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Daily Spot… Euro cares least about Grexit? – If, Then… Market Timing

Daily Spot… Euro cares least about Grexit?

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))
An eerily narrow range accompanied pessimistic stock market reactions to the weekend”s heightened risk of a Grexit. The bigger picture continues to suggest that at least one more higher close remains outstanding before a sell-off could be credible. Monday only firmed back toward recent highs around 1.1300, but an Ascending Triangle has formed.

Gold Jun Contract (GC, ETF: (GLD))
Sunday night”s fluctuation from positive territory into negative was recovered positive again Monday morning, nearly touching last week”s 1191.70 bounce limit high up to 1190.00. Closing back under 1183.50 would likely launch a new downleg.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up Monday extended higher briefly to probe back into the 16.15-16.35 resistance range, which again rejected price back down through the close, as a recovery is premature.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday reacted down sharply from only attacking 151-25 resistance to within 3 ticks. Nevertheless, Monday morning pierced 151-25 by 1 tick before reversing down under Friday”s reaction to 150-06. At least a session of backing-and-filling is now likely.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh pullback lows testing 58.75 Sunday night trended back up after Monday”s open, still needing to recover the 60.30 pullback limit that had failed to hold its test as support last week. Closing back above 60.80 would still be credible for launching an upleg.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Friday”s test of 2.74 support had reacted up sharply, only to probe a fresh session low at 2.72 support. Monday”s open gapped up to 2.80 resistance and extended sharply higher intraday to retest last week”s highs. Closing higher again Tuesday would confirm the rally had resumed.