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))
Tuesday’s lower lows approached the pullback’s potential to 1.0865. Almost any initial strength Wednesday would be likelier to fill the gap back up to Friday’s close.

Gold Jun Contract (GC, ETF: (GLD))
Fresh lows overnight resumed the decline Tuesday, still targeting fresh lows at 1206.00-1211.00.

Silver Jul Contract (SI, ETF: (SLV))
Breaking lower overnight gapped down Tuesday to resume the decline that is still targeting 15.95.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s close was still overlapping prior intraday lows to confirm that sellers aren’t strong-handed, but not that buyers aren’t patient and awaiting the next lower objective at 150-22 before recovering. Fresh lows overnight did extend down to 150-19. So, closing above 150-22 Tuesday and not confirming with a second consecutive lower close Wednesday would be in-line with a bottom beginning to form.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight strength had attacked Sunday night’s ~47.00 high before Tuesday’s open. Intraday action only ranged narrowly sideways ahead of the post-close API report, and Wednesday morning’s EIA.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Firming overnight continued to reflect optimism, probably ineffectual, although it was relatively large up to 3.24. Back above 3.27 would undermine the outstanding objective of probing under 3.11.

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))
Blipping-up momentarily Sunday night in reaction to the French election both pierced the outstanding 1.1025 objective, and then reversed down sharply from it. The decline extended through Monday morning to 1.0937, leaving a gap back up to Friday’s close.

Gold Jun Contract (GC, ETF: (GLD))
Bouncing to the 1228.00-1236.00 range’s upper-end Sunday night was resolved by dipping to its lower-end Monday morning. Already too much time has elapsed without actually rejecting the range’s test, that lower lows targeting 1206.00-1211.00 is likely.

Silver Jul Contract (SI, ETF: (SLV))
Very narrow ranging both Sunday night and Monday morning offered no new information. Except that not rejecting current lows still keeps alive the 15.95 target area.

30-year Treasury Jun Contract (US, ETF: (TLT))
Surging pre-open had stopped 5 ticks short of the 152-18 buy signal. The gap up reversed down immediately to fresh lows that attacked 151-00 at the morning’s low. Having originated from above a violated bounce limit, and gapping down, this fresh low’s origin suggests it will be retraced. But that might not prevent first testing potential to 150-22.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Piercing Friday’s high Sunday night by attacking 47.00 was retraced to gap down slightly Monday. A morning bounce into positive territory was reversed to pierce under the open’s gap down. It’s not a Pivot Reversal because it’s not appearing in an ongoing uptrend. And the morning’s low ultimately held. So a bigger bounce should be obvious with little or no delay to avoid fresh lows.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday gapped down 9 cents to last week’s 3.16-3.17 lows and extended several more cents to reject Friday’s bounce. Bouncing back to the open was the only reason Monday didn’t offer new confirmation that a new relative low close under 3.11 remains in-play.