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))
Wednedsay’s gap down tried resuming the decline immediately after Tuesday had filled the gap back up to last Thursday’s close. That would have been credible, had the gap down extended lower intraday. But it did not, keeping alive potential for a bigger corrective bounce, which was attempted Thursday morning by probing above Tuesday’s highs. The decline is free to resume at any time.

Gold Dec Contract (GC, ETF: (GLD))
Probing above Wedneday’s high to 1295.00 was still reacted back down to test 1277.50, which must be maintained as support to keep alive the potential for launching a new rally leg in to the weekend, instead of a retest of last month’s Employment Situation report lows.

Silver Dec Contract (SI, ETF: (SLV))
Wednesday’s close above the 17.11 buy signal was still only overlapping it, which Thursday also did despite probing slightly higher intraday.

30-year Treasury Dec Contract (US, ETF: (TLT))
Sideways ranging overnight hovered above the 152-20 bounce limit that had been probed intraday up to 153-10. That was only improved intraday Thursday up to 153-22, filling the 2-week old gap that was created on by launching the interim downleg. Back under 152-10 would signal momentum reversing down, but Friday’s Employment Situation report is otherwise being greeted from a position of strength.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s dip back down to the 53.88 pullback limit didn’t extend lower intraday, despite having room down to 53.50 without reversing momentum while still targeting 55.70.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report wasn’t greeted from a position of strength, but not from a position of weakness, either. Gapping up slightly firmed intraday to attack 2.97 whose recovery would signal the next rally leg is underway.

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))
Filling the gap Tuesday back up to Thursday’s 1.1685 close was enough to push price back down into Wednesday’s open. But the open’s lows held, and didn’t resume the decline, so a bigger bounce can’t yet be discounted.

Gold Dec Contract (GC, ETF: (GLD))
Overnight strength attacked 2582.00. Its reaction down Wednesday held 2577.50 as support, but still needs to recover 2580.50 through a close to launch a new rally leg.

Silver Dec Contract (SI, ETF: (SLV))
Despite not yet extending down to its 16.50 target, overnight strength probed fresh relative highs attacking 17.05. A post-open dip Wednesday was recovered to higher highs intraday. Closing above 17.11 is still the minimum requirement to suggest momentum may be reversing up.

30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s bounce to the 152-20 resistance reacted down into Wednesday’s open. But touching its 152-00 sell signal reacted up to fresh highs through the morning, and greeted the afternoon’s FOMC policy statement testing 153-00. A second consecutive higher close would be credible for extending higher, but back under 152-00 would target fresh lows.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Holding the shallow 53.88 pullback limit Tuesday maintained upside momentum, which probed the 54.15 objective overnight and extended higher Wednesday to 55.22. Dipping into the afternoon tested 53.88 through the close.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Tuesday’s gap down to fresh lows and session-long downtrend compensated for Monday’s ineffectual optimism that prevented fulfilling the session’s fresh low requirement. Bouncing overnight was similarly punished by reversing pre-open to trend down to fresh lows through the morning.