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))
Firming Wednesday up to 1.1210 still has room up to 1.1225 while still being only a corrective bounce that remains likely to reverse into a new downleg.

Gold Aug Contract (GC, ETF: (GLD))
Firming further Wednesday has now corrected enough for the decline to resume, yet to fulfill the confirmed breakout’s third lower close, and its next lower at objective 1235.00.

Silver Jul Contract (SI, ETF: (SLV))
Firming further Wednesday has now corrected enough for the decline to resume, yet to fulfill the confirmed breakout’s third lower close, and its next lower at objective 16.25-16.30.

30-year Treasury Sep Contract (US, ETF: (TLT))
Firming slightly overnight stopped short of the 156-24 target before dipping Wednesday morning to touch the 155-28/155-30 pullback limit. Dipping first now allows an RSI comparison to be made while retesting the prior high on the way to fulfilling the target.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Blipping-up Wednesday morning in reaction to EIA barely touched the 44.20-44.90 bounce limit before quickly reversing down under Tuesday’s 43.00low to 42.05.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Initially firming Wednesday only touched the 2.95 bounce limit whose recovery was unlikely without a more substantial base first forming. Reacting back down to the 2.88 low is a start. Thursday’s EIA report isn’t being greeted from the position of strength that would have been reliable for launching a recovery, but rallying through the close would 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))
Dipping further Tuesday morning still only attacked the 1.1155 sell signal. Triggering it Wednesday would be suspicious, already expending a lot of selling pressure after having only trended down since Monday’s gap up.

Gold Aug Contract (GC, ETF: (GLD))
Tuesday’s lower lows confirmed Monday’s breakout from the multi-session range that had formed since Thursday’s open. At least an eventual third lower close is required, likely to include a test of “lower prior highs” at 1235.00.

Silver Jul Contract (SI, ETF: (SLV))
Monday’s breakout from the two prior sessions’ ranging was confirmed by a second consecutive lower close Tuesday, next targeting 16.25-16.30.

30-year Treasury Sep Contract (US, ETF: (TLT))
Another test of the 155-28 bounce limit overnight was its third. This time breaking higher has made a near-term dip back to the range’s lower-end less likely., with the next higher objective being 156-24.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down to fresh lows Tuesday doesn’t greet the post close API report from a position of strength, or Wednesday morning’s EIA report. Any knee-jerk reaction up would likely resolve down to fresh lows.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Monday’s gap down under all prior lows didn’t extend Tuesday, nor was it recovered. Not yet touching last week’s “higher prior lows” makes a bottom more difficult to form before Thursday’s EIA report.