Daily Spot… Could Crude crumble?

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 up Thursday through 1.1400 fulfilled the setup triggered by Wednesday”s opening surge.Reversing down extended into negative territory. Thursday”s gap up above all prior highs at 1.1413 does need to be retested before a credible downleg could begin.

Gold Jun Contract (GC, ETF: (GLD))
Firming prices into Thursday”s session were maintained to confirm Wednesday”s breakout, targeting 1232.00, and now requiring an eventual third higher close.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday”s rally extended higher Thursday to 17.60, confirming the breakout to now require at least an eventual third higher close, and still targeting a probe above 18.00.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday”s narrowly ranging session was optimal for a pattern that still needed to absorb the recent shock-to-the system — now including Wednesday”s intraday slide. The narrow range did hover optimistically above Tuesday”s prior lows, suggesting it will be probed. Avoiding an actual touch of 151-16, or else probing it down to 150-25, would still allow a bottom to form.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday”s deeper dip following Wednesday”s failure to confirm Tuesday”s rally does threaten to reverse down. Rallying again from 59.30 would be credible. Otherwise, closing back under 58.65 would start to signal momentum reversing down.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report was greeted from a position of strength. Its reaction up to fresh highs was maintained to fulfill the confirmed breakout”s requirement for at least a third higher close. The surge consolidated narrowly around 3.00 and formed an ascending triangle likely to break higher.