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))
Gapping down to attack recent intraday lows at 1.1780 then trended down through the morning to probe under 1.1760, potentially launching the next downleg except for the gap and higher prior lows now outstanding from the midweek consolidation.

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s shallow gap up was soon retraced to test Wednesday’s close, possibly inhibited by anxiousness ahead of Friday’s Employment Situation report.

Silver Dec Contract (SI, ETF: (SLV))
Gapping up Thursday immediately began gravitating back down to Wednesday’s close, still attracted to the outstanding target below at 16.50.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s early strength was soon reversed down by the outstanding requirement for at least one more new low close. The morning’s dip touched Tuesday’s 152-00 low ahead of Friday’s Employment Situation report.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday morning’s surge back into Tuesday’s range broke its 50.75 high which is also the pattern’s buy signal. Closing above 51.55 would confirm the 52.75 high will be retested.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA weasn’t greeted from a position of weakness, but neither was it a position of strength. So the knee-jerk reaction up to 2.99-3.00 resistance reacted back down into Wednesday’s range, with potential for filling the gap back down to Tuesday’s 2.89 close.

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))
Tuesday’s intraday bounce was mostly retraced through the close, but its high was already probed overnight ahead of Wednesday’s open. That test was also reversed into the afternoon, still likely to trend under 1.1760 and lower.

Gold Dec Contract (GC, ETF: (GLD))
Firming overnight from Tuesday’s temporary intraday probe under Monday’s low stopped short of triggering a buy signal like 1287.00. All of the rally was retraced intraday.

Silver Dec Contract (SI, ETF: (SLV))
The decline’s likely 16.50 objective remains outstanding, despite surging pre-open above 16.80. The attraction below helped to absorb Wednesday’s pre-open strength, and to retrace it down to 16.55.

30-year Treasury Dec Contract (US, ETF: (TLT))
Bouncing into Wednesday’s open was still a half-point short of the 153-14 buy signal, while further delaying the eventual third lower close still required by last week’s confirmed breakout. The early bounce was reversed into negative territory.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows overnight had potential to extend Tuesday’s break lower that had otherwise held its test of “lower prior highs” as support. Holding 49.75 all but requires recovering without further delay to avoid a deeper decline.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Overnight firming was shallow, but Wednesday’s open surged higher to 3.00, touching “higher prior lows.” Its reaction down to Monday’s 2.97 open neutralizes its attraction, and allows a bottom to form.

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 probed under 1.1760 which last week’s lows had stopped optimistically short of touching. Already bouncing Tuesday morning reflects a different version of that same optimism, which continues to be bearish from a contrarian perspective, so long as 1.1825-1.1845 holds as resistance.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up Tuesday to form an Island Reversal was the only immediate recovery pattern, and it wasn’t even threatened before probing slightly lower intraday.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s attack on the 16.50 target didn’t extend down Tuesday, as the session ranged choppily sideways at its lows.

30-year Treasury Dec Contract (US, ETF: (TLT))
Fresh lows overnight tested 152-00, the next step to fulfilling the required eventual third lower close of last week’s confirmed breakout. Producing it from a close back above 153-14 would have been bullish, but we’ll still monitor for a bottom forming.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Monday’s tumble down to “lower prior highs” didn’t extend lower overnight. But closing above 51.75 is still needed to reverse the trend back up.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Did Tuesday avoid a second consecutive lower close, which would have confirmed Monday’s breakout? Developing mostly within Monday’s range mitigates whether the close was actually lower, so almost any initial strength Wednesday would be credible for extending higher.