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 Tuesday to the recent range’s upper-end doesn’t invalidate the likelihood for breaking under the range’s lower-end and retesting the post-Brexit lows. A bigger detour would be suggested by closing above 1.1155.

Gold Aug Contract (GC, ETF: (GLD))
The required retest of Friday’s 1336.30 spike low was fulfilled by Tuesday’s sharp drop to 1331.00. Extending lower to test 1329.00 isn’t necessary before recovering 1348.50 to resume the rally.

Silver Jul Contract (SI, ETF: (SLV))
The 22.15 post-Brexit higher still requires an eventual retest, which remains likely so long as 19.90 holds as support — especially if held while Gold completes its pullback .

30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping down Tuesday to the 174-10/174-24 range’s upper-end didn’t consider it much of a pullback limit, and instead extended below it intraday to test 173-08. It’s still a valid sell signal, although gapping down isn’t a very reliable end to the topping pattern which we’ve been discussing.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
There was no bearish reason to gap up Tuesday and probe above 46.00 resistance, whose test Monday morning had been productive already by reacting down to prior lows. Back above 47.75 would suggest a bigger detour underway, but otherwise, closing back under 45.25 would resume the decline. .

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Monday’s dip wasn’t rejected overnight, but it wasn’t extended, so the 2.85 buy signal remains unchanged.

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 choppiness certainly didn’t reject last week’s repeated dips back to relative lows. So the likelihood for breaking lower to retest the post-Brexit lows remains intact.

Gold Aug Contract (GC, ETF: (GLD))
Closing back under 1365.50 Friday had signaled the intraday recovery attempt had failed. Not gapping up above it Monday makes Friday’s 1336.30 spike low likely to be retested, potentially down to 1322.00-1329.00.

Silver Jul Contract (SI, ETF: (SLV))
Gapping up Monday above all prior intraday highs still has yet to retest the 21.22 post-Brexit high. Its retest is likely so long as 20.05 now holds as support.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s intraday dip of more than 1 point further suggests the recent highs are toppy, as the current pattern has no higher calculable target without at least first correcting.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s modest strength didn’t prevent Monday attacking last week’s lows, further suggesting probing lower to test 43.00 .

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Monday pierced under last week’s 2.71-2/72 lows by 1-2 cents, essentially holding, and still requiring a close above 2.85 to resume the rally.