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 Generally optimistic economic signals is entirely responsible for Monday’s gap up from the recent dive back above the recent trading range. Apparently, no one knew exactly how the economy was doing until US and China government reports educated us. That story should be reliable for finally retesting prior highs, but a new upleg wouldn’t be credible at this stage of the pattern.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Gapping up Monday to test 62.70 makes the 62.80 gap back to Thursday’s open likely to fill before a durable downleg could begin.

Eurodollar Jun Contract (EC, ETF: (FXE))
Monday’s dip attacking 1.3580 is still likely also to test Thursday’s 1.3570 gap down. And that’s likely to finish forming a bottom, since Thursday’s recovery avoided extending higher without first refueling.

Gold Aug Contract (GC, ETF: (GLD))
Overnight action had retested the 1256.00 bounce limit, but intraday action only ranged narrowly sideways, still vulnerable if not likely to retest recent lows.

Silver Jul Contract (SI, ETF: (SLV))
Monday’s narrow ranging didn’t get free from the attraction back to last week’s lows, which would allow a durable bottom to form.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s intraday reaction down extended to test 135-00 support, still not clearly extending the decline, although any lower close would be credible. Meanwhile, another bounce to 135-22 is possible first.

Crude Oil Jul Contract (CL, ETF: (USO))
Gapping up sharply Monday above 103.50 retraced all of last week’s failed bounce, back to the resistance that had sent price lower twice. Th 102.40 support had been chipped away, but the gap up extended to test 104.30. Fresh highs are now all but required, but the gap back to Friday’s close will require being tested eventually.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Despite firming pre-open to a fresh high attacking 4.75, Monday dipped to test what is now the past two weeks’ “lower prior highs” at 4.65. Holding its test should help to propel the upleg higher.

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