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))
Gapping down Tuesday after Friday’s break wasn’t confirmed does not undermine the attraction to new lows. But it does suggest that Wednesday won’t confirm Tuesday’s break be confirmed. So, probing fresh lows intraday but closing positive would form a bottom.

Gold Aug Contract (GC, ETF: (GLD))
Narrow choppy ranging Tuesday continued to be resisted by the 1333.00 buy signal that would trigger upon closing above it.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday only ranged narrowly between 19.90–20.05 despite Monday’s dip needing to be rejected without much further delay. Gapping up Wednesday could serve by proxy, but any further delay to recovering would become more likely to extend the reaction down .

30-year Treasury Sep Contract (US, ETF: (TLT))
Still hovering Tuesday just above the pullback target’s 170-16/171-08 upper-end would now signal momentum reversing back up by closing above 173-04.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s flat-to-lower ranging maintains near-term potential for fulfilling the minimum 43.00 objective. Tuesday’s post-close API or Wednesday’s EIA reports may be the catalyst(s).

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Continuing to range narrowly Tuesday has created congestion that makes the next trending attempt less likely to extend before at least retesting this current narrow range. Nevertheless, closing above 2.80-2.85 would get a benefit of the doubt for extending higher.

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 under uptrending support wasn’t confirmed by Monday’s narrow ranging, but neither was it negated, as almost any new weakness is likely to make the next downleg obvious.

Gold Aug Contract (GC, ETF: (GLD))
More testing of the 1333.00 buy signal Monday hasn’t made a bigger bounce any likelier, other than to make its further delay unlikely if another downleg is to be avoided.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Monday to test 19.90 was recovered to test the 20.05 pullback limit. Resuming the rally after Monday’s fresh low shouldn’t be further delayed if a retest of the post-Brexit highs remains likely near-term.

30-year Treasury Sep Contract (US, ETF: (TLT))
Friday’s late surge was retraced Monday to a fresh low under 171-00, deeper into the pullback’s 170-16/171-08 target range. There is no bullish reason for any deeper pullback or for much further delay in retesting recent highs.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Attacking 44.85 Monday retraced enough of the recent bounce to confirm the 46.00 bounce limit had held, and that at least a test of 43.00 remains in-play.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Ranging narrowly Monday around unchanged confirmed that Friday’s dip didn’t stretch the rubber band enough for more than its intraday recovery. Nevertheless, closing above 2.80-2.85 would signal a new rally leg underway.