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 Jun Contract (EC, ETF: (FXE, UUP))
Tuesday’s narrowly ranging inside day didn’t extend Monday’s gap-fill of Thursday’s 1.1812 close, but neither did it confirm that the filled gap is holding. Not until an afternoon USD surge that took the Euro down to at least attack 1.1745, whose break would still reverse the trend down.

Gold Aug Contract (GC, ETF: (GLD))
Monday’s touch of the 1307.00 buy signal was reversed overnight to touch the 1296.50 sell signal at Tuesday’s open. Its test held, too, as the range persists.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Tuesday almost filled the gap back to Friday’s 16.75 close before bouncing back to the 16.95 target that was already fulfilled Monday. Back under 16.80 would still target 16.55.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s session was not an inside day, but it only probed slightly under Monday’s low while ranging narrowly. There’s still room down to 142-00 while still being recoverable. Closing any lower would be likely to resume the recent downtrend.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Piercing 66.25 overnight was retraced before Tuesday’s open, and then repeated intraday. The rally attempt gets a benefit of the doubt to launch a new upleg, but requires immediate follow-through.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Gapping up Monday to 2.85 resistance wasn’t extended higher Tuesday, which would have been optimal to confirming the interim pullback was done. Regardless, resuming the bounce Wednesday would still greet Thursday’s EIA report from a position of strength.

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))
Sunday night’s bounce almost threatened 1.1835 whose recovery would make another downleg unlikely soon. Otherwise, back under 1.1745 could still trigger, and would target the low’s gap fill under 1.1550.

Gold Aug Contract (GC, ETF: (GLD))
Three consecutive tests of 1305.00 have yet to reverse down, despite Friday’s pause. And now Monday has produced a fourth test of 1305.00, also touching the 1307.00 buy signal. Back under 1296.50 would signal the trend reversing down.

Silver Jul Contract (SI, ETF: (SLV))
Already rallying Sunday night to within 3 cents of fulfilling the 16.30 target suggests that Thursday night’s dip to 16.65 was the extent of a correction. Back under 16.80 can now break lower to target 16.55.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down Monday to test 142-22 as support can extend down to also test 142-00, and still be likely to recover and also to resume the rally.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap down was recovered back to Friday’s close, and then into positive territory. Without closing above 66.25 Monday, its immediate recovery and extension through 67.50 would be optimal to confirming a new rally leg underway.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Sunday night’s gap up extended through Monday’s open, to test 2.95 whose recovery would confirm Friday’s dip back to support was only a temporary detour, and the requirement for at least a close above 3.00 remains intact.