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 gap down wouldn’t allow reversing back up soon, certainly not by Tuesday’s weak bounce. And that reacted down overnight to gap down Wednesday under Monday’s 1.2245 low. A bounce now has room up to the gap at Tuesday’s 1.2285 close before even threatening to reverse the trend up.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday’s shallow obligatory bounce was retraced entirely overnight to gap down Wednesday morning. Ranging sideways between 1320.00-1324.00 hovered exclusively under prior lows that each had threatened to extend down previously. Bounce meanwhile have room up to 1330.50 without reversing the trend up.

Silver May Contract (SI, ETF: (SLV))
Gapping down under Monday’s lows Wednesday also fluctuated around the 16.50 pullback limit whose break under 16.40 would be unlikely to recover before probing fresh lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Although nothing was bullish about Monday or Tuesday’s patterns, a corrective bounce was possible. But fresh lows overnight produced another gap down Wednesday that once again makes any recovery attempt unlikely to extend before the weekend. A bounce has room up to 142-25 while still being likely to extend down to 141-04.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Choppy sideways action Wednesday morning filled the gap back down to Monday’s 67.10 open. Being the lower-end of the past week’s range, Thursday is free either to probe under the range and trend down, or else bounce to probe the range’s upper-end and retest the rally’s 69.50 target.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Tuesday’s close above the 2.75 bounce limit extended higher to touch the range’s 2.79 upper-end. The pattern’s sell signal remains unchanged at 2.72 probed intraday. Thursday’s EIA report is being greeted from a position of strength, but a knee-jerk reaction down would still be credible.

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 firmer market probed back above Monday’s 1.4010 high, still not forming a bottom, although a failed bounce on Wednesday could do that.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday’s bounce was likely only obligatory, having tested prior lows at or under 1326.00 on Monday. The bounce has room up to higher prior lows around 1339.00 while still being only a temporary correction.

Silver May Contract (SI, ETF: (SLV))
Bouncing to within a dime Tuesday of the 16.80 buy signal didn’t reverse the trend back up, and it wasn’t so substantial that renewed selling pressures Wednesday couldn’t easily visit 16.40-16.50 where a larger decline would be threatened.

30-year Treasury Jun Contract (US, ETF: (TLT))
Firming overnight to 143-09 was already undermined by Monday’s bearish pattern. Reversing down through Tuesday’s open extended slightly lower to fresh lows at 142-12. The buy signal remains unchanged above 143-20.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Three consecutive closes around last Wednesday afternoon’s 68.35 high were rewarded Tuesday by attacking the rally’s 69.50 target. Its rejection reversed back down under 67.60, and a second consecutive lower close Wednesday would all but seal a top.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s bounce up to 2.75 firmed another 2-3 cents Tuesday, above the 2.75 bounce limit, which must now reject price back down to maintain the distributive pattern .

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 open gapped down under Friday’s 1.2300 low and trended down throughout to fresh lows at 1.2256. Bounces should hold 1.2290-1.2300 to maintain the decline’s momentum.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Monday to 1329.00 extended down slightly further intraday to test 1324.00. That’s the lower-end of April’s range, and anything lower would put back into play 1310.00 and potentially also 1294.00. Bounc es meanwhile have room up to 1340.00 before suggesting the trend has reversed up.

Silver May Contract (SI, ETF: (SLV))
Sunday night’s probe under Friday’s 17.05 pre-open low extended to 16.90, which was extended further intraday to test 16.60. Immediately recovering 16.90 Tuesday would be crediblle for at least filling the gap back up to Friday’s close around 17.20, but the near-term trend otherwise points to 16.40.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Monday to fresh lows probed lower intraday to 142-09 and held under Thu-Fri’s bearish falling wedge pattern.. The trend remains down so long as 143-20 isn’t recovered

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap down reversed up arbitrarily to fill the gap back up to Friday’s close around 68.35. Holding the gap keeps alive potential for a more substantial reaction down. Otherwise, a higher close on Tuesday would target a retest of the 69.50 target.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s significant sell-off still wasn’t rejected Tuesday, but further delayed resolving down for yet another test of 2.75 resistance.