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))
The bounce into Wednesday afternoon was retraced Thursday back down to Wednesday’s lows, still hovering above the 1.0860 sell signal.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s post-close blip-down was only attacked by Thursday morning’s dip to 1262.00, which also reacted up to attempt forming a bottom to the pullback.

Silver May Contract (SI, ETF: (SLV))
The relentless selling produced a fresh low Thursday, which maintains the degree of difficulty to recovering. But the slide can still qualify as only a correction, so long as Friday avoids a fresh low close.

30-year Treasury Jun Contract (US, ETF: (TLT))
Still fluctuating Thursday at or within Wednesday’s range continued to suggest a fresh low remains likely down to 151-22 before a recovery would be credible.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday afternoon’s dip extended down overnight and Thursday morning, retesting the recent bottoming attempt’s lows. Closing above 50.00 before the weekend would resuscitate the bottoming pattern.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Weakness into and out of Thursday’s EIA report was at least in-line with the report not being greeted from a position of strength. But at least an eventual third lower close remains outstanding.

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))
Gapping down Wednesday to Tuesday’s 1.0920 open prevented forming an Island. Dipping into Monday’s range was recovered back up toward Tuesday’s above 1.0960.

Gold Jun Contract (GC, ETF: (GLD))
Remaining under pressure through Wednesday remained in proximity to the pullback’s 1261.00 area target. That was tested in reaction to tax reform headlines, which reacted up back above 1266.00.

Silver May Contract (SI, ETF: (SLV))
Trending down throughout Wednesday to a fresh pullback low then blipped-down on tax reform headlines, before firming.

30-year Treasury Jun Contract (US, ETF: (TLT))
Choppy ranging Wednesday didn’t didn’t reverse momentum up, suggesting the 151-22 pullback objective remains in-play so long as 153-12 isn’t recovered.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s reaction to EIA surged to a fresh recovery high at 50.20, which was consolidated into the close.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday just under the 3.21 “higher prior lows” sell signal extended higher to 3.28. At least an eventual third lower close remains outstanding, so the one-day reversal isn’t greeting Thursday’s EIA report from a position of strength.