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))
Favorable comments overnight by ECB Chief Draghi triggered a surge through the 1.1255 buy signal and the 1.1270 peak of Monday’s test of it, extending sharply higher to 1.1388. No second consecutive higher close would suggest a deeper pullback underway.

Gold Aug Contract (GC, ETF: (GLD))
Sunday night’s plunge had been retraced considerably to 1253.80 by Tuesday’s open but not entilrely, still not yet testing the decline’s 1235.00 target either overnight or intraday. Closing higher Wednesday would be premature.

Silver Jul Contract (SI, ETF: (SLV))
Sunday night’s plunge had been retraced almost entirely by Tuesday’s open up to 16.70, not yet having tested the decline’s 16.25-16.30 target intraday. Closing higher Wednesday is possible, but not optimal while still not having retested Sunday night’s low.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s night dip to the 156-20 pullback limit extended down sharply to open under 156-14 and to slide much deeper to 155-07. This tested the two-week old consolidation’s lows. Extending down immediately would be the product of new sponsorship, and so it would be credible for targeting 154-16. Not extending down immediately would be credible for recovering.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday night’s high already probed above Sunday night’s 43.65 high, making the attempt likely to extend higher intraday. Fresh highs up to 44.44 suggest the 44.90 bounce target is in-play.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Extending higher overnight to 3.06 had pulled back to open flat, then recovered back up to overnight highs. A second consecutive higher close Wednesday would confirm a bottom has been sealed.

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))
Friday’s reaction down from the 1.1255 buy signal to what had been the 1.1225 bounce limit was recovered entirely into Monday’s open. Trying to extend higher was sloppy, and not very successful. Now 1.1225 is a sell signal, and its break would target fresh lows.

Gold Aug Contract (GC, ETF: (GLD))
Thursday and Friday sessions had avoided extending their gaps up, but not fully retracing or reversing them to fulfill the pattern’s ultimate resolution. Sunday night’s “fat finger” plunge compensated for the delay, probing fresh lows. The decline’s 1235.00 target was only attacked and remains outstanding.

Silver Jul Contract (SI, ETF: (SLV))
Thursday and Friday sessions had avoided extending their gaps up, but not fully retracing or reversing them to fulfill the pattern’s ultimate resolution. Sunday night’s “fat finger” plunge compensated for the delay, probing fresh lows. The decline’s 16.25-16.30 target was met, but could be retested intraday before any buy signal is credible.

30-year Treasury Sep Contract (US, ETF: (TLT))
Still hovering at the extended rally’s 156-24 target broke higher Monday morning to 157-08. So long as 156-20 holds as support, the rally could extend up to 157-20 if not also to 158-20.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing Sunday night above the 43.40 buy signal was retraced before Monday’s open back under the buy signal. It was retested at noon, where price hovered into the afternoon. Extending any higher would target 44.90, albeit still needing one more dip to complete a bottom pattern.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Sunday night’s gap up above the 2.95 buy signal was maintained overnight, and then extended higher Monday morning to 3.02. A pullback has room down to 2.95-2.97 without reversing momentum down, although a second consecutive higher close Tuesday would make a pullback likelier to recover.