A daily summary of high-profile members of several complexes.
Gold Jun Contract (GC, ETF: (GLD)): Tuesday's shallow obligatory bounce was retraced entirely overnight to gap down Wednesday morning. Ranging sideways between 1320.00-1324.00 hovered exclusively under prior lows that each had threatened to extend down previously. Bounce meanwhile have room up to 1330.50 without reversing the trend up.
Silver May Contract (SI, ETF: (SLV)): Gapping down under Monday's lows Wednesday also fluctuated around the 16.50 pullback limit whose break under 16.40 would be unlikely to recover before probing fresh lows.
Eurodollar Jun Contract (EC, ETF: (FXE, UUP)): Monday's gap down wouldn't allow reversing back up soon, certainly not by Tuesday's weak bounce. And that reacted down overnight to gap down Wednesday under Monday's 1.2245 low. A bounce now has room up to the gap at Tuesday's 1.2285 close before even threatening to reverse the trend up.
30-year Treasury Jun Contract (US, ETF: (TLT)): Although nothing was bullish about Monday or Tuesday's patterns, a corrective bounce was possible. But fresh lows overnight produced another gap down Wednesdaythat once again makes any recovery attempt unlikely to extend before the weekend. A bounce has room up to 142-25 while still being likely to extend down to 141-04.
Crude oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short)): Choppy sideways action Wednesday morning filled the gap back down to Monday's 67.10 open. Being the lower-end of the past week's range, Thursday is free either to probe under the range and trend down, or else bounce to probe the range's upper-end and retest the rally's 69.50 target.
Natural gas Jun Contract (NG, ETF: (UNG, UNL)): Tuesday's close above the 2.75 bounce limit extended higher to touch the range's 2.79 upper-end. The pattern's sell signal remains unchanged at 2.72 probed intraday. Thursday's EIA report is being greeted from a position of strength, but a knee-jerk reaction down would still be credible.