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))
Monday’s “inside day” isn’t a buy signal, and it doesn’t prevent probing fresh lows Tuesday. But recovering from fresh lows Tuesday at this stage of the pattern would form a bottom.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down to fresh lows Monday under 1311.00 was recovered back above Thursday’s 1316.00 low to nearly fill the gap back to Friday’s 1323.00 close. The gap down under all prior lows was filled by a reaction along the way. Upside follow-through Tuesday could prevent extending the decline, which otherwise remains intact.

Silver Jul Contract (SI, ETF: (SLV))
Monday’s open gapped down to fresh lows under 16.30 and tested 16.22, but recovered to fill the gap back to Friday’s 16.42 close. Closing under 16.40 all but confirms a new downleg underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh recovery highs Tuesday fulfilled a test of 143-17 up to 143-22 which retraces the recent decline’s Falling Wedge. Back under 143-12 would suggest the bounce had ended, and under 142.26 would resume the decline.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
An ongoing narrow(ing) range had been developing at the midpoint of the past week’s activity. Early weakness coming out of the weekend slipped to 67.17 before hawkish developments against Iran triggered an attack on the rally’s 69.50 target at the range’s upper-end. Its reaction down to 68.35 held lower prior highs, which must not delay launching another upleg if valid.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Spiking down through 2.77 at Monday’s open bounced off of 2.72 to almost unchanged, keeping alive the potential for a late pullback underway.