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 up Thursday to the two-week old prior highs attacking 1.1200 was reversed back down immediately, spending the balance of the session ranging narrowly around unchanged. Further delaying a retest of the post-Brexit 1.0945 low would make a bigger bounce to 1.1300 likely first.

Gold Aug Contract (GC, ETF: (GLD))
Holding the 1346.50 buy signal’s test was reversed down sharply Wednesday night to fresh reaction lows testing 1320/50. Being the decline’s second gap fill. it produced a reaction that held the adjusted 1334.00 buy signal.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Thursday held 20.05 to avoid reversing down, maintaining the positioning for a breakout targeting prior highs above 21.15.

30-year Treasury Sep Contract (US, ETF: (TLT))
Already gapping back down Thursday to and through the 174-10/174-24 pullback limit and sell signal’s range has cut short Wednesday’s corrective bounce. The impatience suggests makes a complete recovery likely after fulfilling the nearest target at 170-16/171-08.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping is no more credible for ending the decline Thursday than was its attempt Monday, although 46.00 has little or no excuse not to hold as resistance this time while maintaining the 43.00 target.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Thursday’s reaction to EIA was muted, so potential to a lower low down to 2.65 can’t be dismissed before recovering, although now closing back above 2.80 would start to signal a rally attempt underway.

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))
Wednesday’s open pierced Tuesday’s high in the 1.1140 area whose recovery would signal a bigger detour likely to test 1.1300 before fulfilling the retest of recent lows.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday morning’s strength consolidated just under the 1346.50 buy signal that would confirm Tuesday’s retest of Friday’s spike low had satisfied selling pressure.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up Wednesday ranged exclusively in positive territory while testing the week’s prior highs without extending higher. This “ineffectual optimism” would be more convincing had 20.52 prior highs been probed instead of barely touched. That’s pessimism. Any breakout attempt would be credible for extending to retest pre-Brexit highs.

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up Wednesday tested the 174-24 pullback limit which Tuesday’s open had gapped down to and through. The gap back to Monday’s close is likely to be filled, too, potentially to also probe within its range up to 164-10 before completing the topping pattern.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Tuesday’s bounce above 46.00 attacking 47.00 was reversed down sharply in reaction to Wednesday morning’s EIA report, filling the gap back down to Friday’s 44.78 close and reconfirming the likelihood for at least testing 43.00.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping up to test 2.80 Wednesday was reversed down intraday to test recent lows down to 2.70. Closing back in positive territory would greet Thursday’s EIA report from a position of strength — not necessarily capable of avoiding a knee-jerk reaction down, but likely to recover, if not already rallying..