A daily summary of high-profile members of several complexes…
Gold Jun Contract (GC, ETF: (GLD))
Thursday’s gap up to test 1319.00 had probed above Wednesday’s post-close FOMC reaction, which had held under the 1316.00 bounce limit. Closing back under 1316.00 Thursday keeps alive the corrective bounce. Other than a possible favorable knee-jerk reaction to Friday’s Employment Situation report, there is no excuse for delaying its end and resolving down.
Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
A fresh low in reaction to Wednesday’s FOMC was recovered back into the Tue-Wed range. That was maintained Thursday. Any initial strength Friday would be credible for having formed a bottom .
Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s post-close reaction to FOMC was retraced overnight, but then retested at Thursday gap up to test 16.60. Closing back at or under Wednesday’s 16.45 high keeps alive near-term downside momentum, but not with delay.
30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up Thursday to 143-20 briefly filled Monday’s gap and probed its high up to 143-30 but closed back under Monday’s resistance. Having also hovered exclusively in positive territory, that’s “ineffectual optimism.” Friday’s Employment Situation report is not being greeted from a position of strength, other than being above the 143-07 sell signal.
Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
There would be nothing bullish about any further backing-and-filling Thursday, or to any further delay of resolving up. Thursday tried by firming back up to 68.60, and still can’t afford to delay further improvement.
Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping down to test 2.70 Thursday and holding 2.73 as resistance helps to confirm the interim bounce was only a correction, and that downside potential to 2.52 remains intact.