Daily Spot… Bounces.

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))
Wednesday”s bounce extended grudgingly Thursday, recovering the 1.0910 bounce limit. The bounce could extend to 1.1095, but 1.0750 remains intact.

Gold Jun Contract (GC, ETF: (GLD))
Thursday”s momentary spike down to 1179.60 was recovered back into the narrow range around 1186.00. Tue-Wed stability couldn”t be confused with being stoic, and recovering back up into their range is not any more so bullish. A slightly higher bounce might stretch the rubber band before snapping back down into a new downleg, but it”s not required.

Silver Jul Contract (SI, ETF: (SLV))
Thursday”s blip-down filled an outstanding gap back before recovering back into the narrow range. No lower lows are required, but the price action is not accumulative.

30-year Treasury Jun Contract (US, ETF: (TLT))
The extended rally didn”t extend any high Thursday. But its initial reaction down didn”t extend, as the session ranged narrowly sideways. The “ineffectual pessimism” is likely to launch at least one more probe of fresh highs.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s gap down extended a little, but ultimately ended the day testing Wednesday”s close. It was a late surge only, so it”s not necessarily bullish, but the bounce can extended a little higher and delay resuming the decline..

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday already was greeted by gapping down. So, the EIA report wasn”t being greeted from a position of strength. And its reaction extended the gap down to lower lows at 2.70. A buy signal won”t be credible until Tuesday.