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))
Monday’s inside day resolved by gapping up Tuesday above Thursday’s high. Since that had held a test of prior highs, at least a corrective dip to fill the gap and test “lower prior highs” back down to 1.1185-1.1200 is likely regardless of the ultimate resolution.

Gold Aug Contract (GC, ETF: (GLD))
Having extended higher Monday despite Friday already fulfilling the minimum required third higher close, the uptrend was signaled to be intact. Tuesday’s gap up extended sharply higher intraday to attack the next higher objective at 1375.50 to within 1.50, so reacting down if only to correct has become more likely.

Silver Sep Contract (SI, ETF: (SLV))
Gapping up Tuesday confirmed that Monday’s retest of prior highs and closing higher had resumed the rally, still targeting at least a retest of the Brexit reaction’s 21.15 high.

30-year Treasury Sep Contract (US, ETF: (TLT))
The 172-26/173-04 pullback limit was broken sharply overnight to gap down Tuesday back at the rally’s original 171-22 buy signal. Its reaction up pierced back above 173-00 momentarily. Closing above it Wednesday would suggest the pullback has ended.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
No fresh low overnight didn’t make the decline any less likely to extend lower, which it did Tuesday. Fresh lows attacking 39.15 extended nearer to this leg’s 36.60 target. Now bounces must hold 40.80 to maintain the decline’s momentum.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Fresh lows overnight probed the 2.77-2.80 pullback limit by a couple of cents. The reaction must still recover 2.80 to suggest the pullback has ended, and that 2.98 is in-play.

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))
After fulfilling the confirmed breakout’s minimum third required higher close Friday, Monday’s session ranged narrowly sideways. Not immediately rejecting the third higher close does make likely at least fresh intraday highs, but doesn’t make the rally any likelier to extend.

Gold Dec Contract (GC, ETF: (GLD))
Fresh highs Monday extended Friday’s fulfillment of the confirmed breakout’s minimum required third higher close. Pullbacks must hold the 1350.00 area to maintain upside momentum next targeting 1275.50.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s confirmed breakout was on-track to be confirmed Monday by the required eventual third higher close as the open’s gap up extended to fresh highs and ranged flat-to-higher intraday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Having confirmed a new breakout above 173-04 by at least 1 point Friday, Monday’s gap down had room for extending back down to the buy signal and lower to 172-26 without jeopardizing the upside momentum that requires at least an eventual third higher close.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s bounce didn’t even threaten the decline’s bounce limit before resolving down to fresh lows Monday testing 39.85. Now holding 40.80-41.30 would maintain the decline’s momentum and its 36.60 target.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Barely confirming Thursday’s breakout by 1 penny Friday didn’t offer any momentum to greet the new week in rally mode, so Monday’s open easily gapped down and extended intraday to test the 3.77-3.80 buy signal as support. Lower lows would be allowable only intraday to maintain upside momentum targeting at least an eventual third higher close, .