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 Jun Contract (EC, ETF: (FXE, UUP))
Wednesday’s positive divergence in RSI at the morning’s blip-down has produced a bounce Thursday up to “higher prior lows” testing 1.1205 bounce limit. Its reaction down retested Wednesday’s 1.1177 opening gap so that closing back above 1.1205  would now be credible for launching a rally that avoids extending the trend to fresh lows.

Gold Jun Contract (GC, ETF: (GLD))
Holding the 1223.00 target Wednesday avoided new lower target, but still requires one more fresh low close before recovery would be credible.

Silver Jul Contract (SI, ETF: (SLV))
Gapped up Thursday to its 16.50 anchor as the outperformance vs. Gold continues, while awaiting Gold to bottom.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s low held a retest of the 163-16/163-22 pullback limit and bounced again to not only attack the 164-17 buy signal, but also to at least pierce it.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting down Thursday after fulfilling the 49.95 bounce target overnight probed under the 49.55 pullback limit, but avoided the 49.00 sell signal, maintaining potential for a bigger bounce targeting 51.45 before capitulating.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Outperformance vs. Jun continued Thursday, as the morning’s dip held Wednesday’s 2.13 lows. Closing above 2.18 and 2.24 would launch a durable rally leg.

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 Jun Contract (EC, ETF: (FXE, UUP))
Having fulfilled the minimum requirement Tuesday from last week’s confirmed breakout, Wednesday’s narrow ranging firmed, only back up to Monday’s high, leaving the decline’s momentum intact.

Gold Jun Contract (GC, ETF: (GLD))
The next lower objective under 1241.00 at 1223.00 had been put into play by closing Tuesday under 1236.50. Probing under it and under 1218.00 intraday was still overlapping 1223.00 into the afternoon. But closing negative confirms Tuesday’s breakout from a multi-session range, requiring at least an eventual third lower close.

Silver Jul Contract (SI, ETF: (SLV))
Wednesday’s inside day ranged exclusively in negative territory after gapping down, continuing its relative outperformance to Gold. But “ineffectual pessimism” or not, attraction above to the 16.50 anchor is still trying to prevent another downleg.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday night’s dip probed back into the 163-16/163-22 pullback limit that had limited the intraday reaction down. Wednesday fluctuated narrowly, barely attacking the 164-17 buy signal while twice dipping to test its pullback limit.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing above 49.00 Wednesday instead of reacting down almost immediately from its Tuesday test has created a target at slightly higher highs up to 49.95 and potentially 51.45. But now closing back under 48.40 would signal momentum reversing down.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Wednesday morning wasted no time duplicating the two prior day’s relentless drop, extending back down to last week’s 1.95 spike low.