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 Net changes for the week were relatively limited, except for currencies and bonds. That doesn’t reflect the intraweek volatility, so it seems that momentum is getting wound up for some big moves.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Thursday’s rejected bounce suggests this leg of the rally must be corrected before extending, but there is no required timing for the move.

Eurodollar Jun Contract (EC, ETF: (FXE))
Having reacted up from Thursday’s gap down, a bigger corrective bounce targeting 1.3855 is likely underway, but with no required timing.

Gold Jun Contract (GC, ETF: (GLD))
Thursday night’s weakness tested the 1289.00 sell signal, but held. Closing under 1285.00 Monday would be helpful confirmation to a break under 1289.00 that would signal a new downleg underway.

Silver Jul Contract (SI, ETF: (SLV))
Overnight weakness tested and held the 19.25 pullback limit. Extending any lower Monday must be maintained through the close to begin signaling momentum has reversed down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s narrow ranging didn’t react down far enough to refuel buyers, so a probe above Thursday’s 138-04 high remains likely to hold, and to reverse back down.

Crude Oil Jun Contract (CL, ETF: (USO))
Thursday’s dip testing its 101.40 pullback limit resolved up Friday to probe back above 102.00, although not yet confirming the 104.00 retest is underway.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Friday’s dip held the decline’s 4.41 target that had already been met and held earlier in the week, prior to forming a bottom ahead of Thursday’s favorable EIA reaction. There is no unfinished business below, and the pattern is free to at least bounce back up to 4.71.

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