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))
Wednesday’s intraday recovery was rejected by Thursday’s gap down, and then extending down into the afternoon. Ultimately an inside day, a retest of post-Brexit lows is still likely.

Gold Aug Contract (GC, ETF: (GLD))
The 1365.50 pullback limit was being tested at Thursday’s open, and being probed down to 1352.00 Thursday morning. Recovering into the afternoon attacked 1365.50 as resistance. Its recovery would target 1386.00.

Silver Jul Contract (SI, ETF: (SLV))
The 19.90 pullback limit failed Thursday morning, triggering a deeper dip to 19.52. Its reaction attacked 20.90, which must be recovered to retest recent highs.

30-year Treasury Sep Contract (US, ETF: (TLT))
Shallow overnight weakness enabled Thursday’s retest of Tuesday and Wednesday’s highs, and maintains potential for rallying further so long as 174-10/174-24 holds as support.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming further after Wednesday’s close held a test of the original 48.25-48.75 area’s sell signal. Thursday morning’s reaction to the delayed EIA report plunged to test the 45.00-45.40 target area down to 44.85. There is potential to 43.00 so long as bounces now hold 46.25.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Gapping up and firming to 2.84 reacted down to Thursday morning’s EIA report. Negative territory down to 2.72 avoided fresh pullback lows, and recovered positive territory. Back above 2.85 would target filling the gap back up to Friday’s 2.98 close, and potentially resuming the rally.

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 weakness almost touched last week’s 1.1052 reaction low to the ECB commenting on QE. Its recovery was apparently only temporary after all, and fresh lows could be probed soon.

Gold Aug Contract (GC, ETF: (GLD))
Extending higher Tuesday night fulfilled the retest of Brexit’s spike up to 1362.60, surging through its 1369.50 target to test 1377.00. Upside momentum remains intact with potential to 1385.00 so long as pullbacks now hold 1366.50.

Silver Jul Contract (SI, ETF: (SLV))
Holding above 19.90 Wednesday doesn’t keep in-play any particular targets above, but it does avoid launching a new downleg or deeper correction.

30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight strength up to 177-04 was reversed to unchanged soon after Wednesday’s open, and then into negative territory testing 175-18 intraday. The open’s gap up to 176-28 requires an eventual retest. so long as 174-10 / 174-28 holds as support.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending down Tuesday night stopped optimistically short of touching last week’s 45.85 low before bouncing back into positive territory to test 47.55. The decline’s momentum remains intact, next targeting 45.00-45.40.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Tuesday’s corrective dip extended down to 2.69 Wednesday, holding “lower prior highs” before bouncing back into positive territory. This would suffice as a pullback low, but not delaying a retest of the 2.98 high close could be too optimistic ahead of Thursday’s EIA report.