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 The new week seems not to be starting anything new, and more so the various market area getting comfortable with their new ranges.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
A little hesitation greeted the new week following the two-day surge from Thursday’s lows. Monday’s dip didn’t reverse the trend down, and at least a fresh relative high remains likely near-term. Friday’s close was soon recovered.

Eurodollar Jun Contract (EC, ETF: (FXE))
Monday’s opening bounce was more noise than relevant, and didn’t affect the drop’s likelihood of resuming. In fact, it was rejected, if only to retest Friday’s close.

Gold Jun Contract (GC, ETF: (GLD))
An overnight surge tested 1303.00 resistance, but drifted back down intraday to 1295.00. Breaking either way beyond that range is likely to extend at least $10 in that direction.

Silver Jul Contract (SI, ETF: (SLV))
After Friday’s dip only touched 19.05 whose break would have launched a new downleg, Monday’s gap up immediately filled the gap back to last Tuesday’s toppy close at 19.65. There was no improvement intraday, not even a fresh high to reject. Pullbacks should now hold 19.30 to keep alive potential for resuming the rally.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s drift lower probed under the 133-16 135-16 sell signal to 133-05 135-05. A second consecutive lower close would confirm that 132-04 is in-play.

Crude Oil Jun Contract (CL, ETF: (USO))
Overnight strength tried again — unsuccessfully, again — to rally from the previously triggered 100.00 through 101.00 resistance to launch a rally targeting fresh highs above 104.00. Trying keeps alive the pattern, but almost any hesitation would be vulnerable to reversing down sharply.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
The new week didn’t take any time delaying last week’s triggered sell signals that are targeting 4.41. Fresh lows came within 2 cents, which is close enough to qualify, but the downtrend remains intact so long as 4.48 holds  as resistance.

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