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 probe above Monday’s highs was already dismissed as unlikely to extend, let alone to prevent retesting Friday’s lows, or even resuming the decline to 1.0550. Wednesday’s weakness is in-line with the bearish scenario.

Gold Jun Contract (GC, ETF: (GLD))
Attacking 1282.00 overnight enabled gapping up Wednesday, but intraday action only ranged sideways between 1275.00-1279.00. It developed entirely in positive territory but without trending higher. Further upside potential to 1284.00 and 1294.00 requires pullbacks to hold 1272.00.

Silver May Contract (SI, ETF: (SLV))
Rallying to 18.30 Tuesday resolved by gapping up above 18.30 Wednesday, but then only hovering there intraday instead of extending or rejecting.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh highs overnight up to 153-09 were attacked throughout Wednesday, stopping pessimistically short within several ticks, forming a Rising Wedge. Closing negative suggests the wedge is breaking lower, but meanwhile any fresh high could almost literally explode higher in this pattern.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing the 53.55 target overnight by 20 cents ultimately held and reversed back down intraday to 53.00. Under 52.70 would target 50.65.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Touching the 3.13 sell signal at Wednesday’s open reacted up to the 3.19 buy signal, which would target 3.27 before capitulating.

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 up above Monday’s 1.0640 high initially extended higher to test 1.0665 but dipping back under Monday’s highs. The “ineffectual pessimism” does require resolving down immediately to confirm fresh lows at 1.0550 remain in-play.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Tuesday above Monday’s 1259.00 high extended to probe above Monday morning’s 1273.00 high to test 1276.00. The pattern doesn’t require any higher high, but the rally remains intact so long as 1272.00 holds as support.

Silver May Contract (SI, ETF: (SLV))
Rallying through Tuesday morning tested the 18.30 pullback limit that had broken sharply lower Friday afternoon. Pullbacks must now hold 18.06 to maintain the recovery potential.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up slightly Tuesday morning amid more geopolitical anxiousness extended sharply through the morning to test Friday’s 153-04 high. Back under 152-04 would suggest the topping pattern remains intact.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially dipping Tuesday morning to 52.70, OPEC headlilnes triggered a spike up during the noon hour to a fresh high attacking the 53.55 buy signal to within 20 cents. The pullback limit is now 52.00.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping down slightly Tuesday extended to within 1 cent of the 3.13 sell signal. Its break wouldn’t be very reliable without first bouncing, potentially back above 3.19 to 3.27.