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 Dec Contract (EC, ETF: (FXE, UUP))
Probing slightly lower overnight and a little more so Tuesday morning only extended the break under 1.1930, but has yet to close under 1.1860 where a bigger downleg would be signaled.

Gold Dec Contract (GC, ETF: (GLD))
Initially weak Tuesday morning held “lower prior highs” at 1291.00-1292.00, and recovered the 1293.00 pullback limit to maintain potential for confirming Monday’s breakout attempt.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s opening break under 16.95 collapsed to attack 16.70, whose break would next target 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Flat-to-lower ranging overnight began firming Tuesday morning and extended to fresh highs attacking 154-28. The rally has no excuse not to resume without further delay, or else break back under 154-00 to 153-00 or lower.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Overnight weakness retested Monday’s low, still needing to close above last Thursday’s 58.15 highs — decisively — to confirm having absorbed the pullback and resuming the rally.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Gapping up several cents Tuesday continued to leave outstanding the gap back down to Friday’s 2.92 close, and now also the gap back down to Monday’s 3.02 close, both of which undermine a recovery attempt. Tuesday’s test of 3.14-3.16 resistance is likely to hold through the close to contain the corrective bounce.

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 Dec Contract (EC, ETF: (FXE, UUP))
Slightly higher highs Sunday night were probed Monday morning up to 1.1975 before reversing down sharply to test 1.1910. Just closing under 1.1930 suggests momentum is already reversing down, which would be confirmed back under 1.1855.

Gold Dec Contract (GC, ETF: (GLD))
Sunday night’s rally greeted Monday’s open gapping up to the prior Friday’s opening gap at 1295.50. Extending to probe fresh relative highs at 1299.00 must now hold the 1293.00 pullback limit to suggest the rally’s momentum remains intact. Extending higher Tuesday could be substantial, but back under 1285.00 would target new lows.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s gap up to 17.11 tried probing higher momentarily before being reversed back down to 17.00. Closing under 16.95 would target new lows..

30-year Treasury Dec Contract (US, ETF: (TLT))
Opening flat-to-higher Monday only ranged choppily around unchanged, supported by a test of 154-00. Delaying a break higher above 154-00 is only making an aggressive downside resolution likelier.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s gap down leaves a gap outstanding back up to Friday’s close around 59.00. The intraday dip probed well into Thursday’s range, filling its gap and recovering back above Thursday’s highs to maintain the upside momentum.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up Monday created new “unfinished business below”  at the gap back down to Friday’s 2.82 close. It also delays the likely probe under Friday’s 2.97 low, which was likely for Friday having trended down to fresh trend lows.