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 I’ve commented previously on the oddity of currencies lacking volatility amid Precious Metals and other complexes’ wide swings. They have now made up for that.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
ECB and BOE rate decisions triggered a plunge Thursday morning to 78.90 that was reversed dramatically up to what was the decline’s original 79.40 target. The basket is mixed, with European currencies producing most of the downward pressure. A reaction down toward Thursday’s low is likelier than a an immediate recovery.

Eurodollar Jun Contract (EC, ETF: (FXE))
ECB and BOE rate decisions triggered a surge Thursday morning to 1.3990 that was reversed dramatically down to 1.3845, well into negative territory. A bounce back up to the rally’s original 1.3855 target is likelier than simply extending down without hesitation.

Gold Jun Contract (GC, ETF: (GLD))
Overnight bouncing from Wednesday’s test of 1289.00 support was reversed to fresh lows Thursday testing 1285.00, closing between them to avoid signaling a new downleg underway.

Silver Jul Contract (SI, ETF: (SLV))
Thursday’s drop down to 19.15 didn’t have much regard for Wednesday’s dip holding its 61.8% retracement. Closing under 19.05 would trigger a new downleg underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
The attraction to one more fresh high at 136-20 was pierced by 2 ticks Thursday morning. With no higher attraction outstanding, the target’s test reacted down sharply to 135-23. Extending under 135-18 to signal momentum reversing down might be difficult as falling stocks start a “flight-to-safety” that tends to favor bonds..

Crude Oil Jun Contract (CL, ETF: (USO))
Thursday’s dip didn’t damage the recovery attempt, but confirming Wednesday’s surge would have been optimal for the pattern that still expects the recent 104.00 high to be retested. But holding 100.00 is not negotiable to maintaining the bullish scenario.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Bouncing to 4.80 resistance failed to gain traction ahead of Thursday’s EIA report, which triggered a reaction back down through the 4.71 signal and the 4.61 sell signal, targeting 4.41.

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