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))
Having confirmed Tuesday’s breakout, at least an eventual third lower close is now required before any recovery can be credible for extending. Already probing fresh lows before Thursday’s open, its gap down only recovered to fill the gap back up to Wednesday’s close, already fulfilling the objective. But the trend remains down so long as 1.1235 holds bounces.

Gold Jun Contract (GC, ETF: (GLD))
Extending higher Thursday to attack 1285.00 was retraced almost entirely back down to the 1278.50 buy signal that was still being tested at Wednesday’s close. Closing above Thursday’s high Friday would seal a bottom.

Silver May Contract (SI, ETF: (SLV))
Gapping down Thursday back under the 14.88 buy signal was recovered to attack 15.00 but settled back at 14.88. A second consecutive higher close would have been bullish, but would still be credible Friday.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s probe above 147-04 didn’t extend higher before dipping back down to attack the 146-30 sell signal. Which didn’t trigger. But any lower low would still be credible for extending down into the weekend.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Testing the 65.55 pullback limit overnight had bounced to attack 66.30. But it was all retraced to end back down at the pullback limit, with a confirmed breakout still requiring at least an eventual higher close — but no assurance of avoiding a deeper pullback first.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to from May to Jun TOMORROW]… Wednesday’s pattern avoided greeting Thursday’s EIA from a position of weakness. And its reaction was up, testing the 2.50 buy signal by 2 cents. The signal held, but a second consecutive higher close on Friday would signal a recovery underway.

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))
Extending to fresh lows Wednesday has done more than break under downtrending support that I’ve outlined in the daily videos. Wednesday’s fresh low close has confirmed Tuesday’s breakout from the multi-session range that was formed by the two prior days. At least an eventual third lower close is required before a recovery can be credible.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s rally probed the 1277.50 buy signal well into last week’s narrow range. A second consecutive higher close Thursday would confirm, and also likely recover last week’s range to seal a bottom.

Silver May Contract (SI, ETF: (SLV))
Rallying out of Wednesday’s open probed the 14.88 buy signal, stopping pessimistically short of filling the gap back up to Monday’s 14.98 close. A second consecutive higher close on Thursday would confirm.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping up Wednesday to 147-00 extended to 147-13, needing to close back under 146-30 to resume the decline still targeting 145-24. Closing above 147-04 would suggest a bigger detour first, probably to 148-00.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s dip only attacked the 65.50 pullback limit, which would likely hold a test since Monday’s confirmed breakout still requires at least an eventual third higher close — and probably a test of the 67.15 upper-end of the room for noise.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Tuesday’s fresh low fulfilled the requirement for it, which was triggered by having entered the weekend at a new trend extreme. Gapping up slightly Wednesday was retraced to fill the gap back down to Tuesday’s close. Once again, Thursday’s EIA avoids being greeted from a position of weakness, but still not from a position of strength.