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 night’s fresh trend low was only slightly lower, and it wasn’t repeated intraday. But only Tuesday’s highs were attacked Wednesday, without recovering to signal momentum reversing up. Regardless, a more credible bottom would first recover an intraday test of Tuesday night’s 1.1855 low.

Gold Jun Contract (GC, ETF: (GLD))
Still fluctuating Wednesday is not necessarily bullish while continuing to hold the 1316.00 bounce limit. But the ongoing fluctuation is also further delaying a resolution down, for which there’s no bullish reason to further delay.

Silver Jul Contract (SI, ETF: (SLV))
Fresh recovery highs were probed Wednesday but not maintained, keeping alive the recent bounce as being only a temporary correction, still likely to resolve down and resume the decline.

30-year Treasury Jun Contract (US, ETF: (TLT))
Attempting to trigger the 143-07 sell signal on Friday had required there be little or no delay. Lower lows and lower highs since then kept alive its ongoing test, but Wednesday’s gap down under those tests now all but requires extending down. Any recovery would start to make a new upleg likelier.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s intraday test of 68.25 that recovered above the 68.65 buy signal was immediately productive overnight, probing fresh highs up to 71.35 Wednesday.The 74.10 objective remains in-play, within pullbacks now needing to hold 69.50 as support.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up slightly and ranging sideways Wednesday is still another version of the recent directionless sessions that are not individually undermining the continuing likelihood to resolve down. Collectively, not exploiting the opportunity on a timely basis can become bullish again.

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))
Four consecutive sessions probing fresh lows and closing at prior session’s low never gained traction for its intraday reversals, leading to a capitulative session Tuesday. This still prevents an immediate recovery attempt from extending higher without at least first retesting the lows.

Gold Jun Contract (GC, ETF: (GLD))
Another day of holding the 1316.00 bounce limit finally resolved down Tuesday to attack 1306.00. Bit was retraced to retest 1316.00 before resuming the decline, which stills needs fresh lows to confirm.

Silver Jul Contract (SI, ETF: (SLV))
Overlapping or testing the 16.45 bounce limit was interrupted by a shallow dip to 16.33 that recovered to resume testing 16.45. Resuming the decline has no reason for further delay.

30-year Treasury Jun Contract (US, ETF: (TLT))
Overlapping the 143-07 sell signal again intraday Tuesday still needs to decisively break under it, or else become even more vulnerable to launching a new upleg as more selling pressure is expended without yet having gained traction for its effort.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Volatility was intense ahead of the President’s JCPOA announcement. Monday’s fresh high at 70.85 had created room for a pullback down to 68.85 or 68.25, both of which were probed down to 67.65. Bouncing back above 68.85 to 70.40 confirms 74.10 is in-play, especially if confirmed by a second consecutive higher close Wednesday.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s bounce was just a different version of Friday’s consolidation, neither one reversing the re-established downtrend. But the downtrend doesn’t need to conduct any further backing-and-filling before break to fresh lows, if that is still its intent. Tuesday’s dip back into Friday’s range is a good start, but still can’t afford to hesitate extending to fresh lows.

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))
Returning to Friday’s lows Sunday night formed a gap down Monday. Prior lows recovered into positive territory where and held the intraday test through the close, but the recovery wasn’t reversed back above a prior high that would have formed a buy signal.

Gold Jun Contract (GC, ETF: (GLD))
Choppy ranging into the new week still held the 1316.00 bounce limit to keep alive last week’s bounce being only a temporary correction. But indefinite time is not available to absorb the bounce, which has little excuse to further delay resolving down to fulfill outstanding objectives below.

Silver Jul Contract (SI, ETF: (SLV))
Sideways ranging overnight and Monday continued to test the 16.45 bounce limit that Friday’s close was overlapping to avoid rejecting.

30-year Treasury Jun Contract (US, ETF: (TLT))
Triggering the 143-07 reversal signal Friday would not have been credible for the same session that produced a trend extreme. Having tested the signal anyway on Friday, it all but required being triggered on Monday. Its delay only makes another upleg increasingly likely, albeit still needing to be triggered by closing  back above .

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Last week’s rally extended higher Sunday night to gap up Monday. The break has confirmed the next higher target in-play at 74.10, so long as pullbacks now hold 69.85 as support. Closing under 69.25 would start to signal momentum reversing back down.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up and ranging sideways Monday was similar to Friday not extending down, and doesn’t reject the Wednesday-Thursday drop that had confirmed the prior bounce was only a temporary correction. But the bearish pattern has no excuse to further delay extending the downleg to fresh lows under 2.69-2.70.