Daily Spot… Bonds bouncing, or beginning a bigger buy?

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 Jun Contract (EC, ETF: (FXE, UUP))
Gapping down Friday within Thursday”s range bounced back above Thursday”s highs to test the 1.1285 level whose recovery would trigger a fresh highs underway.

Gold Jun Contract (GC, ETF: (GLD))
Early weakness Friday attacked Thurdsay”s 1175.00 low and bounced back into the range. Momentum still hasn”t signaled its reversal down, targeting 1158.50. But the bounce has clearly lost its traction.

Silver Jul Contract (SI, ETF: (SLV))
Retesting Thursday”s 15.77 low Friday essentially held, but wasn”t clearly rejected. The pattern is vulnerable to extending, while another bounce into the 16.15-16.35 range first would suggest that fresh lows will recover.

30-year Treasury Jun Contract (US, ETF: (TLT))
The bounce extended higher Friday to 151-22 before dipping at least 1 point into the afternoon. Closing above 151-16 would now seal a bottom, confirmed above 151-26. Back under 149-22 would target a retest of the 148-18 area.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Friday and probing under the 60.30 pullback limit didn”t extend down intraday. But extending higher should be obvious soon after Monday”s open, if not already Sunday night, or else a deeper pullback would become much likelier.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
.Gapping down Friday to the upper-end of 2.74-2.77 support bounced back up to Wednesday”s 2.82 lows before reversing down to the lower-end of 2.74-2.77 support. Closing any lower would undermine the rally.