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))
While waiting for the 1.1635 sell signal to trigger, Monday’s close under 1.1700 gapped up Tuesday to 1.1760 resistance. And extended sharply higher intraday to test 1.1825. A second consecutive higher close Wednesday would confirm a bigger corrective bounce underway likely targeting 1.1965. Regardless, originating from a 2-week Island pattern suggests that any rally is only temporary.

Gold Dec Contract (GC, ETF: (GLD))
Probing lower overnight retraced all of Monday’s bounce, and extended deeper through Tuesday’s open. Stopping $` short of filling the gap back down to 1268.70 was recovered back above Monday’s attack on 1280.50, nearly attacking the 1285.00 buy signal. Triggering it Tuesday would be credible for launching a rally.

Silver Dec Contract (SI, ETF: (SLV))
Much of Monday’s bounce was retraced into and out of Tuesday’s 16.95 open, but not to fresh lows before recovering to retest Monday’s highs at the 17.05 bounce limit. The bounce limit held, but the decline must resume without delay if lower objectives remain in-play.

30-year Treasury Dec Contract (US, ETF: (TLT))
Firming overnight extended higher intraday to test the 153-00 resistance that had defined the two prior sessions’ upper-end. There’s still room up to 154-02 just as a corrective bounce.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Selling finally accelerated to break free from the week-long narrow range. The 55.35 pullback limit was touched and so far has held as support. Closing any lower would delay retesting last week’s 57.90 highs. Back above 56.65 would signal the high’s retest underway.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Trending down overnight from Monday’s bearish pattern greeted Tuesday’s open at 3.09 support. Fluctuating around it intraday down to 3.06 must be avoid a second consecutive lower close Wednesday to avoid greeting Thursday’s EIA report from a position of weakness.

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))
Monday’s narrow ranging up to 1.1700 didn’t gain any traction to extend the bounce, and back under 1.1635 would resume the decline.

Gold Dec Contract (GC, ETF: (GLD))
Friday’s late break under the 1275.50 sell signal was still overlapping it. Monday’s gap up above Friday afternoon’s 1277.00 highs is trying to invalidate the break, but must still close above 1280.50 to be credible.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s gap up extended to test 17.05 which must hold as resistance to maintain the 16.95 sell signal that is targeting and 16.70 and 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Monday’s inside day began by gapping up to attack the 153-00 sell signal that had triggered Friday. the balance of the session drifted back down to unchanged. Immediately recovering 153-00 Tuesday would be credible for reversing up to test 154-02, but closing under 152-00 could target a retest of month-old lows under 151-00.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The narrow ranging that had begun last Monday afternoon persisted through Monday afternoon, momentarily piercing the range’s 56.45 low, still having room down to 55.35 before signaling momentum reversing down.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Gapping down several cents at Monday’s open was soon recovered to pierce Thursday and Friday’s 3.21 highs by 2 cents. That didn’t extend, and dipping back down toward the open’s gap at the multi-session low. Closing beyond the range Tuesday would be a high-confidence breakout, likely to extend in that direction.