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 Another failed opening gap on Gold? That’s not bullish… not, yet. Similar action in March preceded the stock market’s drop, which dumped enough ballast to launch a leg to April’s new high.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Narrow ranging Monday helped to confirm that buyers aren’t yet retaking control, while leaving the door open to a corrective dip that has no requirement for its timing.

Eurodollar Jun Contract (EC, ETF: (FXE))
Narrow ranging Monday helped to confirm that sellers aren’t yet retaking control, while leaving the door open to a corrective bounce that has no requirement for its timing.

Gold Jun Contract (GC, ETF: (GLD))
Sunday night’s rally to 1303.00 resistance extended slightly higher intraday to 1306.00 — touching downtrending resistance from the two prior failed opening gaps up — before reversing back down and filling the gap back to Friday’s 1298.00 close.

Silver Jul Contract (SI, ETF: (SLV))
After dipping to 19.25 support Friday, Sunday night’s rally attacked 19.75 resistance, before reversing back down to attack Friday’s close. Trending down Tuesday would be credible for retesting prior lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s narrow opening range gave way to fresh lows testing 136-30 support. A bounce back to last week’s 138-00 area high is likely so long as this dip isn’t extended any deeper.

Crude Oil Jun Contract (CL, ETF: (USO))
Having held a test of its 101.40 pullback limit Friday, the rally was free to resume, producing fresh recovery highs Monday testing 103.00.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday didn’t delay reacting up from Friday’s corrective dip to its 4.41 pullback limit, further suggesting that much more substantial rally is preparing to launch.

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