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 coverage was largely comprised of inside days. Precious Metals were an exception that still failed to extend or to reverse. Natural gas was an exception that eked out slightly lower lows. There’s nothing particularly interesting about it, except that the stock market was reacting down under several sessions’ lows.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Gapping down Wednesday didn’t extend down, as strength in the Aussie, Loonie and Pound was held back by a weaker Euro. Fresh highs aren’t required before reversing down more substantially, but remain possible.

Eurodollar Jun Contract (EC, ETF: (FXE))
A slightly weaker session Wednesday kept alive potential for retesting last Thursday’s low, which still isn’t required before a more substantial rally were to emerge.

Gold Aug Contract (GC, ETF: (GLD))
Gapping up Wednesday to probe Tuesday’s high was retraced through the session to probe under Tuesday’s low. A fresh high testing 1274.00 is no less likely, but this still remains within the context of a temporary corrective bounce.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s gap up reacted down through the session, still likely to resolve by retesting recent lows before a more productive and durable rally can launch.

30-year Treasury Sep Contract (US, ETF: (TLT))
Narrow range-bound price action Wednesday offered no new signals, other than to further suggest the potential for firming or bouncing before a more substantial downleg were to begin.

Crude Oil Jul Contract (CL, ETF: (USO))
Wednesday’s inside day offered no new signals, but did start to form a Symmetrical Triangle. The pattern’s first trending attempt tends to be false before reversing more substantially in the opposite direction.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Slightly lower lows Wednesday extended to a dime the probe under its 4.61 pullback limit. That’s not yet an irrecoverable problem for resuming the rally. But a very favorable reaction to Thursday’s EIA report should be the minimum compensation for having extended the pullback. Unless it is not a pullback, and deeper reaction is coming.

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