A daily summary of high-profile members of several complexes.
Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
Gapping down to Thursday’s low at 1.1800 probed fresh lows intraday before recovering to close back above Thursday’s low. Closing back above Friday’s 1.1835-1.1840 high would fulfill a bottoming pattern, albeit one-day delayed from more optimal timing.
Gold Jun Contract (GC, ETF: (GLD))
Friday’s fresh low stopped short of touching the overnight low before reversing back to the upper-end of Thursday’s range. Closing above the range’s $1,292.00 per oz. upper-end could launch at least a detour to the decline, if not also start forming a bottom. The decline otherwise remains intact.
Silver Jul Contract (SI, ETF: (SLV))
There was no more excuse to delay resuming the decline after Thursday’s gap up. Friday’s opening drop filled the gap back to Wednesday’s close. The gap-fill reacted up, But its reaction up should be only temporary, and brief, to maintain the decline’s resumption.
30-year Treasury Jun Contract (US, ETF: (TLT))
Fulfilling the requirement for an eventual third lower close Thursday enabled Friday’s reaction up. The 141-04 bounce limit was tested intraday. Closing above it would suggest the downside momentum had lapsed.
Crude oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s reaction down from the open’s new high back into the week-long narrow range was not rejected Friday. But neither did it extend down meaningfully, leaving untouched the 70.85 pullback limit, while the $74.10 per barrel objective remains in-play.
Natural gas Jun Contract (NG, ETF: (UNG, UNL))
Prior highs were probed above 2.85 into the weekend, but still being overlapped at the close. Actually closing above prior highs is a difficult trend behavior to reverse for Natural Gas, and would make at least a probe of fresh highs Monday is likely. Regardless, any reversal down now requires closing back under 2.85 and then lower for a second consecutive session.