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))
Gapping down and extending lower fulfills the new low close required by last week’s confirmed breakout. It also suggests this leg will extend to test 1.1055 so long as 1.1205 isn’t recovered.

Gold Jun Contract (GC, ETF: (GLD))
The longstanding 1241.00 target was met before Tuesday’s open. Extending down through the noon hour tested 1228.00, and next targeting 1223.00 so long as 1236.50 isn’t recovered.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Tuesday to Monday’s low reacted up to attack 16.50 to within only a nickel before reversing down to fresh lows. A second consecutive lower close Wednesday must be avoided to keep alive potential for near-term reversal back into an uptrend.

30-year Treasury Jun Contract (US, ETF: (TLT))
Three consecutive sessions testing the 164-17 buy signal without triggering it had left no bullish excuse to further delay extending higher. The consequences were realized quickly by Wednesday’s drop back down to the 163-16/163-22 pullback limit tested at  Friday’s open. Closing below it would likely extend to fill one of both gaps outstanding back to the low.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 47.75 sell signal had failed to trigger at Monday’s close, but Tuesday’s bounce didn’t reject it by only touching 49.00.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday’s reaction down to 2.05 from gapping up above 2.11 did not reverse up Tuesday. It didn’t even hold its room for noise down to 2.03. But Tuesday’s dip did fill the gap back below to Friday’s close, while leaving unfinished business above back up to Monday’s gap, still making a rally likelier than starting a new downleg.

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))
Monday’s open gapped down modestly back into Thursday’s range. So long as its recovery back into positive territory remained within Friday’s range, last week’s confirmed breakout still requires at least a third eventual lower close before a rally would be credible.

Gold Jun Contract (GC, ETF: (GLD))
Monday’s gap down retested Friday’s 1245.00 low down to 1243.50 low before bouncing, but maintains its target of 1241.00.

Silver Jul Contract (SI, ETF: (SLV))
Gapping down Monday to Friday’s lows didn’t create any new unfinished business below, and closing at or around 16.50 allows bottoming to form.

30-year Treasury Jun Contract (US, ETF: (TLT))
Firming Sunday night into Monday morning’s 164-26 peak was retraced back into negative territory, but bounced again back above the 164-17 buy signal. Two days of touching 164-17. and one day probing it, can’t afford any further delay in extending higher to avoid another downleg.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s weakness pierced the 47.75 sell signal and Monday morning ranged around it. Closing under it would be credible for extending down to fresh lows under 44.00, possibly first as an air pocket down to 45.40.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Closing above 3.05 Friday had signaled the decline’s momentum lapsed. Gapping up to 3.11 Monday creates the potential for launching a new upleg, which closing above 3.14 would confirm. Monday’s post-open action dipped back down to test 3.05 as support, which must hold to maintain the recovery potential.