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))
Wednesday’s “inside day” held above the 1.0725 buy signal that was recovered Tuesday. But it does not confirm Tuesday’s recovery. Nevertheless, reinstating the 1.0550 target requires closing back under 1.0690.

Gold Jun Contract (GC, ETF: (GLD))
Gapping down Wednesday under the 1290.70 pullback limit extended down sharply to 1275.40, filling the gap back to last Thursday’s close. Reacting up from filling the gap doesn’t necessarily resume the rally, which already has tested and held its 1294.00 target — twice.

Silver May Contract (SI, ETF: (SLV))
Ranging exclusively in negative territory Wednesday was an “inside day,” holding above Tuesday’s dip to 18.05, but not recovering 18.30 to launch a fresh high.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Wednesday and trading weaker intraday was an “inside day.” The gap back to Wednesday’s close should be filled at some point, and any further reaction down before then would be likely to recover.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trending down almost relentlessly Wednesday fulfilled the 50.65 target. Holding its test through Thursday’s close would still be vulnerable to extending down deeper. Trying to recover too quickly and aggressively Thursday would suggest that a deeper drop is being refueled.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Ranging choppily and relatively narrowly Wednesday above the 3.13 sell signal isn’t necessarily greeting Thursday’s EIA report from a position of strength. But an initially favorable knee-jerk reaction could still test 3.27 before resolving down.

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))
Friday morning’s spike up was already attacked Monday, but Tuesday’s open gapped above it to the 1.0725 bounce limit, and extended through it to test 1.0760. The 1.0550 target below is moot unless reinstated by gapping down Wednesday back under 1.0725.

Gold Jun Contract (GC, ETF: (GLD))
Tuesday morning’s gap down initially extended to 1280.50, before reversing to rally sharply up to the 1294.00 target that had been tested already Sunday night and Monday morning. Its confirmed breakout would target 1311.00, and pullbacks must now hold 1290.70 as support.

Silver May Contract (SI, ETF: (SLV))
Gapping down to and through 18.30 Tuesday morning slid sharply before recovering into the close to at least attack 18.30. There is no bullish excuse to further delay its actual recovery, which should extend to fresh highs well above 18.55 resistance.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s retest of the 153-11 pullback limit had held, and was recovered entirely to Monday’s ~154-00 highs at Tuesday’s gap up, which extended sharply higher intraday to 155-04.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh pullback lows under the 52.70 sell signal were recovered temporarily Tuesday morning, but then returned to session lows, targeting 50.65.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Further weakness Monday night tested the 3.13 sell signal, which was retested again later Tuesday morning. Its break would be credible for extending down, and would invalidate any potential for a bigger corrective bounce to 3.27.