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 Currencies not only extended Thursday’s plunges overnight and on Friday, but also essentially duplicated them. At least, in degree. But the selling pressure was productive, closing under prior lows, and potentially reversing trends down.
Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Thursday’s intraday reversal extended up overnight and intraday to attack 80.00. While that is in-line with the bigger picture that a bottom is forming, the immediacy surprises me. Back under 79.78 would signal a corrective dip underway.
Eurodollar Jun Contract (EC, ETF: (FXE))
The immediate overnight extension of Thursday’s intraday reversal to attack seemed impatient, albeit productive. Gapping down under the previous 3-week long consolidation helps to confirm the topping. But near-term it becomes vulnerable to a bounce testing 1.3805 or 1.3855 as resistance.
Gold Jun Contract (GC, ETF: (GLD))
Flat-to-lower ranging avoided triggering a sell signal under 1285.00, but also undermined Thursday’s bounce attempt.
Silver Jul Contract (SI, ETF: (SLV))
Friday’s dip touched the 19.05 support whose break would otherwise signal a new downleg underway. The touch held, so far.
30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s weakness attacked the 135-16 signal whose break would trigger at least a temporary downleg.
Crude Oil Jun Contract (CL, ETF: (USO))
Another bounce Thursday night kept alive the on-again / off-again sequence for launching a retest of the recent 104.00 high. Intraday action furthered the sequence by reacting back down from 101.00 to 100.00, which the pattern must hold as support.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday’s plunge extended down further Friday to within 9 cents of its 4.41 target, now requiring that bounces hold 4.55 as resistance.
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