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))
Unfinished business below at the 1.1278 low close’s gap-fill was neutralized Monday morning. Its slow approach, and obligatory support upon actually being tested, suggests that it will be probed before a recovery can be credible.

Gold Jun Contract (GC, ETF: (GLD))
Despite originating from Friday’s pre-open touch of the 1291.30 pullback limit, its intraday bounce didn’t persist through the weekend as Monday’s open was greeted by a reaction down to Thursday’s 1293.50 low. The buy signal remains unchanged at 1308.50, but with fresh lows likely first.

Silver May Contract (SI, ETF: (SLV))
Monday fluctuated entirely within Friday’s range, hovering above the gap back down to Thurdsay’s close. No lower low or retest of the low is required, and the buy signal remains unchanged at 15.25.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday’s dip to the 149-11 pullback limit was probed Sunday night down to 149-00 and then lower intraday Monday to attack 148-00. There is room for noise to 147-17/147-25 before even suggesting momentum is reversing down.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up above all prior highs on Friday had remained untested as “unfinished business” to attract price higher after the weekend. Sunday night did rally back to Friday’s high, and trended higher Monday morning to attack 61.75. Pullbacks must hold 60.55 to maintain upside momentum.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Trending down to a fresh extreme Friday afternoon all but requires a lower low before reversing up can be credible. The setup is usually fulfilled Monday, but gapping up out of the weekend helped to prevent a fresh low intraday. However, the new price action creates a new setup that would form a bottom by closing positive after probing a fresh low intraday.

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))
An overnight blip-down to 1.1283 attacked the outstanding gap at 1.1278, but didn’t extend as the attraction becomes supportive. Stopping optimistically short of filling the gap continues to suggest it will be probed before a bottom can be considered.

Gold Jun Contract (GC, ETF: (GLD))
Fresh lows overnight touched the 1291.30 support and bounced to gap up Friday. Without confirming Thursday’s breakout, and closing positive Friday after initially probing lower, almost any strength Monday above 1306.50 would be credible for extending higher.

Silver May Contract (SI, ETF: (SLV))
An overnight retest of Thursday’s 14.95 low formed a Double Bottom that gapped up Friday and attacked 15.20. Which leaves outstanding the gap back down to Thursday’s close, but also fails to confirm Thursday’s breakout. The buy signal is lower to 15.25.

30-year Treasury Jun Contract (US, ETF: (TLT))
The 149-10 pullback limit was touched before Friday’s open and became support to Friday morning’s hovering. Back above 150-00 would signal the rally had resumed.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Rallying overnight gapped up above prior highs to test 60.55-60.70, creating an anchor to help absorb its reaction back down to 59.75.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Retesting Wednesday’s 2.69 low overnight was unnecessary to forming a bottom, but required closing positive to avoid gaining downside traction that would risk extending the downleg substantially lower. Trending down to a fresh low into the weekend makes Monday likely to probe fresh lows, regardless of its resolution.