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))
Wednesday’s narrowly ranging, flat-to-higher session filled the gap back up to Monday’s 16.30 close, neutralizing its attraction above, and leaving little if any reason not to resume the decline without delay.

Gold Dec Contract (GC, ETF: (GLD))
Wednesday’s gap up from Tuesday’s test of 1275.50 extended to probe last week’s 1285.00 high up to 1288.00. Closing above 1288.00 would confirm a close above 1285.00 had put into play 1301.00 and 1313.00, but 1285.00 was still being tested as support into the afternoon.

Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s close at 16.95 support produced a gap up Wednesday that extended to test last week’s 17.25 high. Closing any higher and above 17.30 to confirm could leave behind a wide trading range. But the afternoon reacted back down from testing prior highs. Closing under 16.95 — if not just testing or attacking it — would target 16.70 and 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s flat-to-lower ranging at 154-10 still had room down to 153-20 before suggesting the rally is ending —  although it is suspicious for not yet becoming aggressive, only relentless.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A very volatile session started weaker and blipped-down only slightly further on Wednesday morning’s EIA report. Its recovery soon surged to fresh highs attacking 58.00, but only momentarily before retracing to within a dime of the morning’s low. Firming into the afternoon was essentially unchanged on the day, and still having room down to 55.35 before signaling the trend reversing down.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Not already gapping down under 3.09 Wednesday all but confirmed the bearish setup wouldn’t trigger. In fact, the session extended to recovery highs, attacking 3.20.

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))
Fresh lows overnight and Tuesday’s gap down confirm that Monday’s fluctuation at the lows was not accumulation, and that the decline’s momentum remains intact.

Gold Dec Contract (GC, ETF: (GLD))
Monday’s surge was retraced overnight to its 1275.50 buy signal. It was probed as support Tuesday morning, fluctuating around it intraday, and must launch another upleg without further delay Wednesday to avoid a deeper pullback.

Silver Dec Contract (SI, ETF: (SLV))
Retracing Monday’s surge back down to the original 16.95 sell signal must still break lower to confirm Monday’s surge was only noise, and that 16.70 and 16.50 remain in-play.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gradually probing another half-point higher Tuesday morning does not qualify as the aggressive behavior needed at this stage of the rally to prove it’s unlikely to only hold a retest of prior highs and then reverse down.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow sideways ranging consolidated Monday’s surge through Friday’s test of the rally’s 55.70 target. A second consecutive higher close was needed to confirm the rally is extending.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Slightly piercing Monday’s high overnight had reversed down to attack 3.09 Tuesday morning. Post-open weakness held a test of 3.09 before bouncing to probe more fresh highs attacking 3.18. Breaking under 3.09 any later than Wednesday morning would be less reliable for extending down to the pattern’s 2.94 target before extending the recovery.