Daily Spot… Bonds

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))
The rally”s 1.1380 was tested at least to within 3 pips Wednesday afternoon. The next higher significant targets would be 1.1545 and 1.1700. Pullbacks meanwhile have room down to 1.1225-1.1280 without yet reversing momentum down.

Gold Jun Contract (GC, ETF: (GLD))
An overnight dip back to an 1187.00 handle was recovered entirely Wednesday morning, but that was soon retraced. At least the 1194.50 bounce limit held, but 1187.00 was broken to reinstate the decline.

Silver Jul Contract (SI, ETF: (SLV))
Narrow sideways ranging Wednesday held the 16.50-16.65 range instead of trending, seemingly waiting out Gold completing its pattern.

30-year Treasury Jun Contract (US, ETF: (TLT))
Sharply lower lows Wednesday attacked the next lower target at 154-02 to within 1 tick. Perhaps that would suffice, but the reaction was muted and almost irrelevant, so a lower low at 153-10 is now possible. Back above 154-26 would start to suggest a bottom is forming.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing and rejecting both the 61.75. and 62.50 targets almost simultaneously — on the same day, anyway — creates heavy resistance. Not that it won”t be retested, but its retest is likely to hold. Closing any higher would get every benefit of the doubt for extending higher. But the near-term likelihood is a corrective dip.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
.Wednesday”s shallow reaction down was recovered entirely to retest Tuesday”s high. But the rally didn”t extend. Thursday”s EIA report is being greeted from a position of strength for being in an uptrend. But it is vulnerable to an initially negative knee-jerk reaction down since the 2.80 target has been met and held, the confirmed breakout”s minimum third higher close was fulfilled already, and there hasn”t been a deep correction.