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Daily Spot…Not so fast there, Euro. – If, Then… Market Timing

Daily Spot…Not so fast there, Euro.

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))
Having extended down considerably on two consecutive sell signals, testing 1.0820 support reacted up Wednesday on favorable Grexit rumors, holding the 1.0910 bounce limit, and maintaining the 1.0750 target.

Gold Jun Contract (GC, ETF: (GLD))
Only shallow weakness Tuesday night and Wednesday following Tuesday”s deep break to 1186.00, so the break wasn”t confirmed, but at least a probe of fresh low remains likely.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down at Wednesday”s open probed Tuesday”s low, but the session only ranged sideways narrowly instead of extending down another dime to 16.55 support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday”s flight-to-safety wasn”t needed Wednesday, allowing for at least partial retracement from 156-11 down to 155-11. But that was recovered almost entirely as stocks climbed even further, which undermines the decline from resuming soon.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down to fresh lows testing 57.45 at Wednesday”s open was recovered temporarily into positive territory, but only to reverse back down to the lows and still targeting 55.00.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Spiking up at Wednesday”s open tried to confirm that Tuesday”s late recovery had ultimately held the 2.86 pullback objective. But the session held within Tuesday”s range, needing to recover 2.91 for a recovery to be credible.