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))
Initially dipping at Thursday’s open had barely touched the 1.0865 pullback potential before reversing up into positive territory. The dip wasn’t deep, so reversing wasn’t any great feat. It’s more relevant for having neutralize the potential attraction. Still closing above 1.0920 is needed to signal a retest of 1.1025 underway.

Gold Jun Contract (GC, ETF: (GLD))
Another overnight bounce probed Tuesday night’s high,but without reacting down through Thursday morning. This undermines the momentum of Tuesday’s breakdown, and allows for a bigger bounce to retest the upper-end of 1228.00-1236.00, but the gap outstanding to Monday’s close will require being filled.

Silver Jul Contract (SI, ETF: (SLV))
A bigger bounce Thursday than before Wednesday’s open was not rejected Thursday. The 15.95 target remains outstanding, regardless. But its test can be delayed if not already back in-play Friday morning.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing a fresh low overnight was recovered at least to fluctuate around Tuesday and Wednesday’s closes. The fresh low close keeps intact the ongoing series of lower lows and lower highs, needing to recover 151-02 to even begin signaling momentum reversing up.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
.Gapping up slightly Thursday eventually extended to fresh highs at 48.22, now capable of extending the rally so long as 47.65 holds as support. Otherwise, backing-and-filling would be likely.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Already gapping up ahead of Thursday’s EIA report reacted favorably, probing above Wednesday’s high. Unless rejected immediately Friday, the next higher objective is 3.42-3.45.

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))
Ranging narrowly Wednesday around Tuesday’s lows hovered at the lower-end of the recent two-week range, and still above the pullback’s potential to 1.0865. Closing back above 1.0920 would target filling the gap back to last Friday’s 1.1010 close if not also retesting the rally’s 1.0525 target.

Gold Jun Contract (GC, ETF: (GLD))
Bouncing overnight touched the ~1226.00 lower-end of the recent consolidation, and reacted down Wednesday toward Tuesday’s lows. The 1206.00-1211.00 target area remains in-play.

Silver Jul Contract (SI, ETF: (SLV))
Rallying overnight back into the recent range prevented confirming Tuesday’s breakout from its recent range. The range’s resistance did hold, so the decline’s 15.95 target area remains in-play.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up slightly Wednesday had just begun testing “higher prior lows” at 151-10 before its reaction filled the gap back down to Tuesday’s 150-24 close. Closing above Wednesday’s high would launch a rally having potential to 152-18.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s gap up spiked higher in reaction to reporting the biggest inventory draw since last year. the 47.65 target was met, and could be extended to 48.45 so long as 47.20 holds as support.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Tuesday’s rally extended by gapping up into Wednesday’s open to test 3.27 resistance, then spiked up to fresh highs at 3.35. Unfinished business below, or not, The next higher target is 3.42-3.45 so long as 3.27 isn’t broken through Thursday’s close. And this does suggest that Thursday’s EIA report is being greeted from a position of strength.