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 Umpteenth time’s a charm, for Gold. Yet another gap up has reversed down through the session.

Today’s Highlight edit

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Firming back to Wednesday’s high Thursday suggests that the high’s resistance will be probed, at least intraday. It’s very similar to the pattern that had projected last week’s sizable gap would be retraced.

Eurodollar Jun Contract (EC, ETF: (FXE))
Thursday’s dip back to Wednesday’s lows almost confirmed the break lower as launching a new downleg. Almost. But no decisively lower consecutive close means the pattern is vulnerable to recovery. But the burden of proof is much more on buyers, as fresh lows have possession.

Gold Jun Contract (GC, ETF: (GLD))
Again? Thursday’s gap up was the session’s peak, running into the same downtrending resistance that stopped the prior three gaps up. Its reaction down held 1295.00 support. I suspect that if this pattern were going to resolve down, it should resolve down now, and quite possibly overnight. Otherwise,vlosing above 1303.00 would help to foreclose on sellers.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up Thursday isn’t necessarily bullish, and its reaction down from there isn’t necessarily bearish. At least the gap up further chipped away at 19.75 resistance, but the risk is otherwise down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s firm open stopped just short of touching the 136-30 buy signal, and drifted lower into the afternoon. The overnight low’s test of 136-08 support wasn’t revisited.

Crude Oil Jul Contract (CL, ETF: (USO))
More narrow sideways action Thursday barely avoided touching the 104.50 target, but also did not reverse the trend down.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
The reaction to Thursday’s EIA report dropped sharply. Closing back above 4.43 would signal the reaction was a false break and that momentum is reversing up for a new upleg.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…