Bigger Picture

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 Sep Contract (EC, ETF: (FXE, UUP))
Gapping up Thursday filled the gap to last Tuesday’s 1.1781 open and immediately began trending down to last Friday’s 1.1745 “lower prior highs.” Extending any higher would next target the 1.1850 area.

Gold Aug Contract (GC, ETF: (GLD))
Shallow overnight weakness was recovered to gap up Thursday and then probe fresh highs attacking 1262.50. The pullback was too shallow to be optimal, but almost any higher close would be credible for extending the bounce to 1269.50.

Silver Sep Contract (SI, ETF: (SLV))
Dipping under 16.00 overnight was recovered in time to gap up Thursday and then probed Tuesday’s high up to 16.20. The gap back down to Monday’s 15.85 close remains outstanding, but almost any initial strength Friday would be credible for extending sharply higher.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up Thursday and probing fresh highs above the recent range’s upper-end could have greeted Friday’s Employment Situation report from a position of strength. But the range’s upper-end was still being tested. A negative reaction or resolution can’t be dismissed. But closing above the range would be considered a breakout.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping again to the 72.90 pullback limit Thursday still hasn’t reversed the trend down, and remains likely to retest the 74.82 gap up or even to more fully test the 75.30 target.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce up to “higher prior lows” at 2.90 was retraced through Thursday morning down to 2.82. Friday’s EIA report is being greeted from a position of weakness.

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 Sep Contract (EC, ETF: (FXE, UUP))
Tuesday’s gap up didn’t extend, but held 1.1295 to avoid signaling the trend reversing up above 1.1745.

Gold Aug Contract (GC, ETF: (GLD))
Fresh lows under 1239.00 overnight stopped short of fulfilling potential to 1237.50 before reversing up sharply. Tuesday’s open was greeted at 1248.50 and extended to 1258.50. A pullback to 1247.50 could suffice to form a bottom, but under 1244.50 would signal a corrective bounce was reversing down.

Silver Sep Contract (SI, ETF: (SLV))
Tuesday’s 16.00 open was greeted by an overnight rally that extended intraday up to 16.08. A pullback to 15.93 would be optimal for forming a bottom that could launch a significant trend reversal.

30-year Treasury Sep Contract (US, ETF: (TLT))
Still testing downtrending resistance under 144-26 Tuesday reacted up to attack the recent range’s 145-16 upper-end. Back under 144-08 would signal momentum reversing down, but the pattern otherwise remains vulnerable to extending higher.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Coming to within 3 cents of the longstanding 75.30 target Tuesday coincided with headlines of Saudi increased oil output. The steep reaction down to 72.75 stopped optimistically short of touching Sunday night’s gap down, suggesting an eventual break lower. Meanwhile, Tuesday’s 75.00 open gapped up above all prior highs, and would like to be retested from below. Upside remains likelier first so long as the 72.95 pullback limit continues holding.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s temporary probe under the 2.82 sleeper low had failed to extend, so Tuesday’s rally touched 2.90 and closed at 2.88 support. Higher prior lows could be tested up to 2.92 before resuming the decline.