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))
Reacting down to Friday’s Employment Situation report held the 1.1400 that has filled one gap above, and still needs to fill the high close’s gap at 1.1480 for a credible downleg to begin.

Gold Aug Contract (GC, ETF: (GLD))
Probing briefly overnight under 1220.00-1224.00 to 1218.50 was trying to recover before Friday’s Employment Situation report triggered a drop to fresh lows at 1206.50, within $2 of another potential bottom.

Silver Sep Contract (SI, ETF: (SLV))
A flash-crash Thursday night caused a temporary spike down that fulfilled the decline’s 15.55-15.60 target. Reacting up to attack 16.00 into Friday’s open was reversed down to fresh lows under 15.35 through the morning. There is no active signal.

30-year Treasury Sep Contract (US, ETF: (TLT))
Lower lows Friday in reaction to the Employment Situation report weren’t so substantial to allow lowering the 152-20 reversal signal or its 153-00 confirmation.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s gap down to 44.90 extended sharply lower to test 44.25 by almost 50 cents. The backing-and-filling down to the 43.40 area has likely begun, so that a more durable bottom can finish forming.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Rallying overnight gapped up to what is now resistance at 2.95 was reversed down through Friday morning to  fill the gap back to Thursday’s 2.88 close, still leaving the gap back down to Wednesday’s 2.85 close to be filled so that a rally can 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 Sep Contract (EC, ETF: (FXE, UUP))
Gapping up Thursday above 1.1400 buy signal extended up to what had been the 1.1445 pullback whose interim break corrected the rally. At least gaps back to the high up to 1.1485 are likely to be filled.

Gold Aug Contract (GC, ETF: (GLD))
Overnight strength was retraced back down into what is now 1220.00-1224.00 support Thursday to maintain potential for a bigger bounce to 1235.00 and 1243.00 before extending the decline to one more lower low.

Silver Sep Contract (SI, ETF: (SLV))
Flat-to-higher shallow ranging didn’t end the decline’s momentum, especially so long as bounces hold 16.20 so the next lower objective at 15.55-15.60 can remain in-play.

30-year Treasury Sep Contract (US, ETF: (TLT))
Two days of testing late-May’s “lower prior highs” didn’t prevent probing lower Thursday. Closing back above 152-20 would star to suggest the decline had ended, yet to be signaled back above 153-00 and 153-18.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s drop was retraced back up to 46.00 resistance into Thursday’s open. The morning’s EIA report pushed another 50 cents higher. But an early-afternoon reversal to unchanged filled the gap back down to Wednesday’s close.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up a nickel Thursday was inappropriate for immediately reversing momentum up, leaving the gap outstanding back down to Wednesday’s 2.85 new low close. Muted reaction to the morning’s EIA report avoided filling the gap, let alone holding it. Probing it Friday and recovering to close positive would signal a bottom is forming.

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 was retraced to Monday’s close at 1.1400, leaving a couple of gaps above outstanding. Their attraction suggests the reaction down is premature, but filling their gaps could complete a topping pattern.

Gold Aug Contract (GC, ETF: (GLD))
RSIs diverged positively into fresh lows being probed overnight, while attacking obligatory support from prior lows at 1220.00. Room for noise between 1216.50-1224.00 could hold for a bounce to 1243.00 before resuming the decline.

Silver Sep Contract (SI, ETF: (SLV))
Probing fresh lows overnight showed no signs of accumulation. Bounces could test 16.20, and still be likely to resove down to lower lows at 15.50.

30-year Treasury Sep Contract (US, ETF: (TLT))
Slightly lower lows overnight retested late-May’s “lower prior highs” as support, now needing a close above 153-28/154-02 to signal momentum reversing up.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Two nights being unable to extend above 47.00 resistance reacted down Wednesday. A second consecutive lower close Thursday would confirm the pullback underway to test 44.30 where a bottom can be sealed.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Yet another dip to 2.95 support and yet another reaction up was reversed yet again down to attack 2.95 before Wednesday’s open but trended down sharply through 2.90 prior lows to 2.83. Closing back above 2.97 would now signal a new upleg underway.