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))
Still testing the 1.0690-1.0725 pullback area Tuesday keeps alive the potential for recovering 1.0750 and extending back to last Monday’s 1.0930 gap up.

Gold Jun Contract (GC, ETF: (GLD))
Extending higher overnight to 1263.70 after triggering the 1252.00 buy signal Monday settled in around 1258.00, likely to probe higher Wednesday.

Silver May Contract (SI, ETF: (SLV))
Tuesday morning’s probe above 18.30 was retraced entirely to fill the gap back to Monday’s close, but then recovered enough to close above 18.30 and suggest a probe above 18.55 is underway.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s blip-up above Monday’s 152-00 high, which had already fulfilled the retest of last Monday’s gap up, was again reversed back down, and into negative territory at 151-17, just 5 ticks short of the new sell signal.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Initially extending Monday’s shallow dip overnight was reversed to rally Tuesday to fresh highs testing 51.15, maintaining the rally targeting 53.55.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday rejected Monday’s dip to the 3.13 sell signal, surging instead to fresh highs at 3.28. The top needed no such retest, so the strength does suggest new sponsorship has arrived.

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))
Fresh lows Sunday night thoroughly tested the remaining room below at 1.0690-1.0725 for a pullback, while still being likely to resolve up above 1.0750 and fill last Monday’s 1.0930 opening gap.

Gold Jun Contract (GC, ETF: (GLD))
Monday morning’s probe above Friday’s recovery high also tried triggering the 1252.00 buy signal that essentially targets at least a probe above last week’s highs, if not also a fresh recovery high close.

Silver May Contract (SI, ETF: (SLV))
Narrowly ranging price action Monday continued to avoid resuming the rally above 18.30 for a probe above 18.55, and also avoided rejecting the test of 18.30 for launching a new downleg.

30-year Treasury Jun Contract (US, ETF: (TLT))
Unfinished business above at last Monday’s 151-26 gap up was finally tested Monday morning, probed briefly to a fresh high at 152-10. The 150-24 sell signal is no longer unlikely to break lower if tested. Just closing under 151-12 would suggest a top is completing.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday morning’s pullback was relatively shallow, and barely threatened to reject the confirmed bottom already targeting 53.55 above.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Sunday night’s gap up to 3.24 was reversed down sharply into Monday’s open, down to the 3.13 sell signal whose break would be likely to launch a new downleg.

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))
Narrowly fluctuating Friday around 1.0720 maintains the likelihood of having ended the reaction down from Monday’s gap up, and for retesting that gap up to be the next leg.

Gold Jun Contract (GC, ETF: (GLD))
Probing a fresh pullback low overnight held the prior Thursday’s low, and recovered intraday to try triggering the 1252.00 buy signal that would enable one more fresh high close.

Silver May Contract (SI, ETF: (SLV))
Not closing negative Friday for a second consecutive session after Thursday touched “higher prior lows” at 18:30 can make the rally likely to next target a probe above 18.55.

30-year Treasury Jun Contract (US, ETF: (TLT))
Intraday probing a little deeper this time under the 150-24 sell signal down to the 150-06 previous pullback limit was still less likely to extend down. Recovering back into positive territory suggests the unfinished business above at Monday’s 151-26 opening gap will be filled next.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh highs Friday continued to suggest that the bottoming pattern has now resolved higher, targeting 53.55 so long as 49.30 holds as support.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up Friday attacked the week’s highs and consolidated above the 3.13 sell signal that was only touched Thursday as support, now ready to break lower into a durable downleg.