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 Sep Contract (EC, ETF: (FXE, UUP))
The rejection of Tuesday’s false breakout extended lower overnight to have already printed 1.11133 before Thursday’s open. The reversal remains intact so long as bounces now hold a test of .

Gold Aug Contract (GC, ETF: (GLD))
Extending Wednesday’s pullback overnight was already recovered enough on the BOE move for Thursday’s open to gap up. A fresh high testing 1375.50 remains likely, and also remains likely to hold.

Silver Sep Contract (SI, ETF: (SLV))
Sharply lower lows overnight attacked 20.05 before back to unchanged on Thursday morning’s BOE report. Closing above 20.55. would signal the rally to test 21.15 had resumed.

30-year Treasury Sep Contract (US, ETF: (TLT))
Flat-to-lower ranging overnight at or under 171-22 responded bullishly to Thursday morning’s policy statement, probing intraday well above the 172-26/173-04 buy signal —  and retesting 172-26 as support. A second consecutive higher close Friday would confirm at least a test of 176-10 is in-play.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s bounce exceeded Tuesday’s test of the 40.80 bounce limit, filling a recent outstanding gap at 41.55 and then probing its prior high above 42.00. Closing back under 40.65 would resume the decline.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was greeted from a position of strength, which managed only to soften any knee-jerk reaction while ranging choppily sideways. Almost any initial rally Friday would be credible for extending higher into the weekend.

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 Sep Contract (EC, ETF: (FXE, UUP))
Tuesday’s break higher was suspicious, so Wednesday’s gap down was appropriate. The gap back down to Monday’s 1.1185 close was filled, and closing back under it would signal the corrective bounce had ended.

Gold Aug Contract (GC, ETF: (GLD))
Attacking the 1375.50 target Tuesday was reversed intraday Wednesday down to 1360.60, attacking the gap back down to Monday’s close. Retesting Wednesday’s high is now likely to hold, bu9t a deeper pullback first should be only temporary

Silver Sep Contract (SI, ETF: (SLV))
Trending down Wednesday erased Both Monday and Tuesday’s gains, but did not reverse the trend down, so that 21.15 remains in-play.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s recovery into the 172-26/173-04 range was retraced Wednesday back down to the original 171-22 buy signal that was also tested at Tuesday’s open. Closing under it would suggest a deeper pullback underway, but that’s otherwise premature.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s bounce retested the 40.80 bounce limit tested Tuesday. Closing above 41.20 could invalidate the decline’s momentum, which otherwise remains intact and targeting 36.60.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s close under the 2.77 pullback limit was rejected by gapping up above it Wednesday, and then extending back above 2.80. Thursday’s EIA report is being greeted from a position of strength, and a favorable reaction would likely fill the gap back up to 2.98 before extending even higher.