar Jun Contract (EC, ETF: (FXE))
Another gap open Wednesday reversed right back into the range. Still no signal, other than to consider fading the first break.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s gap up extended to probe the 1285.00 bounce limit by $4 while essentially ranging around it, and while supported by the gap back down to Tuesday’s close.

Silver May Contract (SI, ETF: (SLV))
Firmer price action Wednesday didn’t reflect any credible effort to launch a rally, although there is no unfinished business below to prevent it, only a bearish Gold pattern.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s gap up above the 134-00 bounce limit and ranging between 134-04/134-18 was not in-line with the expectations for continuing to lower lows targeting 133-06 and 132-06. But dropping back under 134-00 Thursday would be expected to resume that drop.

Crude Oil Jun Contract (CL, ETF: (USO))
Narrow ranging Wednesday after Tuesday’s drop helps to confirm that some sort of corrective bounce is likely before a bigger downleg were to extend.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday to the recent narrow range’s upper-end didn’t extend higher, nor was it rejected, one day prior to the weekly EIA report. Last week’s was received bullishly, so Wednesday’s levitation is optimistic.

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