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))
Softening a little deeper Tuesday morning to 1.1730 still firmed back up to 1.1760, whose break through the close would trigger a deeper retracement if not also resume the decline.

Gold Dec Contract (GC, ETF: (GLD))
The volatility persisted Tuesday by the morning’s surge back up to 1285.00 resistance, whose recovery would be likely to resume Friday’s rally, especially if confirmed above 1288.00. Not closing above 1285.00 all but confirms Monday’s reversal down as being likely to extend to fresh lows.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday morning’s bounce did not extend above 16.95 and only overlapped it through the afternoon, requiring a close above 17.11 to reverse the trend back up and to avoid fresh lows at 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Probing above 154-00 overnight again was maintained this time for Tuesday morning to trade exclusively above the buy signal. Closing above it would trigger a new rally leg, still requiring confirmation of a second consecutive higher close Wednesday. But still overlapping it keeps the door open to at least testing 153-00.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s reaction down from Friday’s close above the 56.20 buy signal was recovered overnight and extended to fresh highs intraday. Wednesday’s EIA report is already being greeted from a position of strength. But also closing above the 56.85 confirmation would next target a retest of the two-week old intraday surge’s 58.00 test.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
A fresh low overnight was recovered into Tuesday morning to range between the 3.04-3.06 triggers, whose break either way would be likely to trend in that direction. The afternoon drifted back down to the overnight lows, probably not on the way to greeting Thursday’s EIA report from a position of strength.

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))
Gapping down Sunday night on Germany politics held tests of 1.1760 as support. Bouncing sharply to 1.1826 filled the gap back to Friday’s close, and then collapsed back down to 1.1760. Closing any lower would retrace all of last week’s rally, for starters.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s gap up to 1280.50 and extension through the 1285.00 buy signal had extended to 1297.00, waiting for a second consecutive higher close to confirm. But Monday’s open gapped down and slid through the 1288.00 pullback limit to probe fresh relative lows down to 1274.00. Only closing back above 1288.00 without further delay would avoid targeting 1267.00 and possible fresh lows.

Silver Dec Contract (SI, ETF: (SLV))
Closing above 17.30 Friday still needed pullbacks to hold 17.11 while awaiting confirmation of a asecond consecutive higher close. But Monday’s open gapped down back to 17.20 and collapsed back to last week’s lows attacking 16.80. Immediately recovering 16.95 would suggest the dip was absorbed, but otherwise 16.70 and 16.50 are targeted again.

30-year Treasury Dec Contract (US, ETF: (TLT))
Probing fresh recovery highs overnight up to 154-14 was retraced in time for Monday’s session to open back within the 3-day range under 154-00. The balance of the session hovered there narrowly, still not rejecting the overnight strength.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward to Jan, with trades at a 20-cent premium to Dec] Gapping down Monday didn’t confirm Friday’s close above 56.20 as Thursday’s “lower prior highs” were attacked, but the gap back to Thursday’s close was narrowly avoided. Closing back above 56.20 would be credible for resuming the rally, especially if confirmation included recovering 56.85.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Gapping up and probing higher Friday held 3.11-3.12 resistance through the close, failing the breakout attempt. Gapping back down Monday under last week’s 3.05 lows  .held through the close, allowing another chance to recover 3.11-3.12. It’s as much a requirement, to avoid extending the decline.