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))
Monday’s attack on the 1.1320 buy signal stopped short of touching it, just before duplicating Thursday’s gap down and collapse on Tuesday. Opening under 1.1300 and extending down intraday to fresh lows at 1.1245 could Double-Bottom by closing back above 1.1300. The buy signal can be lowered Thursday.

Gold Jun Contract (GC, ETF: (GLD))
Retesting Thursday’s modest fresh low before Tuesday’s open could only tolerate a brief and shallow dip if the near-term 1289.00 buy signal remained valid. A post-open collapse to fresh lows at 1268.00 disqualified the pullback from being shallow, although its complete retracement did qualify the dip as brief. The buy signal is lowered to 1279.50.

Silver May Contract (SI, ETF: (SLV))
Teasing at the 15.00 buy signal without yet triggering left the pattern vulnerable to joining Gold’s fresh lows. Which was done by Tuesday’s post-open collapse to 14.70. The buy signal can be lowered to 14.93. But more important to a recovery is not to confirm Tuesday’s break with a second consecutive lower close on Wednesday.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s narrowly ranging inside day is neither informative nor predictive, so it doesn’t undermine the outstanding lower target in-play at 145-24.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Slightly higher highs up to 66.20 before Tuesday’s open was retraced to within a nickel of the 66.55 sell signal defined before the open. Its reaction up extended to fresh highs at 66.60, still targeting 67.15. And being a second consecutive close from a multi-session range, at least an eventual third higher close is now likely.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Monday’s gap up was rejected by Tuesday’s open collapsing to fresh lows. Meanwhile, the fresh lows fulfill the requirement that was created by having probed fresh lows into the weekend. Now a buy signal can be considered if triggered back above 2.53.

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))
Firming out of the weekend doesn’t qualify as rejecting Thursday’s collapse. Not until closing above the 1.1320 buy signal, which was attacked throughout Monday afternoon.

Gold Jun Contract (GC, ETF: (GLD))
Friday fulfilled the (absolute) minimum requirement for at least probing a fresh low intraday before a bottom could be credible. Sunday night’s bounce to 1282.00 was on its way to being retraced entirely through Monday’s gap up. But the 1293.50 buy signal is lowered to 1289.00.

Silver May Contract (SI, ETF: (SLV))
Once again probing the 15.00 buy signal overnight but not triggering it keeps alive the potential for a break higher, but not indefinitely.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday’s bounce up to “higher prior lows” had gained no traction, so Sunday night’s dip was credible for resuming the decline still targeting 145-24.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to Jun, which trades at a 15-cent premium to May]… Geopolitical events triggered an overnight surge that fulfilled the 65.15 target to within 1 penny of 66.00, still being likely at least to attack its room for noise up to 67.15 so long as pullbacks now hold 64.35.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Fresh lows into the weekend — even Thursday’s fresh lows, into a 3-day holiday weekend — should probe a fresh low Monday. Regardless, no nearby buy signal is allowed until at least probing a fresh low intraday.