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))
Despite having retraced all of Friday morning’s surge to 1.0710 back down to its origin, Monday gapped up to attack Friday’s high. Tuesday must reject Monday’s rally to maintain the decline’s potential for 1.0550.

Gold Jun Contract (GC, ETF: (GLD))
Sunday night’s rally through 1297.00 was retraced entirely into Monday’s open. The morning’s highs at least made it back up to the rally’s 1294.00 target. There is no “unfinished business above,” but the rally’s momentum remains intact so long as 1290.50 now holds as support.

Silver May Contract (SI, ETF: (SLV))
Slightly higher highs overnight had disappeared by Monday’s open. The session developed exclusively within Friday’s range, not rejecting its probe above 18.30, making likely a stronger probe above 18.55.

30-year Treasury Jun Contract (US, ETF: (TLT))
Probing above Friday’s highs Sunday night was retraced before the open to spend Monday under Friday’s highs. The restrained optimism is potentially bullish from a contrarian perspective, and keeps alive the upside momentum. But it is still vulnerable to at least a corrective dip.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Since testing the rally’s 53.55 target, flat-to-lower ranging into and out of the weekend is threatening to trigger the 52.70 sell signal targeting 50.65. Sunday night’s lows were retested Monday, and any break would be credible for extending down.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Despite already having filled the gap back up to last Monday’s 3.19 close, potential for a bigger bounce to 3.27 had remained alive. Monday morning’s dip doesn’t invalidate that potential for a bigger bounce, but but threatens to trigger the 3.13 sell signal first.

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))
Spiking up after Wednesday’s close in reaction to unfavorable Dollar comments was unable to trend up Thursday, and only ranged around Tuesday’s prior highs. The decline remains vulnerable to resuming, targeting 1.0550.

Gold Jun Contract (GC, ETF: (GLD))
Sharply higher highs overnight came within $4 of the 1294.00 target, needing pullbacks to hold 1287.00 to maintain the upside momentum.

Silver May Contract (SI, ETF: (SLV))
Wednesday night’s rally fulfilled the minimum objective above 18.30 to probe the 18.55 prior high. Higher highs are likely so long as 18.30 holds as support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday and Wednesday’s refusal to react down from retesting the rally’s target had made fresh highs likely. Surging more than 1 point overnight to 154-10 and gapped up Thursday to entirely above all prior highs. Gapping down under prior highs could form an Island reversal that probes lower temporarily, but Thursday’s high would require retest at some point.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging since fulfilling the rally’s 53.55 target may be supported artificially by other commodities rallying. Regardless, back under 52.70 would target 50.65.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Thursday’s bounce filled the gap back up to Monday’s 3.23 close, and could extend to 3.27 before reversing down, which would be triggered anyway under 3.13.