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 “inside day” didn’t form a setup with near-term trigger or objective.

Gold Aug Contract (GC, ETF: (GLD))
Dipping a little deeper overnight didn’t extend down Wednesday, instead holding Tuesday’s lows. It certainly wasn’t reversed intraday to end the session in recovery mode. Gapping up Thursday would be the last opportunity to maintain a near-term retest of 1308.50.

Silver Jul Contract (SI, ETF: (SLV))
Probing lower overnight didn’t extend down Wednesday, but neither did it serve to slingshot price back up toward last week’s 17.80 gap up that should still be retested.

30-year Treasury Sep Contract (US, ETF: (TLT))
Without gapping up Wednesday above the 169-00 pullback limit, the current dip is not any likelier to be reversed into a new upleg targeting 171-22. Gapping up Thursday would be credible for extending higher intraday.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing fresh bounce highs up to 50.55 overnight was reversed intraday back down to the 48.75 sell signal, which was tested as support through Wednesday afternoon before reacting back up above 49.00.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Wednesday’s dip back down through the rally’s 2.75 target isn’t greeting Thursday’s EIA report from a position of weakness, since there is potential for a third higher close. That wouldn’t prevent an initially negative knee-jerk reaction down to 2.51 or lower.

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))
Sunday night’s high had filled the gap back to the prior Wednesday’s 1.1400 close, neutralizing its attraction. No second consecutive higher close Tuesday leaves the pattern without a near-term objective.

Gold Aug Contract (GC, ETF: (GLD))
Despite holding a retest of the 1281.00 pullback limit again Monday, trending down overnight gapped down Tuesday. Gapping back up Wednesday and extending through 1288.00 would be credible for extending back up to the “unfinished business above” at 1308.60.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Tuesday to the current range’s low probed slightly lower intraday, still likely to retest last week’s 17.80 gap up before a durable downleg could begin.

30-year Treasury Sep Contract (US, ETF: (TLT))
Monday’s gap down had not extended lower intraday, but it wasn’t rejected by gapping up Tuesday. Gapping up Wednesday above 169-00 would still be credible for resuming the rally to fresh highs targeting 171-22.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Tuesday from 50.00 stopped short of even touching the 48.25 sell signal, before recovering. Now back under 48.75 would be likely to extend down sharply intraday.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Fulfilling the 2.75 target Monday didn’t react down deeper than the 2.71 pullback limit. Tuesday probed higher highs up to 2.7, which isn’t high enough to raise the pullback limit. But now the pullback limit also functions as a reversal signal targeting 2.51 or lower.8

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))
Rallying sharply overnight on better polling for Brexit’s “remain” vote filled the gap outstanding from 1.1400. Closing higher Tuesday would signal a bigger rally underway, and not just a temporary corrective bounce.

Gold Aug Contract (GC, ETF: (GLD))
Brexit’s “remain” vote makes Gold less attractive, so tumbling overnight was a likely reaction. But the retest of Thursday’s low and the 1286.50 pullback limit held, and closing above 1295.00 would signal the high’s retest underway targeting 1308.50 and po9ssibly 1312.00.

Silver Jul Contract (SI, ETF: (SLV))
Not much Brexit exposure, so not much volatility Monday. A retest of 16.40 and 16.80 remains likely.

30-year Treasury Sep Contract (US, ETF: (TLT))
Rallying stocks had no need for a flight-to-safety, triggering a gap down under the 169-00 pullback limit being tested at Friday’s close. Any early strength Tuesday back above 169-00 would be credible for resuming the rally to its 171-22 target.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing the 48.00 bounce limit at Friday’s close was extra vulnerable to the weekend’s Brexit news. Gapping up and testing 49.00 Monday should be rejected back under 48.00 without delay to maintain near-term potential to test 45.00-45.40.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Last week’s shallow consolidation broke higher Monday morning and extended to test the 2.75 upper-end of long-standing target. Having been met quickly from the multi-session narrow consolidation, no second consecutive higher close Tuesday would make 2.47 and lower likely to be tested.