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 Employment Situation report. That was pretty much Friday’s story, except for several significant reversals. That should keep things volatile coming into the new week.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Having fulfilled almost all of the downside targets through Thursday, Friday’s reaction to the Employment Situation report surged from 79.55 to 79.93. That filled the gap back to Tuesday’s close, which sent price back down all the way. Fresh lows under 79.40 seem a minimal requirement at this point.

Eurodollar Jun Contract (EC, ETF: (FXE))
Friday’s reaction down to the Employment Situation report filled the gap back to Tuesday’s 1.3810 close. That quickly recovered to the rally’s original 1.3885 target. A probe of prior highs at 1.3915 is now likely.

Gold Jun Contract (GC, ETF: (GLD))
Friday’s plunge in reaction to the Employment Situation report originated from an opening bounce to 1285.00 resistance. The low attacked the gap back to the prior Thursday’s 1270.40 open, and then reacted up to 1305.00. The 1303.00 resistance was still being tested at the close, so no buy signal triggered. A lot of buying pressure was expended before a solid bottom could form. The door is open to rallying, but back under 1289.00 and 1285.00 would target new lows.

Silver Jul Contract (SI, ETF: (SLV))
The Employment Situation report’s reaction surged to within a nickel of 19.75 resistance. Almost any higher would have reversed the trend. Instead, the bounce did create room to absorb another downdraft that retests the low so a better bottom could form.

30-year Treasury Jun Contract (US, ETF: (TLT))
Having fulfilled the rally’s sole objective to probe prior highs, the Employment Situation report’s reaction easily tumbled 1-1/4 points to 134-16. That also represented what has become “lower prior highs,” whose test as support launched a 2-point rally to fresh highs at 136-16, with further room up to 137-00.

Crude Oil Jun Contract (CL, ETF: (USO))
Not much volatility greeted the weekend, but exiting it by recovering 100.50-100.65 would signal a probe of the 104.00 high underway.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Friday’s gradual slide under 4.71 support puts into play tests of 4.61 and potentially also 4.41, so long as 4.71  now holds as resistance.

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