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 Wednesday’s volatility enabled Crude Oil to essentially meet its target, for the Euro to potentially resume its decline, and Natural Gas to discount Thursday’s coming EIA report. None of which need extend Thursday. But Gold’s balancing act is getting old.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Last Thursday’s 80.31 opening gap was filled Wednesday, and held. The reaction down has room to 80.00 before suggesting the rally won’t extend.

Eurodollar Jun Contract (EC, ETF: (FXE))
Wednesday’s low retested last week’s low, and held. There is no requirement to retest Wednesday’s low, except that the decline has likely resumed so long as 1.1.3700 isn’t recovered.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Wednesday just enough to retest 1289.00 without breaking lower wasn’t “ineffectual pessimism,” since prior sessions’ lows weren’t probed intraday. And the session remained in negative territory, so 1289.00 seems to have lost its elasticity. Downtrending shouldn’t be far behind.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s hovering just above 19.25 support wasn’t necessarily bullish, but its break isn’t any likelier to extend down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s recovery from fresh lows had been retraced entirely before Wednesday’s open, and extended down to probe fresh lows attacking 136-08. That’s one of the last two lines of defense against already beginning a bigger decline instead of first waiting to retest last week’s high.

Crude Oil Jul Contract (CL, ETF: (USO))
The targeted retest of prior highs up to the 104.00 area was fulfilled Wednesday. The day’s range expansion suggests that buyers have more energy to at least test 104.50 either Thursday or Friday, and closing above it would signal a much bigger leg underway.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Wednesday was the last safe day for a pullback ahead of Thursday’s EIA report, but a dip back to the last relative low wasn’t rejected in time to signal the pullback was complete. Immediately testing the 4.42 area Wednesday would help to launch a bullish reaction.

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