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))
Thursday wasn’t at all assured of extending the trend like Wednesday was almost certain to do (and did). Probing slightly higher overnight was retraced to gap down slightly Thursday. Ultimately retracing all of Wednesday’s rally filled the gap back down to Tuesday’s close. Wednesday night’s 1.1188 can be retested if 1.1080 now holds as support.

Gold Jun Contract (GC, ETF: (GLD))
Overnight probing of fresh highs up to 1265.00 was retraced back under 1261.00 support. Closing under 1258.50 now suggests the rally’s momentum has lapsed, if not also that momentum is reversing down.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Wednesday to 16.75 formed an Island of Tuesday’s range. Extending down attacked the 16.40 sell signal, whose break would target 15.95. The Island would help to trigger a recovery — if it isn’t already preventing Friday from extending down.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing fresh highs up to 154-13 didn’t extend higher, and instead fluctuated narrowly around Wednesday’s 153-24 close. A pullback has room down to 153-11 or 152-26 while still being likely to resume the rally.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday night’s dip to 48.05 was retested Wednesday night, and Wednesday morning’s recovery up to 49.50 was repeated Thursday morning. Ultimately holding the 48.90-49.30 range was also repeated, as no new signal emerged.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up slightly ahead of Thursday’s EIA report was reversed back down. The three-day drop didn’t resume as price ranged narrowly around 3.21.

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))
Tuesday’s surge to new highs was unlikely to reverse anytime soon, as confirmed by extending higher overnight and Wednesday. A top is still unlikely to be evident soon, but potential of backing-and-filling can’t be dismissed.

Gold Jun Contract (GC, ETF: (GLD))
Political instability triggered an overnight surge that filled an outstanding gap above before Wednesday’s open. Extending higher post-open tested “higher prior lows” at 1253.00, with the next higher potential being 1261.50.

Silver Jul Contract (SI, ETF: (SLV))
Breaking higher overnight still had difficulty at 16.75 Wednesday, but maintained potential for testing 17.09, so long as 16.75 isn’t broken as support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Political instability and sliding stocks triggered a second consecutive session to rally Wednesday, of blowout proportions, confirming the bottoming pattern that was first signaled on Friday. Breaking above both 151-22 and 152-00 reversed momentum up and extended substantially to 153-26. Pullbacks must hold 152-27 to avoid reversing down.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The reaction to Wednesday’s EIA report bounced back up to the 48.90-49.30 range’s upper-end, largely ignoring the turmoil in other markets.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Wednesday extended the prior two days of selling by extending under the original 3.21 sell signal, down to 3.16 where the original sell signal’s breaks had run into support. Considering the degree of the interim bounce, there’s no bullish reason to have retraced.