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 slipped and Crude Oil firmed. Neither would be very relevant, alone or together, except for this instance in which each is possibly turning a corner. Any lower in Gold on Thursday and any higher in Crude Oil would trigger relatively sizable moves underway for each.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Firming Wednesday didn’t gain traction to reverse up, but it also prevented confirming that Tuesday’s drop would have much more momentum. Nevertheless, a fresh low Thursday is likely, perhaps also a lower close, although it would not likely be confirmed Friday.

Eurodollar Jun Contract (EC, ETF: (FXE))
Tuesday’s sizable gap up was only consolidated Wednesday, and not retraced back to support. By the same token, the trending’s momentum wasn’t confirmed by a second consecutive higher close. There is no active signal, but there is a likelihood for probing fresh highs — if not also for closing higher — on Thursday.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s eventual decline probed under 1289.00 support to confirm the probe above 1303.00 was not a new rally leg. The drop attacked 1285.00, whose break would signal the decline had resumed.

Silver Jul Contract (SI, ETF: (SLV))
Three days of consolidating at or under 19.75 resistance finally resolved down to test 19.30 support. Being a 61.8% retracement of the bounce to 19.75, immediately recovering or at least consolidating is likely.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s narrowly ranging session was resisted by 136-08 resistance, which should still be probed up to at least 136-20 before being vulnerable to reversing down.

Crude Oil Jun Contract (CL, ETF: (USO))
The 101.40 obligatory resistance was recovered yet again Wednesday, this time on the way to 101.00, signaling the move to retest 104.00 is underway.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Firming above 4.82 ahead of Wednesday’s open never extended higher intraday before reversing right back down to 4.71 support, whose break would still signal momentum reversing down.

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