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 open was already gapping up to 1.1345 resistance whose recovering would confirm Monday’s close above the inverted Head & shoulders 1.1320 neckline. Its resistance held through the close, so immediately extending higher anyway Wednesday would be credible for extending higher intraday.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Tuesday to Monday’s 1308.00 high probed 1310.00 while fluctuating sideways around Monday’s high.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s gap up above Monday’s 15.27 high was brief as the balance of the session fluctuated sideways around Monday’s high, exclusively in positive territory.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s recovery from initially blipping-down had bounced up to 148-02 resistance. Monday’s consolidating resolved in Tuesday’s retest of 148-02 and higher.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing and retesting fresh highs at 64.80 was already reacting down into Tuesday’s open, and extended down to test 63.70 as support. The pullback limit is raised to 63.25 while awaiting the 65.00 target to be met, potentially including its room for noise up to 67.00.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s early weakness didn’t touch 2.67, let alone 2.65, which would be necessary or preferable respectively to finish consolidating so that firming on Wednesday could 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))
Firming overnight gapped up Monday and extended through the inverted Head & Shoulders 1.1320 neckline, attacking the 1.1345 resistance whose recoveries on a closing basis would confirm the trend has reversed up.

Gold Jun Contract (GC, ETF: (GLD))
Already testing the 1301.50 buy signal before Monday’s open, which gapped up and extended to attack 1308.00 before dipping back down to 1301.50 as support. No “unfinished business” would be left outstanding below if an upleg were to begin.

Silver May Contract (SI, ETF: (SLV))
Testing and retesting the 15.15 buy signal for a couple of days finally broke higher into Monday’s open, probing it by a dime and posturing to close above it where a new upleg would be launched.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s dip held a test of the 147-08 sell signal but only bounced up to 148-02 resistance. Monday held resistance, so closing back above it would now signal an upleg underway.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The weekend was entered and exited rallying to fresh highs attacking 64.45. This leg’s 65.00 and 67.00 targets of the bottom’s massive inverted Head & Shoulders reversal pattern remains intact so long as pullbacks now hold 62.90 as support.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Already rallying Sunday night tested 2.71 resistance Monday morning, which closing above would be bullish, but preferably after reacting down from it temporarily to 2.65.