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 Mar Contract (EC, ETF: (FXE, UUP))
[Rolling coverage forward to Jun which trades at a 90-pip discount from Mar ]… Monday’s bounce back up to 1.2445 “higher prior lows” held, which Tuesday’s gap down exploited by opening at Friday’s 1.2370 close. Extending down to fresh lows through the day essentially confirms the trend remains down.

Gold Apr Contract (jUN , ETF: (GLD))
Monday’s bounce was too shallow to invalidate Friday’s break, which Tuesday morning exploited by trending down under Friday’s lows. Prior lows down to 1305.00 may still offer support, but it should be just a formality to signal 1291.50 is in-play.

Silver May Contract (SI, ETF: (SLV))
Monday’s bounce was too shallow to invalidate Friday’s break, which Tuesday morning exploited by trending down under Friday’s lows. The nearest bounce limit can be lowered from 16.40 to 16.35.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s gap down to 144-00 support was recovered to probe positive territory, but closed  essentially flat. Tuesday’s gap down to Monday’s 143-26 open ranged sideways narrowly. The rally has little excuse to further delay resuming, and to avoid extending the pullback down to 143-16.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to May which trades at a 55-cent discount from Apr]… Monday’s intraday dip to “lower prior highs” at 60.70 was recovered to close just under the 61.85 buy signal. Tuesday’s open surged through it and extended to prior highs 62.80. A second consecutive higher close Wednesday would confirm 65.00 is in-play.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Monday’s break under 2.70 support was recovered into Tuesday’s open, hardly fulfilling the minimum 2.65 downside objective, let alone attacking it. But it remains in-play and outstanding, nonetheless.

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 Mar Contract (EC, ETF: (FXE, UUP))
Gapping up a little Monday on news of a Brexit breakthrough still stopped short of the 1.2330 sell signal that was triggered last week, and whose recovery would suggest another bounce underway.

Gold Apr Contract (jUN , ETF: (GLD))
Overnight weakness was retraced Monday to test the 1319.00 signal that had triggered last week to resume the decline. Although the structure containing the 1305.00 gap back down to the lows was tested, the gap itself wasn’t yet filled, which is likelier before a rally can develop — so long as bounces hold 1319.00. And its break would target 1291.50.

Silver May Contract (SI, ETF: (SLV))
Monday’s bounce corrected Friday’s portion of the drop under 16.40, and should be sufficient for the decline to resume if that’s its intent, before actually recovering 16.40.

30-year Treasury Jun Contract (US, ETF: (TLT))
Overnight lows were already testing downtrending support at 144-00 before Monday’s open. Gapping down to the trendline held its test down to 143-27 and quickly reversed up nearly 1 point to probe positive territory. Last week’s confirmed breakout still requires at least one more higher close.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Opening back under 62.25 Monday soon collapsed to “lower prior highs” at 61.35, which had been the bounce limit. It was also a test of 51.50 whose break through the close would have been a sell signal, but it was recovered to test 62.25 as resistance into the afternoon.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Not until after Monday’s open did price spike through 2.70, presumably on its way to fulfilling the minimum lower objective at 2.62. The delayed start reflects an ever-present ineffectual optimism that — from a contrarian perspective — can help to push even lower.