Daily Spot… Bond and Euro hit extremes

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Wednesday”s gap up spiked through 1.1020 and eventually extended to 1.1195. Just recovering above 1.1020 would have suggested the recent bounce may be evolving into a much more substantial rally. But exploding higher does risk being exhaustive, and closing back under 1.1160 would instead suggest a much bigger top was now forming.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday”s surge to 1213.00 resistance reacted back down under 1208.50 and 1205.00 overnight. Wednesday”s opening gap back up to Tuesday”s close was filled, and the reversal down retested 1205.00, whose break Thursday would confirm the dip to at least 1194.50 underway.

Silver Jul Contract (SI, ETF: (SLV))
[Rolling coverage forward to Jul, trading at a nickel premium to May] Testing of 16.65 resistance reacted down to test 16.50, whose break would still target 16.15.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday”s signal under 162-00 that the corrective bounce had ended and the decline had resumed was rewarded almost immediately by extending down Wednesday morning to 158-22. The outstanding 159-14/159-26 objective was probed, and two consecutive loses under it would signal a much deeper decline underway.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Ranging narrowly persisted Wednesday morning between 56.60-57.70 until a tighter EIA report triggered a surge to fresh highs at the 59.31. Target. Now 58.65 must hold as support to maintain the rally”s momentum to 61.75-62.25.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
The firming persisted Wednesday, all the way up to 2.60 resistance, despite never having filled the gap back down to Monday”s 2.49 gap. Closing above 2.60 would still put into play at least 2.80, but back under 2.55 would target the low”s retest.