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))
Friday’s break lower from a multi-session range wasn’t immediately confirmed by a second consecutive lower close Monday. So long as 1.1033 holds as resistance, this alternating 2-day sequence might be the beginning of another alternating 4-day sequence, as the 1.0945 prior low’s retest remains outstanding.

Gold Aug Contract (GC, ETF: (GLD))
Friday’s gap down wasn’t rejected by the close, nor by gapping up Monday. Gapping down instead was extended intraday to retest last week’s lows, and still reversed up to attack positive territory into the noon hour. Stopping pessimistically short of touching Friday’s close is potentially bullish from a contrarian perspective

Silver Sep Contract (SI, ETF: (SLV))
Gapping down Monday and probing lower intraday didn’t prevent reversing up into positive territory before noon. Just testing 18.75 now requires closing above 18.85 to signal a bigger recovery underway.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday morning’s probe back above the 171-22 buy signal was extended to at least attack Friday’s 172-09 test of it, which had not been maintained into the weekend.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday’s weak bounce from the decline’s 43.80 target was rejected easily Monday by gapping back down and probing fresh lows under 43.00. Closing back above 43.80 would be the first stop to suggesting a bottom may be forming.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Monday’s flat open and intraday dip down to 2.73 didn’t immediately exploit Friday’s surge up to the 2.80 buy signal. Its recovery would be bullish, but must still be confirmed above 2.85 for any confidence that a recovery is underway.