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.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Friday’s dip doesn’t yet reverse momentum down, but creates extra room to absorb an attempt to resume the rally. And Friday’s trending tends to be duplicated Monday morning, making a recovery more difficult.Eurodollar Jun Contract (EC, ETF: (FXE))
Friday continued Thursday’s firming back up to higher prior lows at 1.3650. A reversal need have been aggressive at this stage, so despite the potential for a brief probe of fresh lows, be careful if short.

Gold Jun Contract (GC, ETF: (GLD))
After ignoring two opportunities to produce a corrective bounce Thursday, the decline extended to probe the 1236.50-1244.00 target area down to 1242.00 Friday ahead of the weekend. Back above 1256.00 would signal the decline had ended.

Silver Jul Contract (SI, ETF: (SLV))
Thursday’s bounce back up to 19.05 resistance reacted down Friday to fresh lows at 18.60. Back above 19.25 would signal a new upleg underway, at least targeting 20.50 while a bigger bottom forms.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s extension of Thursday’s weakness held the 137-27 pullback limit and reacted up. But the potential for reversing down is in-play so long as 138-18 isn’t recovered.

Crude Oil Jul Contract (CL, ETF: (USO))
Thursday’s bounce was retraced entirely by Friday’s gap down. The 102.40 pullback limit that had been avoided by 20 cents was touched, and held. The afternoon ranged around Thursday’s low, which must hold for Friday’s dip to be part of the original pullback, instead of a new downleg.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday’s muted reaction down from the EIA report extended slighlty lower Friday to test 4.50, but recovered back above Thursday’s low to suggest it was only more noise.

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