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 Sep Contract (EC, ETF: (FXE, UUP))
Gapping down Wednesday leaves unfinished business above at Tuesday’s close, in addition to the open’s gap up above all prior highs.

Gold Aug Contract (GC, ETF: (GLD))
An overnight mini flash crash was recovered into Wednesday’s open to retest the 1244.00 target that had held its test Tuesday. It held its test Wednesday, too, and back under 1236.00 would now signal the trend reversing back down.

Silver Sep Contract (SI, ETF: (SLV))
Overcoming an overnight dip into Wednesday’s open only retested Tuesday’s highs in the 16.32-16.34 range. Now closing back under 16.02 would signal the trend reversing back down.

30-year Treasury Sep Contract (US, ETF: (TLT))
The recovery wasn’t quick to resume Wednesday, but didn’t have to, as the durable bottom has already formed. Any reaction down — even an intraday probe of prior lows — would be likely to recover and to resume the rally.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s post-close bobble in reaction to API was invisible at Wednesday’s open. Wednesday’s reaction to API was more obvious, surging back to the range’s 47.00 upper-end. Now closing back under 46.00 would signal momentum reversing down, which would be confirmed under 44.90.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Shallow higher highs Wednesday morning tried to outrun the attraction back to 3.01 that could inhibit the recovery.

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 Sep Contract (EC, ETF: (FXE, UUP))
A strong reaction to the US Senate punting on healthcare triggered an overnight surge through 1.1525 that gapped up sharply Tuesday, now targeting 1.1650 so long as 1.1575 now holds as support.

Gold Aug Contract (GC, ETF: (GLD))
Probing higher overnight extended Tuesday morning to attack the next higher objective at 1244.00. Above 1245.50 could extend up to 1260.00, but back under 1234.00 would now target 1222.00.

Silver Sep Contract (SI, ETF: (SLV))
Monday’s static session that didn’t extend its gap up was nevertheless extended Tuesday to test 16.35 resistance. Two consecutive sessions of gapping up are vulnerable to a correction down to 15.95.

30-year Treasury Sep Contract (US, ETF: (TLT))
Slow-playing the retest of the 153-00 buy signal ended Tuesday morning as it broke higher to probe fresh recovery highs at 153-30. Above 154-02 would confirm a much bigger rally underway, next targeting 155-06.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Dipping back down to or toward 46.00 Tuesday essentially confirms the inflection point is no longer predictive. But a break under 44.90 is still needed to signal a retest of the low’s consolidation range so that a durable bottom can form.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday morning all but seals a bottom. Not trending up intraday does keep alive the potential for reactions down to fill gaps or to test “lower prior highs” before extending higher.

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 Sep Contract (EC, ETF: (FXE, UUP))
Monday still fluctuated around the 1.1510-1.1525 resistance that had reacted down last week to 1.1450 support. There’s no requirement to break lower, but any further delay would more likely extend up.

Gold Aug Contract (GC, ETF: (GLD))
Extending higher into Monday’s open attacked the next higher resistance at 1236.00 to within 50 cents, still having potential for extending to 1247.00.

Silver Sep Contract (SI, ETF: (SLV))
After remaining within the week’s range through Friday’s close, rallying into Monday’s open gapped up to 16.09, and closed there, after an interim probe higher through the morning. Back under 15.90 would retest 15.55-15.60.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up to touch the 153-00 buy signal at Monday’s open reacted down to 152-14, but firmed again into the afternoon, still poised to launch a recovery leg.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s eventual close above the 46.00 buy signal was already suspicious, and didn’t extend higher Sunday night. Monday’s action gradually slipped back down to 46.00, further suggesting that it isn’t triggering.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s open at the 2.98 short-term downtrending inflection point immediately surged to fill the gap back up to Tuesday’s 3.05 close. Closing any higher should extend the recovery without further delay. Meanwhile, much further delay would retest Friday’s pre-open dip to 2.92.